The Wood and furniture sector will close 2018 with its fifth consecutive annual growth
The wood and furniture sector closed last year with a growth rate of 3%. This means its fifth consecutive annual growth according to forecast published by Crédito y Caución (Credit and Secutiry). The wood and furniture sectors were severely affected by the economic crisis due to its close connection with the building and property business.
In addition, it is worth stressing that timber sale and auction entails an important element of the Spanish economy. As such, this second trimester of 2018, numbers come up to 900,000 cubic metres of timber auctioned in Spain, which accounts for estimated market value of almost 300 million euros.
The top provinces according to the value of bids would be Valladolid, followed by Cantabria and Navarra, totalling 11,4 million euros. This shows the relevance of the wood sector in the Spanish economy. Spain is the second country of the European Union as far as woodland is concerned, which allows these figures to grow and the sector to keep rising.
These facts are really promising, if we take into account that the wood and furniture sector hit rock bottom in 2013 with the economic crisis that devastated Spain. This entailed a fall in turnover of almost 60% as compared to records prior to that year.
In this way, the same as the wood and furniture sectors dropped together with the property sector, they come back now with the rise of the latter. Because of this, it benefits in the national market with an annual increase of 3%.