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mpc: 8 According to the first estimate, euro-area GDP had grown by only 0.2% in 2004 Q4. Final domestic demand growth had picked up only patchily, with strong consumption growth in France and Spain but more subdued spending elsewhere. Net trade had made a negative contribution to growth, perhaps reflecting the appreciation of the euro. Investment had increased for the third quarter in succession, underpinned by rising profits and a low cost of capital. Business surveys suggested that the weakness in output growth might be continuing in 2005 Q1, although rising capital goods imports in 2004 Q4 might have indicated continued investment expansion. Euro-area HICP inflation had fallen to 1.9% in January.