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mpc: 6 been revised up and business investment had been revised down. Quarterly manufacturing investment growth had been revised up to 4.3% in Q4, the first positive growth rate since 1998 Q4. Other plant and machinery investment had fallen by 0.4%, which could be consistent with a pause in IT investment around the millennium. Revisions had reduced the volatility of inventories between Q3 and Q4. A23 There had been upward revisions to the level of both imports and exports during 1999, although the timing of revisions differed. The net trade contribution had been slightly more negative in 1999 H2. The trade deficit had increased to around 2% of GDP in Q4 but this had been more than offset by increases in investment income and so the current account deficit had narrowed to 1.3% of GDP. A24 The gross operating surplus of all corporations had fallen by 0.9% in Q4 but the level had been revised up by 1.5%. The half-yearly growth rates had been volatile. PNFCs' net borrowing had been little changed in Q4, at 2.4% of GDP. Household compensation of employees had grown strongly, by 1.8% in Q4. The annual household savings ratio had been around 6% over the past two years. It had been low compared with the recent past but did not look so low when compared with the 1960s. A25 Retail sales had fallen by 1.2% in February following growth of 1.6% in January. The three-month rates had still been strong. The BRC weekly data for March had pointed to further retail sales growth and the Bank's regional Agents had reported little change in the growth rate, although there was a further rise in the dispersion across regions. The CBI distributive trades survey had reported lower sales volume growth in March but a rise in expected growth for April. The GfK measure of consumer confidence had weakened across all categories to -2 in March. A26 Analysis by Bank staff had shown close links between housing market surveys and housing market activity and prices. Loan approvals and the Royal Institute of Chartered Surveyors (RICS) sales survey had strengthened in February and had suggested stronger activity in the short term. But the House Builders' Federation survey had shown falling growth in site visits and net reservations which pointed to an easing in activity in the summer. House price indicators had been mixed. The Nationwide index had been very strong at 2.3% in March with annual growth rising to 16.2%. By contrast, the Halifax index fell by 0.4% in March and the annual rate of house price inflation eased a