Industrial production rose by a significant 2.4% mom in November, reaching a multi-year high. The level of production in October and November indicates a strong recovery in 4Q25, despite weaker leading indicators. The mom decline in construction output in November followed weak performance in previous months. The construction industry has thus been unable to build on the strong growth recovery seen in the spring of last year towards the end of the year. The foreign trade balance surprised to the downside with a lower surplus of CZK16.2bn in November. This was mainly due to a strong rise in imports, which outweighed the mom increase in exports in November.