Industrial production fell sharply in January compared to the previous month, failing to maintain strong growth seen since September of last year. Despite this sharp decline, the outlook for industrial production remains positive, as the cyclical recovery of domestic industry should continue, although the current rise in energy prices does pose a risk. Following a positive result in December, Czech construction output declined in January due to a high comparison base and freezing weather. In contrast, retail sales excluding cars increased by 1% mom in real terms in January. Sales of non-food goods grew, while car sales continue to struggle.