UK aerospace industry sales grew 3.5% in real terms in 2003 to £17 billion ($32 billion), and employment by 4% to just under 122,000, according to the Society of British Aerospace Companies. The SBAC says this points to a "modest recovery" after two years of depressed demand. Research and development spending increased 18% to £2.1 billion, the third yearly rise. Companies pumped 12.3% of revenues into R&D, compared with 8.2% in 2001.
For the first time since the mid-1990s, the defence sector had a bigger share of UK turnover than civil aerospace.
Source: Flight International