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mpc: 13 The ONS estimate of growth in UK GDP in 2004 Q4 had been unrevised at 0.7%, which was in line with the Committee's expectations at the time of the February Inflation Report. Services output growth had been revised downwards but had remained strong. Estimated manufacturing output growth had been revised upwards for 2004 Q3 and Q4 and was subsequently raised again in the January Index of Production release. This had brought the ONS estimates closer to the Committee's assessment of the likely pace of manufacturing output growth in the second half of 2004, though recent business surveys had suggested still stronger growth.

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