mpc.theyserveforyou.com

mpc: 25 The Committee's central projection, based on its collective judgement and the assumption that official interest rates followed the path implied by the market yield curve, was for the four-quarter growth rate of GDP to pick up gradually. In part, that reflected weak quarterly growth rates towards the end of 2004 and in the first quarter of 2005 dropping out of the annual comparison. It reflected also contributions to growth from a modest acceleration in household consumption, strong government spending, a revival in stockbuilding and an improvement in net trade. Growth then slowed a little, as the impetus from public spending waned and consumption growth eased. The profile in the first part of the projection was a little weaker than in the August Report.