mpc: 22 While consumption growth appeared to have fallen somewhat more than expected, output
growth had been relatively stable. In part, that might be explained by the high percentage of durable
goods consumption that was imported; the growth of imports was likely to have weakened in parallel
with the slowing of durable goods purchased. GDP had risen by 0.6% in Q1, according to the ONS
preliminary estimate. The March Index of Production release had reported a fall in manufacturing
output and energy supply, which was not yet incorporated in the ONS GDP estimate, but the new data
were still broadly consistent with aggregate output growing at close to its long-run trend rate. These
data were weaker than the Committee had expected, though the size of the seasonal adjustment around
Easter made the underlying trend particularly uncertain.
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