Actual (Aug): 12.9 % Consensus: 8.0 % Previous (Jul): 5.3 % Industrial output accelerated to nearly 13pct growth. However, this is thanks in part to higher number of working days. The calendar-adjusted figurea are near 10 pct in both July and August. The Czech industry is mainly driven by production of metals, electronics and cars. Car manufacturing increased by 16.3 pct after the July slowdown to 2.2 pct. This is the positive surprise from the industrial data. There is still a significant positive effect from exports - industrial sales from exports grew by 22 pct y-o-y. Despite the growing Czech PMI and still promising industrial data from Germany, we expect the Czech industrial output to slow down in the coming months, partly due to base effect. However, the yearly growth should exceed 8 pct in 2010.