furniture manufacture image

October furniture production rate falls but annual domestic value rises

The rate of furniture production during October registered a decline while the value in domestic goods increased on last year.

According to the latest Office for National Statistics (ONS) data, the rate of furniture production fell 0.9% compared to September, while also down 1.9% on October last year.

Overall, monthly production output remained unchanged at 0.0% between September and October 2022 and is 0.3% above February 2020, which was the last month of “normal” trading conditions before the coronavirus (COVID-19) pandemic.

Meanwhile, the value of the manufacture of furniture for October resulted at £929.2m, down 1.8% from £946.5m in September. Against the same period last year, the value rose 8.8% from £853.7m.

As for the value of furniture manufacturer exports, this decreased 3.6% to £82.3m for the month from £85.4m. Against last year, exports value rose 13.6% from £72.4m. The value of domestic furniture manufacture decreased 1.6% to £846.9m from £861.1m in the month, while growing 8.3% from £781.3m last year.

Total gross domestic product (GDP) is estimated to have grown by 0.5% in October 2022, following a fall of 0.6% in September 2022, which was affected by the additional bank holiday for the State Funeral of HM Queen Elizabeth II.

Commenting on the GDP figures, ONS Director of Economic Statistics Darren Morgan said: “The economy bounced back in October, recovering from the impact of the additional bank holiday for the State Funeral.

“In particular, car sales rebounded after a very poor September, while the health sector also saw a strong month, with GP appointments, A&E attendance and the COVID-19 autumn booster campaign all driving up the sector.

“Construction continued its strong trend over the last year and stands at its highest level on record, with new housebuilding driving growth this month. However, over the last three months as a whole the economy shrank, with falls seen across services and manufacturing.”

Save this article for later

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

Leave a Comment