THE UK aerospace sector is growing 10 times faster than the rest of the economy after ballooning nine per cent last year, according to a new trade report out today.
The strong performance, which saw revenues grow to £28bn in 2013, is being driven by a surge in exports, the report from trade organisation ADS Group says.
Around 90 per cent of the industry’s revenue in 2013 came from exports, especially to north America and Europe. Over two-thirds of the respondents polled by ADS said future growth will be driven by new export opportunities. The government believes that the bullish mood underscores the impact of the Aerospace Growth Partnership, which was formed in 2011.
Business secretary Vince Cable said: “Our aerospace sector is a global success story and these figures clearly show that the industry is driving the current economic recovery.”