AEROSPACE INDUSTRY PROPELLED UPWARDS IN 1998.

The aerospace industry enjoyed rising profits in 1998, according to data published by the European Association of Aerospace Industries (AECMA). Last year, turnover rose by 6% to Euro 62.2 billion, order intake was 1.6 times turnover and profits rose to 6.6% of turnover (up from 4.2% in 1997). Dr Giorgio Zappa, President of AECMA and Chairman of Italy's Alenia, commented that "steps taken by the European Union, such as the 5th Framework Programme for Research and Technology, the Galileo project and the mandate for setting up an European Aviation Safety Authority should provide European momentum to the industry". The trade balance remains positive at Euro 10 billion, and research and development expenditure amounts to 16% of turnover. Exports to the US increased by 30%, although exports to the rest of the world declined by 20%. A total of Euro 32...