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mpc: 7 In the euro area, the balances from the manufacturing and service sector Purchasing Managers' Indices (PMI) and from the European Commission's consumer and industrial confidence surveys pointed to a pickup in GDP growth in Q1 to above trend. The official data relating to retail sales had, however, been weaker. Nevertheless, the available business surveys had all increased further in April. At the national level, the German IFO index had risen to a 15-year high. Taken together, this evidence suggested continued strong growth momentum at the start of Q2.