IATA forecasts airlines to earn 9.8 billion, double in 2023

06-06-23

The International Air Transport Association (IATA) is more optimistic than ever about the airline industry. According to its latest outlook update, the organisation now expects industry profits to rise to $9.8bn (1.2% profit margin) this 2023, more than double the $4.7bn it estimated in its previous forecast in December 2022.

"Airline financial results in 2023 are exceeding expectations. The higher profitability is supported by several positive developments. China lifted Covid-19 restrictions ahead of schedule. Cargo revenues remain above pre-pandemic levels, although volumes are not. And on the cost side, there is some relief. Jet fuel prices, while still high, have moderated in the first half of the year," notes Willie Walsh, the agency's director general.