Industry output grew by healthy 9.3% in July, above the Patria forecast of a 7.5% growth (consensus forecast was a 6.8% growth). Industrial sales grew by slightly more modest 5.7% in July. The underlying data are good as well: wages grew by 7.6% in nominal terms, and only 1.8% in real terms while productivity growth was 5.2%. While we do not expect as high monthly figure in this year any more, industry growth for the 2001 should reach 7%, the highest growth rate since 1996.
(David Marek)