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Aviation Boom: $ 47 Billion worth deals were signed this year at Farnborough Airshow,

Aviation sector seem to recovering faster then expected after the recession which effected almost every economy in the world. A total of $47 billion worth of deals were struck this year at Farnborough Airshow, the event's organizers announced Friday.

This is far less compared to 2008's record-breaking $88.7 billion worth of orders.

"To see over $47 billion dollars worth of business done and the quality of the business transactions at the show is a testament to the endurance of our sectors, their positive contribution to UK and world trade as well as the significance of the show itself," said Ian Godden, chairman of A|D|S, the UK's AeroSpace, Defense and Security trade organization in a media release.

Steven Udvar-Hazy making a thrusty comeback with his new venture, Air Lease Corporation, striking a series of multibillion deals with Boeing, Airbus and Embraer.

GEKAS, the commercial aircraft leasing and financing arm of General Electric, also embarked on a spending spree, announcing deals with Airbus for 60 A320 family aircraft and Boeing for 40 Next-Generation 737-800s.

Other notable contracts include Richard Branson's Virgin America order of 40 Airbus A320 -- in a deal worth around $3 billion -- and Dubai-based Emirates Airline order of 30 Boeing long-range 777-300ERs, worth $9.1 billion.

As of Thursday, industry leaders Boeing and Airbus Video had won 237 jetline orders estimated to be worth around $28 billion.

According to A|D|S, 1450 exhibiting companies took part this year in the world's largest air show, with more than 120,000 visitors on trade days.

- CNN Media Inputs

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