The International Air Transport Association (IATA) expects the global aviation industry to return to profitability in 2023.
According to IATA forecasts that next year airlines will generate net income of $4.7 billion on revenue of $779 billion (net profit margin – 0.6%). This will be the first profit since 2019, when the indicator was at the level of $26.4 billion (net profit margin – 3.1%).
Passenger traffic in 2023 for the first time since the pre-Covid 2019 may exceed 4 billion people: 4.2 billion travelers are expected to fly.
At the end of 2022, the total net loss of the industry is projected at $6.9 billion (against the June forecast of $9.7 billion) on revenue of $727 billion In 2021, the loss was recorded at around $42 billion, in covid 2020 – $137.7 billion.
The only region that will return to profitability this year is North America, according to IATA. In 2023, Europe and the Middle East will join it, while Latin America, Africa and the Asia-Pacific region will remain in the red.
IATA brings together 300 airlines that operate more than 80% of all global air traffic.