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mpc: 19 Output growth had continued at a similar pace in 2005 Q1, judging by the CIPS business surveys in the first three months of the year. That was consistent with reports from the Bank's Agents. There were some signs that business optimism had improved. The February industrial production data had been weaker than expected, with a contraction in both the overall index and the index for manufacturing, but there was no evidence to suggest that the output of services had slowed. So soon after the end of the quarter, evidence was limited and there was still considerable uncertainty about the momentum in output growth.