January furniture production rate falls while domestic value rises

The rate of furniture production during January registered a decline while the value in domestic goods increased both on last year and the previous month.

According to the latest Office for National Statistics (ONS) data, the rate of furniture production fell 1.4% compared to December, while down 12.5% on January last year.

Overall, monthly production output fell by 0.3% in January 2023, following growth of 0.3% in December 2022.

Meanwhile, the value of the manufacture of furniture for January resulted at £766.8m, up 11.6% from £686.8m in December. Against the same period last year, the value rose 4.5% from £733.2m.

As for the value of furniture manufacturer exports, this increased 26.5% to £72m for the month from £56.9m. Against last year, exports value rose 14.2% from £63m. The value of domestic furniture manufacture increased 10.3% to £694.8m from £629.9m in the month, while rising 3.6% from £670.2m last year.

Total gross domestic product (GDP) is estimated to have grown by 0.3% in January 2023, after falling by 0.5% in December 2022.

Commenting on the GDP figures, ONS Director of Economic Statistics Darren Morgan said: “The economy partially bounced back from the large fall seen in December. Across the last three months as a whole and, indeed over the last 12 months, the economy has, though, showed zero growth.

“The main drivers of January’s growth were the return of children to classrooms, following unusually high absences in the run-up to Christmas, the Premier League clubs returned to a full schedule after the end of the World Cup and private health providers also had a strong month. Postal services also partially recovered from the effects of December’s strikes.

“These were somewhat offset by a notable drop in construction with a slowdown in infrastructure projects and housebuilding having another poor month, partly due to heavy rainfall.”

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