mpc: 14 The output indicators for Q1 had remained reasonably strong. The CIPS/RBS services business
activity index had fallen slightly following the strong rise in December, but remained above the broad
range it had occupied for much of the past two years. The CIPS/RBS manufacturing index had
remained unchanged in January. Taken together, the surveys pointed to slightly faster GDP growth in
2006 Q1 than in 2005 Q4. It was important not to place too much weight on small movements in
measured GDP growth rates from quarter to quarter, given that the profile might look somewhat
different after the ONS had received more information, and the data had gone through the normal
cycle of revisions.
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