Airline financial performance and longterm developments in air travel markets
|
|
- Clementine Robbins
- 5 years ago
- Views:
Transcription
1 Airline financial performance and longterm developments in air travel markets March 2018 Brian Pearce, Chief Economist, IATA
2 % of invested capital Investor returns falling but above cost of capital for a 4 th year 12.0 Return on capital invested in airlines and their cost of capital 10.0 Return on capital (ROIC) Cost of capital (WACC) Source: IATA Economics using data from McKinsey, The Airlines Analyst, IATA forecasts
3 US$ billion From value destruction to value creation to a normal industry 30 Difference between investing in airlines and investing in similar assets elsewhere Source: IATA Economics using data from McKinsey, The Airlines Analyst, IATA forecasts
4 ROIC, % of invested capital Jet fuel price, US$/barrel Fuel costs are down but it s not a simple link with profitability Airline industry ROIC and jet fuel prices Return on capital (ROIC) Jet fuel price Source: IATA Economics using data from McKinsey, Platts and own forecasts
5 And the correlation with the economic cycle has broken down 10% Airline industry EBIT margin and global GDP growth 8% Airlines' EBIT margin 6% 4% 2% Global GDP growth 0% -2% -4% -6% Source: IATA Economics using data from ICAO, IATA Statistics, IMF and our own forecasts
6 % ATKs Signs of improvement being structural rather than transitory Breakeven and achieved weight load factors Load factor achieved Breakeven load factor Source: IATA Economics using data from ICAO, IATA Statistics, IATA forecasts
7 Airlines are sweating assets as well as improving margins Operating margin, % revenue Capital productivity, revenue/invested capital, US$ Components of return on capital 10 Operating margin Capital productivity Source: IATA Economics using data from ICAO, McKinsey, The Airline Analyst, IATA forecasts
8 Debt adjusted for operating leases/ebitdar But within the industry totals there is still much variation 8 Adjusted net debt/ebitdar Latin America Middle East Asia Pacific Industry average Europe North America Investment grade Source: IATA Economics using data from The Airline Analyst
9 Air travel outlook will depend on economics and geopolitics Global passengers (O-D basis, billion) % Policy Stimulus and Market Liberalization 9 Constant policies scenario 8 A Pick-up in Protectionism Average rates of passenger growth per year in each scenario % 2.7% Source: IATA/TE Passenger Forecasts
10 Trip frequency and living standards is a key driver in our model 2 Frequency of air travel and living standards Trip frequency Months before next trip Low income Middle income High income Above $20, Source: IATA/Tourism Economics Air Passenger Forecasts, April
11 Trip frequency still low in many populous countries Australia Spain United Kingdom Canada United States Italy France Germany Saudi Arabia Korea, Republic Of Japan Thailand Turkey Chile Colombia Russian Federation Mexico Brazil Indonesia South Africa China Egypt India Nigeria Propensity to fly (total passengers/population) Source: IATA/Tourism Economics Air Passenger Forecasts, September 2016
12 Living standards still have much room for catch-up % CAGR ( ) 5.5% Growth in per capita incomes over the long run 5.0% 4.8% 4.7% 4.5% 3.9% 4.0% 3.5% 3.0% 2.5% 2.5% 2.0% 1.5% 1.4% 1.5% 1.3% 1.2% 0.9% 1.0% 0.8% 0.8% 0.8% 0.7% 0.7% 0.5% 0.0% Source: IATA/Tourism Economics Air Passenger Forecasts, September 2016
13 This is one of the key relationships driving our air travel forecasts Source: IATA Economics using data from PaxIS+ and Oxford Economics
14 Population, adjusted for age structure, is another key driver % change 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% The UN's projected change in population ( ,%) UN projections adjusted for demographic factors Source: IATA/Tourism Economics Air Passenger Forecasts, September 2016
15 Proportion of countries in each range (%) And price is driven by efficiency gains and liberalization trends 40% Distribution of countries by level of air market liberalization 35% 30% 25% 20% 15% 10% 5% Air markets are less liberal Air markets are more liberal Median WALI scores 2005: : % Weighted Air Liberalization Index (0 = completely regulated, 50 = completely liberalized) Source: World Trade Organization QASAR database
16 Scope for large price change in short-haul markets Passenger yields, US$ per RPK 0.19 Passenger yields and average trip length Within Africa Within South America Within East Asia Within ASEAN Within Europe ASEAN- E Asia Middle Eastrest of world North-South America North Atlantic Pacific ASEAN-Africa ASEAN-Europe China-North America ASEAN-North America Europe- Australia 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Average trip length (kms) Source: IATA Economics using data from PaxIS+
17 Emerging countries dominate the fastest growing passenger markets Markets with the largest increases in O-D passengers ( ) Million O-D passenger journeys (to, from and within) 1,500 1,250 1, Source: IATA/TE Passenger Forecasts China US India Indonesia Turkey Thailand Brazil UAE Viet Nam Philippines
18 Leading to a re-ranking of the top-10 air travel markets Source: IATA/TE Passenger Forecasts
