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Few industries can match aircraft manufacture and carriers for their volatility – there are so many external factors that can affect the bottom line. The last two years have seen a global economic downturn, the war in Iraq and threats of terrorism taking their toll. The SARS virus was another entirely unpredictable factor that has affected the industry adversely and which helps to account for the fact that air carriers took delivery of about 580 big jets last year, around 270 down on 2001. Such imponderables make the current battle between Airbus and Boeing even more fascinating.

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