The International Air Transport Association has sharply revised its expectations for global aviation in 2010, projecting profits of $8.9 billion. As late as June this year the IATA was predicting global profits of $2.5 billion, with the Vancouver-based body surprised by the “stronger and faster” economic recovery.
The number of airline passengers travelling in premium class increased in June as the global economic recovery gains momentum, the airline industry body IATA has said.
Global aviation traffic has returned to levels last seen before the 2008 recession, according to data from the International Air Transport Association. The Middle East continues to lead the global recovery, seeing the biggest increase in demand during May, while North America and Europe lagged behind.
The global aviation industry is recovering at a much faster rate than previously expected due to a sharp recovery in passenger numbers and cargo. However European airlines are missing out on the recovery due to the impact of April’s volcanic eruption in Iceland and industrial disputes, IATA announced on the first day of its 2010 AGM.
International Air Transport Association chairman Antony Tyler has used the Global Travel & Tourism Summit in Beijing to attack the new British government’s aviation policy. The scrapping of a third runway at Heathrow Airport and changes to Air Passenger Duty were both concerns, while the European Union was also criticised.
The International Air Transport Association (IATA) estimated that the Icelandic volcano crisis cost airlines more than $1.7 billion in lost revenue through Tuesday—six days after the initial eruption.
The head of IATA has slammed Europe’s governments for their handling of the volcanic ash crisis, which has left aviation in a worse “mess” than at the time of the 9/11 attacks, with costs of $200m a day in lost revenue.
The aviation industry has been given its cleanest bill of health yet post downturn, with news from IATA that both passenger and cargo air traffic grew strongly last month. Global demand was up 9.5% for passengers and 26.5% for cargo, compared to February 2009.
A rare chink of sunshine in the otherwise gloomy skies over the global aviation industry has been provided by the International Air Transport Association (IATA) today, as the organisation halved its loss forecast for 2010. The Montreal-based organisation now predicts a loss of just $2.8 billion; down from last year’s forecast of $5.6 billion.
Aviation enjoyed its second safest year on record during 2009, according to statistics from the International Air Travel Association (IATA), despite several high profile accidents.
Despite recent gains, losses in the premium air traffic market during the global recession have erased the previous six years of growth, according to the International Air Travel Association (IATA).