New aircraft deals announced today at the Paris Air Show will contribute up to an estimated £3.3bn to the UK economy, according to the industry trade body.
With 354 aircraft orders and commitments placed on the first day of the air show, the value of new orders is estimated to be worth £35bn globally.
These orders reflected a positive outlook for the aerospace industry around the world, ADS Group, the trade organisation representing the aerospace, defence, security and space sectors, said.
The largest order was placed by General Electric's aircraft leasing arm, GE Capital Aviation Services (GECAS) for 100 of Airbus' A320neo planes. That deal alone was worth £1.2bn to the UK, and it will benefit numerous links in the UK's deep aerospace supply chain.
“The first day of the Paris Air Show has seen positive news for the aerospace sector, both around the world and in the UK," said ADS chief executive Paul Everitt.
“The economic benefits will be spread to every nation and region of the UK. Our aerospace sector is a globally competitive industry that continues to make a major contribution to the country’s long-term prosperity.”
The UK has the largest aerospace sector in Europe, with a huge annual turnover of £31.8bn. In the first four months of this year, deliveries of new aircraft were worth up to £8bn to the UK, and the global backlog of orders remains close to record highs.