19 Aviation s centre of gravity shifts further eastwards Source: IATA/TE Passenger Forecasts
20 % CAGR Passenger flows to and from (Millions) Rank (2014) Country 5 year 10 year 20 year Passenger numbers ('000s) CAGR % 1 US Domestic 438, , , , % 3.8% 3.2% 2 Canada 23,733 27,166 30,809 39, % 2.6% 2.5% 3 Mexico 21,011 24,531 28,762 41, % 3.2% 3.4% 4 UK 13,946 18,283 20,628 26, % 4.0% 3.2% 5 Japan 9,557 10,214 10,550 11, % 1.0% 0.9% 6 Germany 8,369 9,726 10,997 13, % 2.8% 2.6% 7 China 6,334 7,004 8,423 12, % 2.9% 3.4% 8 France 6,026 7,166 8,284 11, % 3.2% 3.1% 9 Dominican Republic 5,836 6,698 8,171 12, % 3.4% 3.8% 10 Brazil 5,659 6,071 7,542 11, % 2.9% 3.7% 11 India 4,516 6,035 8,070 13, % 6.0% 5.7% 12 Korea 4,512 5,729 6,982 9, % 4.5% 3.7% 13 Italy 4,344 4,865 5,537 7, % 2.5% 2.5% 14 Colombia 3,195 3,769 4,785 7, % 4.1% 4.4% 15 Jamaica 3,053 3,838 4,662 6, % 4.3% 4.1% 16 Australia 2,813 3,125 3,423 4, % 2.0% 1.9% 17 Spain 2,580 3,243 3,912 5, % 4.2% 3.6% 18 Bahamas 2,536 3,265 3,930 5, % 4.5% 4.0% 19 Ireland 2,298 2,678 3,315 4, % 3.7% 3.2% 20 Switzerland 2,233 2,572 2,930 3, % 2.8% 2.7% US Domestic Canada Mexico UK Japan Germany China France Dominican Republic Brazil India Korea Italy Colombia Jamaica Australia Spain Bahamas Ireland Switzerland US Domestic Mexico Canada UK Germany India China Dominican Republic Brazil Japan France Korea Colombia Italy Jamaica Bahamas Spain Costa Rica Netherlands Ireland Global Report Country Reports Online database/webtool United States - Passenger Market Overview Air Passenger Forecasts October 2014 Decomposition of growth, % The United States air passenger market is forecast to grow at an average annual growth rate of 3.2% per annum over the next 20 years. 3.0% 2.5% 0.8% 0.2% This puts the United States in the 28th percentile of fastest growing markets in our forecast during the period Improvements in livings standards contribute 1.4 percentage points to annual growth. Favourable population and demographic factors are forecast to contribute 0.8 percentage points to annual growth. 2.0% 1.5% 3.2% 0.8% Other factors, mainly future technological gains, will contribute 0.8 percentage points per year. Explanation of the main drivers of growth (for more details, see the Global Report) 1.0% 0.5% 1.4% Living standards: We proxy a country s standard of living by its level of Gross Domestic Product per capita (ie, the total amount of output produced in an economy each year divided by its population). The living standards channel captures the clear relationship between the number of trips taken on average by inhabitants of a country each year and that country s standard of living. Population and demographics: Forecasting air passenger markets requires a further understanding of how many people there will 0.0% be to demand air travel in the future. This will depend on changes in total population sizes over time as well as changes in Total passenger market growth Main drivers demographic structures ; given that older people tend to fly less often than people in working-age groups, air market growth in countries whose populations are projected to age considerably over the coming 20 years is likely to face Living standards Population & Demographics Trade Price & Liberalisation headwinds. Change in passenger numbers, % Trade flows: A high correlation is observed between a country s trade openness measured by exports and imports as a proportion o an economy s total output and its propensity to travel. We therefore include Oxford Economics forecasts of trade intensity over time into our modelling. Price and liberalisation: The decline in the price of air travel that is the cost of air travel in both monetary terms and the time saved by more direct routes has been a notable feature of the industry over the past 60 years or so. We expect the downward trend in the unit cost of air travel to resume in the future, mainly reflecting new technologies and efficiencies being realized The introduction of new longer-range mid-size aircraft will connect many more city and country pairs too and lead to considerable time savings for passengers. Future potential for reductions in travel times will also be driven by changes in regulatory regimes The United States is forecast to gain an additional 559 million passengers by 2034, compared to Whilst the United States is in the 28th percentile in terms of fastest growing markets over the next 20 years, it is forecast to be ranked as the 2nd largest markest based on the total number of passengers in % Domestic passengers will represent 68.6% of total growth over this period, accounting for 384 million addittional passengers. 100 Foreign passengers will contribute less to overall growth, representing 31.4% of total growth, equal to 175 million addittional passengers. 0 Total passenger absolute growth (millions) Domestic Absolute growth by foreign and domestic Foreign Air Passenger Forecasts United States - Top Country Pairs October 2014 Top US country pairs ranked by passenger numbers, The United States domestic market is ranked 1st in 2014, and is forecast to remain as the largest market in 2034; taking 70.6% of the total market in 2034, down from 76.5% in Whilst the United States domestic market is the largest market in 2014; the 2nd largest market is Canada, accounting for 3% of total passengers which is forecast to rise marginally to 3.4% by The biggest three markets in 2014 are the US Domestic, Canada and Mexico, while in 2034 they are forecast to become the US Domestic, Mexico and Canada respectively. The largest riser in the 20 year period is forecast to be India rising 5 places to be ranked 6th largest market in Whilst the biggest faller in the period is forecast to be Australia falling 6 places to be ranked 22nd largest market in
