The global airline industry is continuing to creep out of the economic meltdown, according to the latest figures released by the International Air Transport Association (IATA).
Overall passenger demand for scheduled flights in January was up 6.4 per cent year-on-year, and a 1.1 per cent increase in passenger capacity pushed load factors up to 75.9 per cent from 72.2 per cent.
The figures will give confidence to airline bosses, though Giovanni Bisignani, IATA's director general and chief executive, said they had lost two to three years of growth. But he did concede that demand was "moving in the right direction".
"We can start to see the future with some cautious optimism, but better volumes do not necessarily mean better profits," he said.
"Passenger yields are still 15 per cent below peak. And we expect 2010 losses to be US$5.6 billion."
IATA said the strongest upturns have been seen Asia, Latin America and the Middle East.
- Asia-Pacific carriers experienced a 6.5% increase in demand compared to the previous year.
- Carriers in North America and Europe saw demand increase by 2.1% and 3.1%, respectively. Although both regions have gained 6% from the early 2009 lows, they remain 4-6% below the early 2008 peak levels. This reflects the jobless recovery from the recession in which consumers are focused on paying down debt.
- Middle Eastern carriers grew throughout the recession. Growth accelerated to 23.6% in January.
- Latin American carriers saw demand increase by 11% in January on the back of a strong regional economy.
- African carriers recorded a 6.3% improvement in January, assisted by robust regional economic activity.
.