October 21 - Citing lower market demand for large passenger and freighter aircraft, Boeing is reducing its 747-8 production rate from 1.75 aircraft to 1.5 per month through 2015.

"This production adjustment better aligns us with near-term demand while stabilizing our production flow, and better positions the program to offer the 747-8's compelling economics and performance when the market recovers," 747 program VP Eric Lindblad, said.

Boeing said it expects long-term average growth in the air cargo market to begin returning in 2014, and forecasts global demand for 760 large airplanes over the next 20 years, valued at USD280 billion.

The first delivery at the new production rate is expected in early 2014.