February furniture production rate shows monthly growth while domestic value rises

The rate of furniture production during February registered a monthly increase while the value in domestic goods also increased both on last year and the previous month.

According to the latest Office for National Statistics (ONS) data, the rate of furniture production rose 4.5% compared to January, while down 10.2% on February last year.

Overall, monthly production output fell by 0.2% in February 2023, following a fall of 0.5% in January 2023, revised from a fall of 0.3% in the previous publication.

Meanwhile, the value of the manufacture of furniture for February resulted at £890.7m, up 13.2% from £786.3m in January. Against the same period last year, the value declined 1.6% from £905.4m.

As for the value of furniture manufacturer exports, this decreased 3.8% to £69.6m for the month from £72.4m. Against last year, exports value fell 42.1% from £120.3m. The value of domestic furniture manufacture increased 15% to £821.1m from £713.9m in the month, while rising 4.5% from £785.1m last year.

Total gross domestic product (GDP) is estimated to have shown no growth in February 2023, where falls in services and production were offset by growth in construction. This follows growth of 0.4% in January, revised up from growth of 0.3% in the previous publication.

Commenting on the GDP figures, ONS Director of Economic Statistics Darren Morgan said: “The economy saw no growth in February overall. Construction grew strongly after a poor January, with increased repair work taking place. There was also a boost from retailing, with many shops having a buoyant month. 

“These were offset by the effects of Civil Service and teachers’ strike action, which impacted the public sector, and unseasonably mild weather led to falls in the use of electricity and gas.”

Save this article for later

You can revisit this article if you save it as favourite news!

Leave a Comment

MORE ARTICLES

Nicolle Hockin, Managing Director at Devonshire Living, shares an insight into how the last 12 months have been at the business, future plans and top...