Industrial output increased in November by 8.5% y/y according to our estimates after 8.4% in October. Growth is expected to show support coming mainly from the production of transportation vehicles, electric equipment and machinery. Some support will also come from a higher number of working days. The results are expected to have no influence on the expectations for interest rate changes. We expect construction output to show growth of about 3.5%, which is about the same as in October.