21
Global economy and aviation do we have room to grow?
Global economy and aviation do we have room to grow? 18 January 2017 Brian Pearce Chief Economist, IATA Airline Industry Economics Advisory Workshop 2016 1 Room to grow? Looking through the cycle Potential
More informationOutlook for air travel markets
Outlook for air travel markets June 2016 Brian Pearce Chief Economist International Air Transport Association Extended period of strong air travel market growth 30% 25% 20% 15% 10% 5% 0% -5% -10% -15%
More informationExample report: numbers are for illustration purposes only
www.iata.org/pax-forecast Example report: numbers are for illustration purposes only Country Report - United States Page Table of Contents 1 Market Overview 2 Top Country Pairs 3 Annual Market Regional
More informationAirline financial performance
Airline financial performance 30 March 2017 Brian Pearce Chief Economist, IATA www.iata.org/economics Airline Industry Economics Advisory Workshop 2016 1 The air transport paradox Source: McKinsey presentation
More informationChallenges of high growth: Global aviation outlook
Challenges of high growth: Global aviation outlook Brian Pearce, Chief Economist www.iata.org/economics To represent, lead and serve the airline industry Challenges of high growth Meeting demand for air
More informationEconomic performance of the airline industry Mid-year 2017 update. Brian Pearce, Chief Economist, IATA
Economic performance of the airline industry Mid-year 2017 update Brian Pearce, Chief Economist, IATA www.iata.org/economics % change over previous year Index, 50 = no change in output Performance drivers
More informationIntra-African Air Services Liberalization
Intra-African Air Services Liberalization James Wiltshire Senior Economist, www.iata.org/economics To represent, lead and serve the airline industry Aviation connects African businesses to world markets
More informationIntroduction to IATA
Introduction to IATA Founded in 1945 Travel Agency Community of 90,000 offices Plays a vital and central in airline product distribution IATA Mission: to represent, lead and serve the airline industry
More informationForecasting long-term trends in O-D passenger markets
Forecasting long-term trends in O-D passenger markets Brian Pearce, Chief Economist IATA and Visiting Professor Cranfield www.iata.org/pax-forecast www.iata.org/economics 7 th January 2015, Cranfield To
More informationGlobal commercial airline industry outlook March 2013 update
Global commercial airline industry outlook March 213 update Brian Pearce Chief Economist www.iata.org/economics To represent, lead and serve the airline industry Monthly RPK (Billions) Monthly FTK (Billions)
More informationGlobal Economic Outlook
Global Economic Outlook Brian Pearce Chief Economist Embargoed until 10:30AM CET 1 Million barrels a day US$ per barrel Are the markets signalling recession ahead? 60 55 Business confidence (left scale)
More informationThe outlook for commercial air transport
The outlook for commercial air transport Brian Pearce Chief Economist www.iata.org/economics To represent, lead and serve the airline industry RPKs per month, billion Demand for air travel and cargo diverge
More informationSeptember 2010 Brian Pearce To represent, lead and serve the airline industry
Cycle turns up but risks and structural challenges remain September 2010 Brian Pearce www.iata.org/economics To represent, lead and serve the airline industry Confidence was still high in July survey Airline
More informationIATA ECONOMIC BRIEFING MARCH 2011
IATA ECONOMIC BRIEFING MARCH 2011 WHAT DRIVES THE SIZE OF PREMIUM AIR TRAVEL MARKETS? WHY PREMIUM AIR TRAVEL IS AN IMPORTANT TRAVEL MARKET SEGMENT The premium (first and business class) travel segment
More information1.4: Premium Air Travel: An Important Market Segment
CHAPTER 1.4 Premium Air Travel: An Important Market Segment SELIM ACH BRIAN PEARCE International Air Transport Association (IATA) The premium (first and business class) travel segment is an important market,
More informationThe wide spread of financial performance
The wide spread of financial performance WFS Summit 13 th September 2015 Brian Pearce, Chief Economist www.iata.org/economics To represent, lead and serve the airline industry % revenues US$ billion 2015
More informationAviation Competitiveness. James Wiltshire Head of Policy Analysis
Aviation Competitiveness James Wiltshire Head of Policy Analysis 1 Air Connectivity and Competitiveness Aviation is a major enabler of economic activity and social cohesion Air Connectivity drives economic
More informationSigns of a structural improvement in airlines financial health?
