The rate of furniture production during August showed a slight increase as did the monthly values in both domestic goods and exports.
According to the latest Office for National Statistics (ONS) data, the rate of furniture production rose 0.2% compared to July, while also up 0.4% on August last year.
Overall, monthly production output fell by 1.8% between July and August 2022 and is now 0.9% below February 2020, which was the last month of “normal” trading conditions prior to the coronavirus (COVID-19) pandemic.
Meanwhile, the value of the manufacture of furniture for August resulted at £997.4m, up 12.1% from £889.5m in July. Against the same period last year, the value rose 25.1% from £796.8m.
As for the value of furniture manufacturer exports, this increased 70.8% to £133.3m for the month from £78m, while also rising on last year, up 111% from £63.1m. The value of domestic furniture manufacturer increased 6.4% to £864.1m from £811.5m in the month, as well as growing 17.7% from £733.7m last year.
Total gross domestic product (GDP) is estimated to have fallen by 0.3% in August 2022, after growth of 0.1% in July 2022.
Commenting on August’s GDP figures, ONS Chief Economist Grant Fitzner said: “The economy shrank in August with both production and services falling back, and with a small downward revision to July’s growth the economy contracted in the last three months as a whole.
“Oil and gas production fell as more scheduled North Sea summer maintenance took place than usual. Notable decreases were also seen across much of manufacturing.
“Health also contributed to the decline, with a drop in the number of hospital consultations and operations. Sports events too had a slower month after a strong July and many other consumer-facing services struggled with retail, hairdressers and hotels all faring relatively poorly.
“On the positive side, these falls were partially offset by stronger than usual summer performance from many professional services such as lawyers, accountants and architects.”