THE aerospace industry is bouncing back after a tough period following the recession, according to a report published today.
The report, compiled by the Aerospace, Defence and Security trade organisation, shows that revenues for the UK aerospace industry swelled 5.4 per cent in 2009 to a combined £22.2bn.
comes after last month’s encouraging Farnborough Air Show, which was the second most successful show ever for new aircraft orders. A total of $47bn (£31bn) of orders were placed at the show, including a mammoth $4.9bn order by General Electric for 60 Airbus A320 aircraft.
The level of orders reflected global conditions within the industry, showing that the civil side is recovering while defence budgets come under pressure. But the figures show there is still strong growth in both sectors in emerging markets such as China, the Middle East, Brazil and India.
Graham Chisnall, managing director for commercial aerospace and operations at ADS, said: “The aerospace sector in the UK is in a strong position. Despite pressures on the defence budget, the industry is on the up, especially in the UK, buoyed by the recovery of the civil sector.”