The Lithuanian industrial sector, which creates the largest added value – furniture production – is not experiencing the best days. The number of orders is decreasing, so we have to say goodbye to some employees. Shy hopes for better times are associated with the end of this year, but real recovery is expected only after the end of the war in Ukraine.
According to the data of the office credit information service company “Creditinfo Lietuva”, approximately 31 thousand people currently work in the furniture industry, which is approximately 2 thousand less than last year. In addition, the number of bankruptcies in this sector is increasing – 15 were recorded last year and this year, while 10-11 furniture manufacturing companies went bankrupt so far this year.
“SEB banka” economist Tads Povilauskas says that Lithuania is no exception – similar trends can be observed in all areas. It is true that the problems of the furniture manufacturing industry are the most painful for Lithuania, because furniture manufacturing in Lithuania occupies a very important place in the entire industrial sector.
“The situation in the Lithuanian furniture production industry looks bad at the moment, the decline in production started last fall.
But these are general European trends – if we look at the furniture production and export indicators of other countries, we will see a more or less similar picture. Of course, the furniture manufacturing industry in Lithuania is relatively large, the added value created by it is the highest among all industries, so the decline is felt quite strongly,” says Povilausks to “Delfi.lt”.
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