Signs of a structural improvement in airlines financial health? February 2016 Brian Pearce Chief Economist International Air Transport Association % growth in traffic and ROIC as % invested capital Structural
More informationGBTA BTI Outlook and Economic Forecast for Business Travel in Asia Pacific, Thailand and around the World
GBTA BTI Outlook and Economic Forecast for Business Travel in Asia Pacific, Thailand and around the World Research Sponsored by: Welf J Ebeling Vice President, Operations - Asia Pacific Global Business
More informationSOUTHERN AFRICA TRAVEL AND TOURISM BAROMETER REPORT 2015
SOUTHERN AFRICA TRAVEL AND TOURISM BAROMETER REPORT 2015 1 Contents 1. TOURISM TRENDS: GLOBAL AND SOUTHERN AFRICA S MARKET SHARE IN AFRICA... 4 1.1. TOURIST ARRIVALS... 4 1.1.1. Global Tourist Arrivals
More informationEconomic Performance of the Airline Industry
Economic Performance of the Airline Industry Airline Cost Conference 25 th August 2015 Brian Pearce, Chief Economist www.iata.org/economics To represent, lead and serve the airline industry number of airlines
More informationTextile Per Capita Consumption
January 2018 Textile Per Capita Consumption 2005-2022 Part 2: Upper middle income countries - - CHF500.- Table of Contents Preface... 4 Sources... 5 Definitions... 6 Charts... 7 Executive Summary... 10
More informationTrends and Challenges for the Airline Industry
Trends and Challenges for the Airline Industry Tim-Jasper Schaaf Director Marketing & Sales To represent, lead and serve the airline industry The value proposition for air travel remains strong It s safer,
More informationBenchmarking Travel & Tourism in United Arab Emirates
Benchmarking Travel & Tourism in United Arab Emirates How does Travel & Tourism compare to other sectors? Summary of Findings, November 2013 Sponsored by: Outline Introduction... 3 UAE summary...... 8
More informationEconomic Benefits of Air Transport in Panama
Economic Benefits of Air Transport in Panama Economic Benefits of Air Transport in Panama Acknowledgements Oxford Economics acknowledges the assistance from the International Air Transport Association
More information2012 Result. Mika Vehviläinen CEO
2012 Result Mika Vehviläinen CEO 1 Agenda Market environment in Q4 Business performance and strategy execution Outlook Financials 2 Market Environment According to IATA, Global air travel continues to
More informationFinancial Symposium September 2018 Madrid Marriott Auditorium Hotel & Conference Center
5 World th Financial Symposium 17 20 September 2018 Madrid Marriott Auditorium Hotel & Conference Center 7 th SIS General Meeting 18 th September 2018 Madrid Marriott Auditorium Hotel & Conference Center
More informationAviation Updates. Mr. John Schubert. Managing Director, Marketing-Asia Pacific & India
Aviation Updates Mr. John Schubert Managing Director, Marketing-Asia Pacific & India Market Update The statements contained herein are based on good faith assumptions are to be used for general information
More informationBenchmarking Travel & Tourism in Russia
Benchmarking Travel & Tourism in Russia How does Travel & Tourism compare to other sectors? Sponsored by: Summary of Findings, November 2013 Outline Introduction... 3 Russia summary..... 8 Data sources
More informationMaximizing Economic Benefits of Aviation in the Region
Maximizing Economic Benefits of Aviation in the Region Boubacar Djibo Director, Air Transport Bureau, ICAO Georgetown, Guyana 21 November 2018 Preamble. THEREFORE, the undersigned governments having agreed
More informationIMD World Talent Report Factor 1 : Investment and Development
THAILAND 2012 2013 2014 2015 2016 Overall Investment & Development Appeal Rank 2016 37 42 24 Readiness 49 of 61 Factor 1 : Investment and Development Total Public Expenditure on Education Percentage of
More informationMexico. How does Travel & Tourism compare to other sectors? GDP. Size. Share. Mexico GDP Impact by Industry. Mexico GDP Impact by Industry
