Geneva - The International Air Transport Association (IATA) announced a revised outlook for the global air transport industry with losses of US$4.7 billion in 2009. This is significantly worse than IATA’s December forecast for a US$2.5 billion loss in 2009, reflecting the rapid deterioration of the global economic conditions.

 

Industry revenues are expected to fall by 12.0%*  (US$62 billion) to US$467 billion. By comparison, the previous revenue decline, after the events of 11 September 2001, saw industry revenues fall by US$23 billion over the period of 2000 to 2002 (approximately 7.0%**).

 

“The state of the airline industry today is grim. Demand has deteriorated much more rapidly with the economic slowdown than could have been anticipated even a few months ago. Our loss forecast for 2009 is now US$4.7 billion. Combined with an industry debt of US$170 billion, the pressure on the industry balance sheet is extreme,” said Giovanni Bisignani, IATA’s Director General and CEO.