Output in industry, including energy and construction, fell by -0.6% m/m on a seasonally and working day-adjusted basis in December 2017. In Q4 2017 as a whole, overall output increased by +0.7% q/q. And production in December exceeded the previous year's level by a robust +6.7%. In view of the very pronounced increase in industrial new orders in the third and fourth quarters of 2017, the upward trend in production is likely to continue throughout early 2018. Overall, the economic indicators continue to show a positive picture. The sustained strong employment growth, the significant decline in unemploy¬ment, the rising order intake and high export growth are the positive factors. However, not too much impetus came from the retail sector in the fourth quarter as real sales remained at roughly the same level as in the third quarter. Real GDP in the fourth quarter of 2017 is estimated to have increased by +0.5% compared with the previous quarter, slightly less than in the first three quarters of last year.
