The International Air Transport Association (IATA) announced full-year global passenger traffic results for 2016 showing demand (revenue passenger kilometers or RPKs) rose 6.3% compared to 2015 (or 6.0% if adjusted for the leap year).
This year air transport is expected to grow to $769 billion, according to forecasts made by IATA. Airline CFOs and heads of cargo reported in October last year that they were still positive about future growth in air travel, and were a bit more positive about cargo.
Lower oil prices helped the International Air Transport Association (IATA) to revise the industry projected profits to $36.3 billion for the year. IATA Director-General and Chief Executive Officer, Tony Tyler, said that “lower oil prices are certainly helping — though tempered by hedging and exchange rates. In fact, we are probably nearing the peak of the positive stimulus from lower oil prices. Load factors are at record levels. New value streams are increasing ancillary revenues.”