In 2010, we saw a strong recovery in air travel and air freight markets to pre-recession levels. As forecasted by aviation analysts, markets are now following the normal growth path of 4-6% in traffic demand.The first four months in 2011 showed an increase in passenger traffic by 6.8% and in freight by 2.7%. However, the beginning of the year was impacted by the crises in Japan and the Middle East/ North Africa region. These demand shocks and the high jet fuel prices (working out to about 30% of the total airline costs) led to a much lower airline profitability level. In addition, airline capacity grew faster than the demand, with slightly lower load factors.
展开▼