Mexico Chapultepec Castle in Mexico City Agriculture Automotive Manufacturing Banking Chemicals Manufacturing Communications Education Financial Services Mining Other Service Exports Retail (without wholesale)
More informationBenchmarking Travel & Tourism in Colombia
Benchmarking Travel & Tourism in Colombia How does Travel & Tourism compare to other sectors? Summary of Findings, November 2013 Sponsored by: Outline Introduction... 3 Colombia summary..... 8 Data sources
More informationFINLAND. Table 1. FDI flows in the host economy, by geographical origin. (Millions of US dollars)
Table 1. FDI flows in the host economy, by geographical origin World 3 732 8 046 3 319 2 823 4 750 7 652 12 451-1 144 718 7 359 2 550 4 158 Developed economies 3 638 8 003 2 382 2 863 4 934 7 258 12 450-855
More informationEconomic Benefits of Air Transport in El Salvador
Economic Benefits of Air Transport in El Salvador Economic Benefits of Air Transport in El Salvador Acknowledgements Oxford Economics acknowledges the assistance from the International Air Transport Association
More informationIII. TRADE IN COMMERCIAL SERVICES BY CATEGORY
.. TRADE IN COMMERCIAL SERVICES BY CATEGORY Transportation services China records impressive growth of world transportation services reached $750 billion in 2007, an increase of 19 per cent, following
More informationAirlines across the world connected a record number of cities this year, with more than 20,000 city pair connections*
1 Airlines across the world connected a record number of cities this year, with more than 20,000 city pair connections*. This is a 1,351 increase over 2016 and a doubling of service since 1996, when there
More informationSprint Real Solutions VPN SDS International Rates from the U.S. Mainland, Hawaii, Puerto Rico, and the U.S. Virgin Islands 1*
1* The international rates below apply to calls from the U.S. Mainland, Hawaii, Puerto Rico, and the U.S. Virgin Islands where available. The rates, which are shown below in full minute increments, are
More informationUnited Kingdom. How does Travel & Tourism compare to other sectors? GDP. Size. Share. UK GDP Impact by Industry. UK GDP Impact by Industry
United Kingdom Stonehenge in Wiltshire Agriculture Automotive Banking Chemicals Communications Education Financial Mining Other Service Manufacturing Manufacturing Services Exports Retail (without wholesale)
More informationThe economics of airline financial performance and wider economic benefits
The economics of airline financial performance and wider economic benefits 6 th April 2018, Paris Brian Pearce, Chief Economist, IATA www.iata.org/economics Outline Why is the airline industry suddenly
More informationEconomic Benefits of Air Transport in Nicaragua
Economic Benefits of Air Transport in Nicaragua Economic Benefits of Air Transport in Nicaragua Acknowledgements Oxford Economics acknowledges the assistance from the International Air Transport Association
More informationThe W20. The 20 wealthiest countries in the world. Publication Date: October 2015 NEW WORLD WEALTH
The W20 The 20 wealthiest countries in the world Publication Date: October 2015 W20 wealth rankings The following tables ranks the top 20 countries in the world by total individual wealth held. Total individual
More informationAirline industry outlook remains fragile
Airline industry outlook remains fragile June 2009 www.iata.org/economics To represent, lead and serve the airline industry Airline industry outlook remains fragile Green shoots starting to appear Recovery
More informationSprint Real Solutions Switched Data Service International Rates from the U.S. Mainland, Hawaii, Puerto Rico, and the U.S.
1* The international rates below apply to calls from the U.S. Mainland, Hawaii, Puerto Rico, and the U.S. Virgin Islands. The usage rates below reflex the discount found in Section 6.4 of Schedule No.
