IATA forecasts nearly $10 billion in airline profits

Airline profits are expected to reach almost $10 billion this year, the International Air Transport Association says.

IATA flags overall profitability at $9.8 billion in 2023, more than the previous forecast of $4.7 billion in December 2022.

Airline industry operating profits are expected to reach $22.4 billion in 2023, much improved over the previous forecast of $3.2 billion.

IATA projects about 4.35 billion people will travel by air in 2023, just shy of the 4.54 billion who flew in 2019.

It expects revenues to grow 9.7% year over year to $803 billion.

If so, it would be the first time that industry revenues have topped $800 billion mark since 2019.

“Airline financial performance in 2023 is beating expectations,” said Willie Walsh, IATA’s Director General.

Jet fuel prices, although still high, have moderated over the first half of the year.”

“Economic uncertainties have not dampened the desire to travel.”

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