March 2024 furniture production slightly dips; value rises

The rate of furniture production during March 2024 registered a slight monthly decrease, ending a run of three straight months of growth, whilethe value in domestic goods rose on the previous month but was down against last year.

According to the latest Office for National Statistics (ONS) data, the rate of furniture production fell 1.1% compared to February, while falling 7.8% on March last year.

On the month, production output is estimated to have grown by 0.2% in March 2024, following growth of 1% in February 2024.

Meanwhile, the value of the manufacture of furniture for March resulted at £885m, up 2.5% from £862.9m in February. Against the same period last year, the value fell 13% from £1,019.1m.

As for the value of furniture manufacturer exports, this increased 6.2% to £54.5m for the month from £51.3m. Against last year, exports value fell 8.4% from £59.5m.

The value of domestic furniture manufacture increased 2.3% to £830.5m from £811.6m in the month, while down 13.4% from £959.6m last year.

Monthly real gross domestic product (GDP) is estimated to have grown by 0.4% in March 2024, following growth of 0.2% in February 2024

Commenting on the GDP figures for March, ONS Director of Economic Statistics Liz McKeown said: “After two quarters of contraction, the UK economy returned to positive growth in the first three months of this year. 

“There was broad-based strength across the service industries with retail, public transport and haulage, and health all performing well. Car manufacturers also had a good quarter. These were only a little offset by another weak quarter for construction. 

“In the month of March, the economy grew robustly led, again, by services with wholesalers, the health sector and hospitality all doing well.” 

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