July furniture production shows monthly decline

The rate of furniture production during July registered a monthly decline whilethe value in domestic goods fell on the previous month and against last year.

According to the latest Office for National Statistics (ONS) data, the rate of furniture production fell 5% compared to June, while also down 16% on July last year.

Production output fell by 0.7% in July 2023, after growth of 1.8% in June 2023. The largest falling sub-sector was manufacturing, which fell by 0.8% in July 2023.

Meanwhile, the value of the manufacture of furniture for July resulted at £814.3m, down 9.1% from £896m in June. Against the same period last year, the value fell 7.5% from £880.6m.

As for the value of furniture manufacturer exports, this decreased 34.4% to £49.6m for the month from £75.7m. Against last year, exports value fell 31.6% from £72.6m. The value of domestic furniture manufacture decreased 6.7% to £764.7m from £820.3m in the month, while down 5.3% from £808m last year.

Monthly real gross domestic product (GDP) is estimated to have fallen by 0.5%, with falls in all three main sectors, following growth of 0.5% in June 2023. Looking at the broader picture, GDP increased by 0.2% in the three months to July 2023, with growth in all three main sectors.

Commenting on the GDP figures for July, Director of Economic Statistics Darren Morgan said: “Our initial estimate for July shows that GDP fell; however, the broader picture looks more positive, with the economy growing across the services, production and construction sectors in the last three months.  

“In July, industrial action by healthcare workers and teachers negatively impacted services and it was a weaker month for construction and retail due to the poor weather. Manufacturing also fell back following its rebound from the effect of May’s extra Bank Holiday.

“A busy schedule of sporting events and increased theme park visits provided a slight boost.”

Save this article for later

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

Leave a Comment

MORE ARTICLES

Peter Harding, Managing Director at Fairway Furniture, shares a deeper insight into the ongoing refurbishment at their flagship Plymouth store....