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​​​​​​​​​​​​​​​​​​​​​​​These pages provide analysis of economic and policy developments affecting the financial performance of the global airline industry.​​​​​​​​​​ 

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The strong air passenger recovery continues in Q3 2023

The September quarter (Q3) saw a continuation of the strong passenger traffic recovery. Industry-wide revenue passenger-kilometers (RPKs) rose by 28.4% compared to Q3 2022, bringing overall passenger traffic to just 3.7% below its 2019 level. This recovery was driven predominantly by resilient domestic markets.

  • Chart of the Week

Quarterly Air Transport Chartbook Q3 2023

  • Regional Economic Briefings
  • Industry Economic Performance

Airline market share profiles vary across regions

As the airline industry recovers to pre-pandemic activity levels this year, understanding how airlines are positioned for efficiency and growth is paramount.

  • Chart of the Week

Green energy funds underperform the oil and gas sector

While the global demand for clean and renewable energy sources is growing, the performance of the funds that invest in them has been lagging the conventional energy sector, which is dominated by oil and gas companies.

  • Chart of the Week

Air Passenger Market Analysis - September 2023

Robust third quarter concludes with strong passenger growth

  • Air Passenger Monthly Analysis

Air Cargo Market Analysis - September 2023

Modest uptrend in cargo volumes amid soft demand drivers

  • Air Freight Monthly Analysis

Airline balance sheets remain impacted by the pandemic

The debt-to-equity ratio is a solvency ratio providing insight into an organization’s reliance on debt to finance its activities. How high this ratio can be before it becomes a solvency concern depends on multiple factors including, notably, revenue.

  • Chart of the Week

In Asia the recovery is being strongly led by the central region

An analysis of the 2023 and 2019 H1 seat availability and passenger (pax) volumes shows that Central Asian countries are leading the recovery in Asia

  • Chart of the Week

Strong global labor market is both good and bad for airlines

World Bank data show that global unemployment rates (solid lines on the chart above) have been decreasing steadily since the spike that accompanied the Covid-19 crisis and are now below their pre-pandemic levels.

  • Chart of the Week

A renewed rise in the jet crack spread adds to cost pressure

Since May, oil and jet fuel prices have been trending higher. Combined with additional price volatility from March 2022, this development creates renewed challenges for airlines’ financial recovery.

  • Chart of the Week

Cargo traffic maintains recovery trend amid challenges

After an outstanding performance in 2021, air cargo demand faced consecutive year-on-year (YoY) declines in 2022, a trend that persisted until July 2023. However, August marked a turning point with the first annual growth since February 2022

  • Chart of the Week

Air Passenger Market Analysis - August 2023

Passenger traffic growth continued in August

  • Air Passenger Monthly Analysis

Air Cargo Market Analysis - August 2023

Air cargo recorded first annual growth since Feb 2022

  • Air Freight Monthly Analysis

Broad passenger growth across markets in Q2 2023

In Q2 2023, global origin-destination (O-D) passenger traffic grew 28.9% compared to Q2 2022 levels, totaling 954 million passengers. This brought global passenger traffic close to pre-pandemic levels, just 3.5% below Q2 2019.

  • Chart of the Week

Airlines operate key hubs for growth and connectivity

Airlines efficiently connect passengers across cities using strategic hub-and-spoke systems, consolidating and directing travelers through central hub airports. This approach enables airlines to resourcefully transport an increasing number of passengers to various destinations while benefiting from economies of scale and traffic density. Today’s chart highlights the pivotal airports through which airlines facilitate passenger flows between global markets, driving strong traffic recovery and connectivity growth.

  • Chart of the Week