The Czech Statistical Office is going to announce September’s retail sales data today. According to our estimates, retail sales will be up by 4.7% y/y after growth of 7.3% in August. The decrease in the unemployment rate and rapid wage growth have both contributed to the high growth in demand. Retail sales were also given a boost by the strengthening of the Czech crown, which makes imports cheaper. We are projecting that retail sales growth will be up by 8.6% at the end of 2007