Monday, January 26th-1.5°C
24779
23931

Global airline traffic on pace to grow by 20% through 2016, says ICAO

MONTREAL - Global air passenger traffic grew 5.5 per cent last year and is on pace to increase 20 per cent through 2016, according to the UN agency that governs civil aviation.

The International Civil Aviation Organization says passenger traffic was up 0.2 percentage points from 2012 and should increase by at least six per cent annually to reach nearly seven trillion passenger-kilometres in 2016.

The forecast is good news for airlines, especially in developed regions, which have kept a lid of capacity to maximize profits.

The number of passengers flown by 191 members states grew 4.5 per cent to 3.1 billion last year, while departures were up just 1.2 per cent.

World scheduled air freight traffic grew only 0.4 per cent in 2013, but marked a turnaround from a one per cent decrease in 2012. ICAO says it should show more robust growth over the next few years, rising to 4.4 per cent in 2016.

Global real gross domestic product is forecast to grow by 2.9 per cent in 2014, up from 2.5 per cent last year and then accelerate to 3.7 per cent in 2016, according to IHS/Global Insight, a major economic forecasting organization.

Airline traffic growth is expected to be fuelled primarily by fast expansion in developing regions such as the Middle East, Latin America and Asia.

North American passenger traffic is forecast to grow by 2.7 per cent this year on a rebound in the U.S. economy and higher employment.

The Middle East is expected to remain the fastest growing region for airline traffic, expanding an estimated 11.6 per cent in 2014 on strong expansion of airline networks.

The FIFA World Cup in Brazil is expected to drive an 8.9 per cent traffic growth this year in Latin America and the Caribbean.

Although a slowdown of the Chinese economy had an negative impact on passenger traffic in the first half of 2014, traffic in the Asia and Pacific region is estimated to expand by 7.2 per cent this year.

European traffic is anticipated to grow by 5.4 per cent amid improving economic trends, following by Africa at 4.8 per cent.

— Follow @RossMarowits on Twitter

The Canadian Press


Read more Business News

23015


Recent Trending




Today's Market
S&P TSX14797.83+18.48
S&P CDNX674.39-3.79
DJIA17678.70+6.10
Nasdaq4771.764+13.885
S&P 5002057.09+5.27
CDN Dollar0.8012-0.0004
Gold1277.20-2.2001
Oil47.07+0.14
Lumber316.00-0.30
Natural Gas2.92+0.039

 
Okanagan Companies
Pacific Safety0.14+0.025
Knighthawk0.010.00
QHR Technologies Inc1.39+0.01
Cantex0.035+0.005
Anavex Life Sciences0.18-0.001
Metalex Ventures0.035-0.005
Russel Metals24.45-0.03
Copper Mountain Mining1.09-0.01
Colorado Resources0.135-0.02
ReliaBrand Inc0.006+0.001
Sunrise Resources Ltd0.055+0.03
Mission Ready Services0.24+0.02

 



24497

FEATURED Property
21532352350 Shannon Heights Place
10091522 bedrooms
$199,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


How to price: workbook approach

In 2008 Self Counsel Press published my book - Pricing Strategies for Small Business. The book is now available in Europe, India, Russia and the United States. The purpose of the book was to make avai...


Ailing Parents: Tax Issues

If your parent has become ill, there can be several tax issues that come into play depending on the nature of their illness, their age and the role that family members are playing. For example, if you...


What do I pay ICBC for anyway?

If you have had ongoing dealings with ICBC as a result of a car accident than you have likely had the pleasure of dealing with at least two sides of ICBC. Initially the relationship starts off pleasan...

_








Member of BC Press Council


23646