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International airline association upgrades global earnings forecast, predicts higher profits in 2024
December 7th 2023
The International Air Transport Association (IATA) has increased its industry profit forecast for calendar 2023 and flagged even better airline profits in 2024. Read More » Carriers worldwide are predicted to book a US$23.3 billion net profit for the 12 months to December 31, 2023; more than double the June IATA forecast of US$9.8 billion for the current calendar year. Annual industry net profits for 2024 are to be even better at an estimated US$25.7 billion. Airlines were in the red by around US$3.6 billion in 2022. “Considering the major losses of recent years, the US$25.7 billion net profit expected in 2024 is a tribute to aviation’s resilience,” IATA director general, Willie Walsh, said. “People love to travel and that has helped airlines to come roaring back to pre-pandemic levels of connectivity. The speed of the recovery has been extraordinary.” Asia-Pacific airlines are forecast to report a US$100 million loss in 2023, but are on track to book a collective net profit of US$1.1 billion next year.
