INSTANT VIEW 3-Czech Nov industry output growth lags fcast

    Czech industrial output rose by a 
weaker than expected 7.6 percent year-on-year rate in November, 
from a downwardly revised 12.6 percent growth rate in the 
previous month, data released on Monday showed. 
 
KEY POINTS: 
(brackets denote previously reported data) 
(y/y change in pct)      Nov      Oct              Nov forecast 
 Industrial output       7.6     12.6(12.8)         8.0 
 Industrial sales        8.8     13.8(13.7)         n/a 
 
 (Full table of data............................[ID:nPRA001116]) 
 
- Seasonally-adjusted output rises 0.7 percent month-on-month. 
- The statistics bureau says the rise in year-on-year output is 
due mainly to a 16.5 percent jump in vehicle production, which 
contributed 3.1 percentage points to the overall growth. 
- Production of electrical and optical equipment rises 13.1 
percent to add 2.3 percent to the industrial output growth. 
- Direct exports sales, accounting for nearly half of sales in 
the entire industrial sector, up 11.8 percent in real terms, 
slowing from a 16 percent rise a month earlier. 
 
COMMENTARY: 
     PAVEL MERTLIK, CHIEF ECONOMIST, RAIFFEISENBANK, PRAGUE 
    "November industrial output growth, ... together with the 
results for the previous 10 months, leads us to believe that  
full-year 2006 growth surpassed our forecast of 10 percent. 
    "The Czech Republic re-inforces its position as one of the 
industrial workshops of Europe." 
     
    PETR DUFEK, ANALYST, CSOB BANK, PRAGUE 
    "The November result came in line with expectations, both 
from the point of view of overall growth and its structure. 
    "The industrial sector is doing well, benefiting from 
supportive foreign demand and the expansion of export 
capacities. The data signal that economic growth remained strong 
in the final quarter of last year." 
 
MARKET REACTION: 
- Crown steady at 27.785 per euro  by 0810 GMT. 
 
BACKGROUND: 
- Nov foreign trade figures......................[ID:nL09833629] 
- Report on last Czech c.bank rate decision      [ID:nL20551907] 
                                                 [ID:nL20599163] 
 
LINKS: 
- For further details on November output and sales numbers and 
past data, Reuters 3000 Xtra users can click on the Czech 
Statistical Bureau's Website: 
    http://www.czso.cz/eng/csu.nsf/kalendar/2004-pru 
 
- For LIVE Czech economic data releases, click on        
- Instant Views on other Czech data                 [CZ/INSTANT] 
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- Czech money guide                                       
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 ((Writing by Marek Petrus; Editing by Alan Crosby; 
prague.newsroom@reuters.com; Reuters Messaging: 
marek.petrus.reuters.com@reuters.net; +420 224 190 477)) 
  Keywords: CZECH ECONOMY/INDUSTRY  
    

[PRAGUE/Reuters/Finance.cz]