Combined global airline profits are tipped to reach nearly $10bn this year, with nearly as many people set to fly as in 2019, the last full year of normality before the Covid crisis.
Aviation industry group, the International Air Transport Association (IATA) – which is currently hosting its annual general meeting in Istanbul – said airline profits should reach $9.8bn; a vast improvement on its previous 2023 forecast of $4.7bn.
IATA expects around 4.35 billion people to fly this year, which would be just under the 4.54 billion who flew four years ago.
Global airline revenues should grow by nearly 10%, to over $800bn, IATA said.
“Airline financial performance in 2023 is beating expectations. Jet fuel prices, although still high, have moderated over the first half of the year. Economic uncertainties have not dampened the desire to travel,” said IATA director general Willie Walsh.