If so, that would be the slowest quarterly rate of earnings growth since the bear market.
The survey suggests manufacturing output is growing at a quarterly rate of around 1%-1.51%-1.5%
That was the highest quarterly rate since the spring of last year.
In December, the index started to flash red, rising to 670 at a quarterly rate.
The National Statistics office said it increased the quarterly rate of growth because of higher estimates for taxes on products.
At these levels, the PMI data are collectively signalling a 0.4% quarterly rate of decline of GDP.
"The quarterly rate of increase has now declined for four consecutive months," said housing economist Martin Ellis.
Measured at a quarterly rate, the index has visibly turned up since the start of this month.
In the final three months of 2004, household consumption grew at a quarterly rate of only 0.2%.
The region as a whole is growing at a quarterly rate of only 0.4percentt, while Germany is eking out growth of barely 0.1percentt.
Official statistics put the quarterly rate of GDP expansion at 0.7%, confirming an earlier estimate, thanks to support from domestic demand and construction spending.
