Airline Growth Slows to a Trickle

  • 15 years ago
  • Uncategorized
The growth in passengers and cargo for airlines worldwide nearly came to a halt in 2008, according to the latest figures from the International Air Transport Association (IATA). December saw a 22.6 percent drop in international air cargo from the same time a year earlier, a stunning drop. International passenger traffic for December had a 4.6 percent drop from a year earlier.
 
For all of 2008, passenger traffic was up 1.6 percent. That’s a modest increase, but for 2007 growth was 7.4 percent. Cargo traffic was down 4 percent for the year and overall capacity grew by 3.5 percent. Airlines registered a US$5 billion loss for 2008.
 
“The 22.6% free fall in global cargo is unprecedented and shocking. There is no clearer description of the slowdown in world trade. Even in September 2001, when much of the global fleet was grounded, the decline was only 13.9%,” said Giovanni Bisignani, IATA’s Director General and CEO.”  Air cargo carries 35% of the value of goods traded internationally.
 
“2009 is shaping up to be one of the toughest years ever for international aviation….Keep your seatbelts fastened and prepare for a bumpy ride and a hard landing,” said Bisignani.

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