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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