From January to May 2022, the furniture production volume in Russia reached 128.75 billion rubles. This represents a 15.66% increase to the corresponding period of the previous year in current prices, not adjusted for inflation.
Rising costs of raw materials and components all over the world contribute to the rise in prices for Russian-made furniture, too. If taking into account the furniture manufacturers’ price change (+17.69%) in the reporting period, the production volume dynamics in real terms, adjusted for inflation, amounts to minus 2.03%.
The furniture production in physical terms (units) raised at 7.4% year-over-year. The growth of production in units against the backdrop of a negative inflation-adjusted value indicates that manufacturers’ margins are shrinking, and that cheaper furniture is brought to the market in greater quantities.
The weighted average of the currency exchange rates were 80.0779 RUB for 1 USD, and 88.1568 RUB for 1 EUR in the current period under review.
The so-called operational production data provided here is a preliminary estimate, made by the Federal Statistical Service of Russia immediately after the reporting month. Statistical reports of a number of enterprises are sometimes delayed, which affects the estimation accuracy. That’s why this preliminary estimate is subject to change once the final annual report is ready and published by Rosstat. The updated numbers and most actual data shall be included into our extended Market Reports.
For operational data on specific furniture categories’ performance, you can also check our Key Indicators monthly slides.