Industrial output increased in November by 6.7% y/y after growth of 8.4% a month earlier. Despite the fact that the growth rate came in slightly below estimates, it remains sufficient enough to confirm the overall good performance of the Czech economy at the end of last year. It also shouldn't be enough of a slow down to stop an expected interest rate hike. The growth of industrial output should reach 8.4% for the entire year of 2007, according to our estimates.