September furniture production rate falls but domestic value rises

The rate of furniture production during September registered a decline while the monthly value in domestic goods increased.

According to the latest Office for National Statistics (ONS) data, the rate of furniture production fell 4.1% compared to August, while also down 4.2% on September last year.

Overall, monthly production output rose by 0.2% between August and September 2022 and is now 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 September resulted at £941.1m, down 3.6% from £976.3m in August. Against the same period last year, the value rose 6.7% from £881.7m.

As for the value of furniture manufacturer exports, this decreased 36.5% to £84m for the month from £132.3m. Against last year, exports value rose 40% from £60m. The value of domestic furniture manufacturer increased 1.5% to £857.1m from £844m in the month, as well as growing 4.3% from £821.7m last year.

Total gross domestic product (GDP) is estimated to have fallen by 0.6% in September 2022, after a fall of 0.1% in August 2022 (revised from a fall of 0.3% in our previous publication) driven by a fall in the services sector.

Commenting on the GDP figures for Q3 2022, ONS Director of Economic Statistics Darren Morgan said: “With September showing a notable fall partly due to the effects of the additional bank holiday for the Queen’s funeral, overall the economy shrank slightly in the third quarter.

“The quarterly fall was driven by manufacturing, which saw widespread declines across most industries. Services were flat overall, but consumer-facing industries fared badly, with a notable fall in retail.”

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