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February 4, 2010 - It was nothing short of traumatic in the world of aviation. The global recession had a huge impact on the industry as both the leisure and corporate sectors seriously curtailed their flying. Freight too suffered a big decline and airlines were forced to cut capacity to meet the shrinking demand.
Yields reduced too as airlines entered into price wars into order to
entice the limited number of passengers onto their airline. But it was
not only the airlines who suffered. The downturn was reflected in all
areas of the aviation industry, both in |
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For example, British Airways is expecting its revenues for 2009 - 2010
to fall by £1 billion compared with the previous year. This amounts to
the single largest loss in BA history according to their Chief Financial
Officer. On the other side of the
In 2009, the airline industry witnessed the biggest decline in air
passenger traffic in the post-war era according to the International Air
Transport Association (IATA). Passenger traffic had dropped by 3.5% when
compared to 2008 while freight traffic fell 10%. North American carriers
saw demand fall by 6% while European airlines suffered a 5% fall in
demand. While there were some signs of a recovery in late 2009, the
industry faces ‘enormous challenges' in 2010 according to IATA boss
Giovanni Bisignani. He estimates that airlines collectively lost $11
billion last year and stand to lose a further $5.6 billion in 2010. |
Air navigation service providers (ANSPs) were not immune and they too
experienced a significant reduction in traffic levels. In Flight Statistics comparison; 2009 versus 2008
/ 2007
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