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mpc: 15 Output appeared to be continuing to expand at around trend in 2005 Q1. The Chartered Institute of Purchasing and Supply (CIPS) services business activity index had fallen slightly in February but remained consistent with steady growth. Reports from the Bank's regional Agents had pointed to robust growth in business services but more modest growth in manufacturing. The ONS had estimated growth in manufacturing output of 0.2% in January but lower energy sector output had left overall industrial production slightly down over the month. Despite falling in January, export volumes had been growing at just over 2% on a three-month-on-three-month basis. A survey by the Bank's Agents had suggested that UK companies expected exports to grow more rapidly over the next six months than the previous six months, particularly to the United States and euro area.