The global aerospace sector is expected to exhibit “robust” growth for the coming few years, a new report has stated.
Oxford Economics has published its forecast for the sector, which is predicting a turnaround for the US aerospace sector that will underpin the overall expansion of the industry.
This is after two years of decline for the US’s aerospace industry, which the firm expects will contract by 2.7 per cent in 2017, after which it will start to move in a more positive direction again.
The UK has “weathered the shock from the country’s vote for Brexit”, ADS Advance noted, highlighting the 9.2 per cent rise in output in 2017, with further, if more modest, increases anticipated to 2022.
However, the news provider noted that, while 2017 was incredibly positive, “2018 looks to be more challenging against a backdrop of persistent Brexit-related uncertainty and we expect output growth to drop back to a 2.3 per cent rate”.
Other nations set to see a significant boost for the output of their aerospace industries are Russia, India and China, which will also help bolster the global aerospace sector.
Last month, the aerospace industry lobby group ADS called on the government to make sure that UK supply chains are prioritised during the Brexit negotiations.
The organisation stressed that if increased border checks are introduced following Brexit, it could result in a possible £1.5 billion in extra costs for the UK’s aerospace industry.
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