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mpc: 26 The National Accounts data covered the period up to and including 2005 Q1.

The Committee also discussed the indicators for 2005 Q2. Overall, the most recent statistics suggested that, if anything, growth had picked up a little. The CIPS services survey for June had remained broadly stable, and was consistent with reasonably strong growth in the services sector during Q2. Manufacturing output had been estimated as flat in May, and the June CIPS survey had pointed to an easing in the rate of manufacturing contraction. But, overall, the manufacturing sector remained weak.