Industrial production yet again surprised on the upside. Industry has remained in very good shape despite the second wave of Covid-19. Unlike the retail sector, industrial production has surprised on the upside for three months in a row. On a monthly basis, industrial production rose by 2.8%, an even stronger performance than a month ago. With this, the volume of output increased by 0.6% year-on-year. However, due to a few holidays, the calendar effect is very strong. Adjusting for that we get a 2.7% YoY performance.