mpc: 14 Differences remained between official figures on output growth and other gauges of economic
activity. In particular, most service sector surveys had continued to indicate somewhat firmer activity
than implied by the current estimates from the Office for National Statistics (ONS). The size of that
discrepancy had not been historically large, but the degree of persistence of that discrepancy had been
a little more unusual. The Chartered Institute of Purchasing and Supply (CIPS) services survey
estimate had remained broadly stable for the past 18 months or so, while recorded output growth had
dipped. Past experience had suggested that the official growth data might eventually be revised
upwards to some degree as further information became available to the ONS. The Committee
members placed some weight on all these different sources of information.
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