The International Air Transport Association (IATA) today announced revisions to its industry outlook for next year, downgrading its central forecast for airline profits from $4.9 billion to $3.5 billion for a net margin of 0.6 percent on threats posed by the so-called Eurozone crisis.
Late 2000s recession in Europe
For French aerospace industry association GIFAS the crisis year of 2009 was a “year of resilience” and 2010 is “a year of transition,” with air traffic increasing again powered by low-cost companies and the emerging nations. GIFAS chairman Jean-Paul Herteman said he is “confident that 2011 could be a year of recovery for our industry, but it will not come sooner.”
Almost half of the UK’s General Aviation Manufacturers & Traders Association (GAMTA) members have declared themselves to be less optimistic about business prospects than they were 12 months ago. In survey results published at the group’s annual conference on March 6, only 16 percent said they are now more optimistic than they were when the last survey was taken in March last year, six months after September 11.