• Industrial production in March increased by 12.7% y/y after revised growth 13.6% in February. Electrical and optical appliances and machinery production is pushing industry further up (+29%). • Construction output in March increased by 26.4% after adjusted for number of working days even by 28.3%. For the 1Q07 construction added 28.9%. Following previous months, March is another confirmation of mild winter effect as it was by 4.9C warmer than a year ago and construction could go on without any limitations. • Czech National Bank should not scarcely react to inflation acceleration and should wait for further data confirming revival of prices growth rate, according to CNB board member Mojmir Hampl. He was absent during the last voting on interest rates and he is probably not going to vote for higher rates in May or June. • German economy is surprisingly strong. GDP in the 1Q07 increased by 3.3% after 3.5% growth in the 4Q06. Also, the GDP for last year was revised. Germany’s economy output did not increase by 2.7% but by 2.8%. • Opposite surprise came from Slovakia as its economy surprisingly decelerated. GDP increased by 8.9% y/y after 9.6% growth in the 4Q06. • And GDP for the third time. France showed GDP increase of 2.0% while at the end of last year it grew by 2.2%.