More informationECONOMIC PERFORMANCE OF THE AIRLINE INDUSTRY: GLOBAL AND REGIONAL VIEW. Roman Orlik, IATA
ECONOMIC PERFORMANCE OF THE AIRLINE INDUSTRY: GLOBAL AND REGIONAL VIEW Roman Orlik, IATA INAIR 2017 Prague 1 IATA 20 year passenger forecast: 7,200,000,000 INAIR 2017 Prague 2 Aviation s center of gravity
More informationMONTHLY NATURAL GAS SURVEY. November 2009
MONTHLY NATURAL GAS SURVEY November 2009 INTERNATIONAL ENERGY AGENCY INTERNATIONAL ENERGY AGENCY Next Release: 12 March 2010 MONTHLY NATURAL GAS SURVEY - 1 CONTENTS TABLE 1 Natural Gas Balances in OECD
More informationThe Nordic Countries in an International Comparison. Helga Kristjánsdóttir 20. apríl 2012
The Nordic Countries in an International Comparison Helga Kristjánsdóttir 20. apríl 2012 15 Figure 1. World Bank, GDP growth (annual %) 10 5 0 1961 1963 1965 1967 1969 1971 1973 1975 1977 1979 1981 1983
More informationColombia: An Upcoming Emerging Market for International Investors April 2012
Colombia: An Upcoming Emerging Market for International Investors April 2012 Proexport is the organization within the Colombian Government responsible for the promotion of International Tourism, Foreign
More informationState of the Aviation Industry
State of the Aviation Industry Presentation to the ACI Airport Economics & Finance 10 th 11 th February London, United Kingdom Laurie N. Price Director of Aviation Strategy Mott MacDonald Aviation Current
More informationSLOVAKIA. Table 1. FDI flows in the host economy, by geographical origin. (Millions of US dollars)
Table 1. FDI flows in the host economy, by geographical origin World 1 271 4 095 1 060 1 058 714 4 693 3 267 4 692-6 1 769 3 491 2 825 Developed economies 1 204 4 050 1 036 1 113 485 4 265 1 001 5 084-881
More information21st ACI AFRICA REGION ANNUAL ASSEMBLY CONFERENCE AND EXHIBITION
21st ACI AFRICA REGION ANNUAL ASSEMBLY CONFERENCE AND EXHIBITION LIVINGSTONE, ZAMBIA 28 AUGUST 2012 Angela Gittens Director General ACI World 1 Airports Council International ACI AFRICA ACI World 577 members
More informationBenchmarking Travel & Tourism in Australia
Benchmarking Travel & Tourism in Australia How does Travel & Tourism compare to other sectors? Sponsored by: Summary of Findings, November 2013 Outline Introduction... 3 Australia summary..... 8 Data sources
More informationIII. TRADE IN COMMERCIAL SERVICES BY CATEGORY
.. TRADE IN COMMERCIAL SERVICES BY CATEGORY Transportation services China records impressive growth Exports of world transportation services reached $750 billion in 2007, an increase of 19 per cent, following
More informationSprint Real Solutions Switched Data Service International Rates from the U.S. Mainland, Hawaii, Puerto Rico, and the U.S.
1* The international rates below apply to calls from the U.S. Mainland, Hawaii, Puerto Rico, and the U.S. Virgin Islands. The usage rates below reflex the discount found in Section 6.4 of Schedule No.
More informationEconomic Climate and changing passenger trends in Russia Will claims cost more, or less? RAAKS Conference 25 February 2016 President Hotel, Moscow
Economic Climate and changing passenger trends in Russia Will claims cost more, or less? RAAKS Conference 25 February 2016 President Hotel, Moscow Outline What do other courts/legal systems do? Economic
More informationAIR PASSENGER MARKET ANALYSIS
Monthly RPK (Billions) Monthly FTK (Billions) Index of business confidence % change over year AIR PASSENGER MARKET ANALYSIS NOVEMBER 2013 KEY POINTS Air travel markets increased at a solid rate in November,
More informationNOVEMBER YEAR III LATIN AMERICA&CARIBBEAN MID-MARKETS: OPPORTUNITIES IN THE REGION
NOVEMBER 2011 - YEAR III MARKETWATCH LATIN AMERICA&CARIBBEAN MID-MARKETS: OPPORTUNITIES IN THE REGION THE REGION IN PERSPECTIVE LAC in Perspective - 2011 Facts % of the world 595 mi people 9,3 $ 5,8 tri
More informationEconomic Benefits of Air Transport in Belize
Economic Benefits of Air Transport in Belize Economic Benefits of Air Transport in Belize Acknowledgements Oxford Economics acknowledges the assistance from the International Air Transport Association
More informationQuarterly Aviation Industry Performance
Quarterly Aviation Industry Performance ALAFCO Aviation Lease and Finance Company K.S.C.P. Quarterly Aviation Industry Performance 3Q17 (Updated November 17) Prepared by: Strategic Planning department
More informationSprint Real Solutions Option A SDS International Outbound Rates from the U.S. Mainland, Hawaii, Puerto Rico, and the U.S.
