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mpc: 8 Fourth-quarter growth in the euro area was, at 0.3% on the flash estimate, rather softer than had been expected. On the limited information so far available, it seemed that the relative weakness was mainly accounted for by a more negative net trade position. The latter could simply represent a more- rapid-than-expected unwinding of the unexpectedly strong net trade outturn in the third quarter, and so to that extent did not imply weaker prospects for 2004 and beyond. The euro-area manufacturing PMI and industrial confidence indicators were unchanged in February, though the pan-German IFO index fell for the first time since last April and the euro-area services PMI was also weaker. But taken together, the survey indicators still pointed to stronger growth in the first quarter of this year; and consumer confidence had strengthened. In Germany, investment growth in the fourth quarter was the strongest for over four years. Interpretation of these data was complicated by the prospective cut in subsidies to housing investment. Some of the recent growth might therefore represent housing investment that had been brought forward.