As for the Czech economy, according to our estimates, average wages increased by 6.8% in the 3Q06, which would mean, taking into account average inflation of 2.9%, a real increase of 3.8%. This should also lead, with current employment growth and labor productivity, to a decrease in unit labor costs of 1.5% y/y. Wage developments this year have contributed to an overall increase in the competitive strength of the Czech economy - as has been the case during the last two years.