1* The international rates below apply to calls from the U.S. Mainland, Hawaii, Puerto Rico, and the U.S. Virgin Islands. For additional termination poinst for some countries, see International Termination
More informationAerCap Holdings N.V. Aengus Kelly, CEO. January 2017
AerCap Holdings N.V. Aengus Kelly, CEO January 2017 Industry Update Looking Back PASSENGER TRAFFIC GROWTH Air traffic growth in 2016 remained robust, short-haul at 5.6% and long-haul at 6.4% 1 CHINA SLOWING
More informationTHE GROWTH OF THE HOSPITALITY INDUSTRY IN DUBAI
THE GROWTH OF THE HOSPITALITY INDUSTRY IN DUBAI THE DEFINITION OF TOURISM Tourism is travel for recreational, leisure or business purposes. The World Tourism Organization defines tourists as people "traveling
More informationassists in the development of airport capacity to meet growing demand supports the development of improved ground access to airports
ATAG The Air Transport Action Group (ATAG) is a coalition of organisations from throughout the air transport industry, formed to press for economically beneficial aviation capacity improvements in an environmentally
More informationSprint Real Solutions Switched Data Service International Rates from the U.S. Mainland, Hawaii, Puerto Rico, and the U.S.
1* The international rates below apply to calls from the U.S. Mainland, Hawaii, Puerto Rico, and the U.S. Virgin Islands. The usage rates below reflex the discount found in Section 6.4 of Schedule No.
More informationSizing Worldwide Tourism Spending (or GTP ) & TripAdvisor s Economic Impact. TripAdvisor Strategic Insights & Oxford Economics
Sizing Worldwide Tourism Spending (or GTP ) & TripAdvisor s Economic Impact TripAdvisor Strategic Insights & Oxford Economics The value of global tourism has reached $US 5.29 trillion, with international
More information1.0 Introduction Zambia s Major Trading Partners Zambia s Major Export Markets... 4
Bank of Zambia CONTENTS 1.0 Introduction... 3 2.0 Zambia s Major Trading Partners... 3 3.0 Zambia s Major Export Markets... 4 4.0 Major Source Countries Of Zambia s Imports... 5 5.0 Direction Of Trade
More informationKINGDOM OF CAMBODIA NATION RELIGION KING 3
KINGDOM OF CAMBODIA NATION RELIGION KING 3 TOURISM STATISTICS REPORT March 2014 MINISTRY OF TOURISM Statistics and Tourism Information Department No. A3, Street 169, Sangkat Veal Vong, Khan 7 Makara, Phnom
More informationKINGDOM OF CAMBODIA NATION RELIGION KING 3
KINGDOM OF CAMBODIA NATION RELIGION KING 3 TOURISM STATISTICS REPORT September 2014 MINISTRY OF TOURISM Statistics and Tourism Information Department No. A3, Street 169, Sangkat Veal Vong, Khan 7 Makara,
More informationKINGDOM OF CAMBODIA NATION RELIGION KING 3
KINGDOM OF CAMBODIA NATION RELIGION KING 3 TOURISM STATISTICS REPORT June 2014 MINISTRY OF TOURISM Statistics and Tourism Information Department No. A3, Street 169, Sangkat Veal Vong, Khan 7 Makara, Phnom
More informationMRO Market Update & Industry Trends
January 25-26, 2017 Cancun, Mexico Presented by: Jonathan M. Berger Vice President ICF jberger@icf.com MRO Market Update & Industry Trends 0 Today s Agenda Fleet & MRO Forecast 2016: What a long strange
More informationTourism as an Economic Pillar. Mary Vrolijk 25 September 2015
Tourism as an Economic Pillar Mary Vrolijk 25 September 2015 Tourism Trends. Tourism: a key role player in economies. Spinoff effects: Job creation, New small and medium enterprises(sme s), Country competiveness,
More informationBroad-Based Growth: The Caribbean Experience
Broad-Based Growth: The Caribbean Experience NITA THACKER WESTERN HEMISPHERE DEPARTMENT INTERNATIONAL MONETARY FUND Outline Caribbean: Some stylized facts Broad Based Growth: Caribbean Experience Policies
More informationKINGDOM OF CAMBODIA NATION RELIGION KING 3
KINGDOM OF CAMBODIA NATION RELIGION KING 3 TOURISM STATISTICS REPORT October 2015 MINISTRY OF TOURISM Statistics and Tourism Information Department No. A3, Street 169, Sangkat Veal Vong, Khan 7 Makara,
More informationGlobal Market Forecast Presented by: JOHN LEAHY COO, Customers
Global Market Forecast 2012-2031 Presented by: JOHN LEAHY COO, Customers Global Market Forecast 2012: Highlights GMF 2012 key numbers and 20-year change World Fleet Forecast 2011 2031 % Change RPK (trillions)
