Record high air passengers fueling economic growth
More people are traveling by air than ever before and the growth is facilitating economic development, says the International Air Transport Association (IATA).
The IATA says average passenger load factors are at a record high or 81% for July, according to the latest report.
Business traffic is also growing faster than economy traffic on long-haul routes. “Combine that with a 10.5% improvement in fuel efficiency and a 56% increase in labor productivity since 2002, and it is clear industry efficiencies have hit an all-time high,” said IATA Director General and CEO Giovanni Bisignani.
But he warned against mindless expansions. The volatility in global stock markets creates an uncertain future.
“Airlines will have to maintain a prudent approach to adding new capacity,” he said.
Some highlights of the report:
· Year-on-year passenger demand was up 5.9% for July 2007 over July 2006.
· Passenger demand grew 6.2% during the January-July period over the same period in 2006.
· Much of this growth is facilitating economic development as business traffic is growing faster than economy traffic on long-haul routes.
· The average passenger load factor hit a record 81% in July, up 0.3% from the previous high in July 2006.
Also, With the exception of April 2007, monthly load factors have risen every month during the past two years.
Report by David Wilkening
David
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