Aug-16 real data supports a decent 3Q16 GDP outlook, yet 4Q16 is likely to be slower on public consumption and lacklustre investments. Aug-16 Industrial production accelerated from -3.4% YoY to 7.5% YoY. The calendar effect (+1 working day) and base effect (in Aug-15 capacity was impacted by blackout risks) contributed positively, while one-off effects (border controls, weekly shutdown of Krakow districts) negatively affecting activity in July dissipated. Export-related sectors rebounded led by textiles manufacturing (31% YoY), the automotive industry (20.2% YoY) and other transport equipment (23.8% YoY). Despite the stronger Aug-16 performance we expect 3Q16 value added in industry to come close to the weak 1Q16 result of 3.3% YoY. The construction sector should further decelerate on a quarterly basis as the August data (-20.5% YoY) confirms our expectations for poor investments in 3Q16.