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mpc: 8 Most activity indicators and surveys in the euro area had continued to be strong in Q1, notably the German IFO survey of business conditions in March which had recorded its highest level since 1991 and the European Commission survey of industrial confidence for which the quarterly average had reached its highest level since early 2001. German export performance had remained strong through the past two years although, over the past decade, an increasing proportion of German exports had been based on imported components, so gross output had probably been rising faster than value added. Given the strength of the surveys and other monthly data, Q1 GDP growth in the euro area was likely to have been somewhat stronger than expected at the time of the February Inflation Report.