OTTAWA – Profit levels are down in Canadas aerospace manufacturing industry in 2012 and again in 2013, according to a new report from The Conference Board of Canada.

The report, which appeared in the autumn edition of its Industrial Outlook, blames the profit decline on a slowdown in new orders from earlier this year and the uncertainty of the global economy.

The industry has been going through ups and downs since the 2008-09 recession. In 2010 the industry’s profits reached $710 million but then fell in 2011 and are projected do so again in 2012 and 2013.

At the end of next year, profits are expected to be slightly more than $500 million a decline of 30 per cent since 2010.

The aerospace industry is still coping with the lingering effects of the 2008-09 recession, said Maxim Armstrong, Senior Economist.

And while new orders indicate that the industry is showing signs of recovery, the financial turmoil in Europe is creating uncertainty and making the comeback difficult.

Growth in global demand for air transportation can currently be described as modest at best, which is delaying the need to expand capacities or to replac existing aircraft worldwide.

The outlook mirrors global economic trends, with modest growth this year and next, followed by progressive improvement in the later years of the five-year forecast.

One hope is that while the U.S. economy is still fragile – particularly with the “fiscal cliff” looming – American companies who have improved their financial position may begin to purchase more business jets.

In fact, this past summer, Bombardier signed a deal to supply up to 275 business jets to private jet company, NetJets.

Delta Air Lines also recently ordered 70 CRJ900 Next Gen jets from Bombardier and the company has been prominent in the Chinese market lately, making the industry outlook a bit more optimistic.