More informationWorld Airport Traffic Forecast
World Airport Traffic Forecast ACI-World Bank Annual Aviation Symposium 9 th April 2018 Aram Karagueuzian Manager, Airport Traffic Statistics and Forecasts, ACI World Outline World Airport Traffic Forecast
More informationExports of Canadian Grain and Wheat Flour
Canadian Grain Commission Commission canadienne des grain JULY CROP YEAR 2012 Exports of Canadian Grain and Wheat Flour date Tonnes (millions) 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 9.0 8.0 7.0 6.0 5.0 4.0
More informationPREMIUM TRAFFIC MONITOR JANUARY 2014 KEY POINTS
Premium Pax, Million Economy Pax, Million PREMIUM TRAFFIC MONITOR JANUARY 14 KEY POINTS The number of passengers traveling in premium seats on international markets expanded by a solid 6.1% in January
More informationExports of Canadian Grain and Wheat Flour
Canadian Grain Commission Commission canadienne des grain FEBRUARY CROP YEAR 2012 Exports of Canadian Grain and Wheat Flour date Tonnes (millions) 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 6.0 5.5 5.0
More informationU.S. Travel and Tourism Report
2014/TWG44/010 Agenda Item: 18 U.S. Travel and Tourism Report Purpose: Information Submitted by: United States 44 th Tourism Working Group Meeting Cusco, Peru 9-10 April 2014 U.S. Travel and Tourism Report
More informationAirbus market forecast for India. Presented by Joost van der Heijden Head of Airline Marketing India, South-East Asia, Japan & Africa
Airbus market forecast for India Presented by Joost van der Heijden Head of Airline Marketing India, South-East Asia, Japan & Africa The Airbus product line A380 Family A350 Family A330 Family A320 Family
More informationExports of Canadian Grain and Wheat Flour
Canadian Grain Commission Commission canadienne des grain JANUARY CROP YEAR 2011 Exports of Canadian Grain and Wheat Flour date Tonnes (millions) 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 4.0 3.5 3.0 2.5 2.0
More informationExports of Canadian Grain and Wheat Flour
Canadian Grain Commission Commission canadienne des grain MAY 2011 CROP YEAR Exports of Canadian Grain and Wheat Flour date Tonnes (millions) 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 7.0 6.0 5.0 4.0 3.0 2.0
More informationManaging Low Cost and Legacy Growth at the Same Airport. Vilnius Case
Managing Low Cost and Legacy Growth at the Same Airport. Vilnius Case Jurate Baltrusaityte CCO Lithuanian Airports IC Aviation. The Future of Aviation in Eastern Europe Iasi, Romania 20 th November 2014
More information% change vs. Dec ALL VISITS (000) 2,410 12% 7,550 5% 31,148 1% Spend ( million) 1,490 15% 4,370-1% 18,710 4%
HEADLINES FULL YEAR 2012 (PROVISIONAL) 1 Overall visits 31.148 million visits making 2012 the best year for inbound tourism since 2008 but not a record. 1% increase in visits on 2011 (30.798 visits) slightly
More informationAustralia. A: Definitions and sources of data
Australia A: Definitions and sources of data Data on foreign direct investment (FDI) in Australia are reported by the Australian Bureau of Statistics (ABS). The definition of FDI is essentially in line
More informationIndex of business confidence. Monthly FTK (Billions) Sep 2013 vs. Sep 2012 YTD 2013 vs. YTD 2012 Sep 2013 vs. Aug 2013
AIR PASSENGER MARKET ANALYSIS SEPTEMBER 2013 KEY POINTS Air travel markets expanded at a solid rate in September. Global revenue passenger kilometers were up 5.5% compared to a year ago. This is a slight
More informationEffective for all tickets issued where American validation is used. IATA-approved locations classified by American as full service.
Commissions Base Commission Rates Agencies Located in 50 U.S, Puerto Rico, U.S. Virgin Islands and Canada Agencies Located Outside the 50 U.S., Puerto Rico, U.S. Virgin Islands and Canada Offshore/Trans-border
More informationBase Commission To all destinations 0%
Commissions Offshore/Transborder Ticketing American Airlines does not pay base commission for tickets issued by travel agents on itineraries originating within the territory of the United States, including
More informationAIR PASSENGER MARKET ANALYSIS SEPTEMBER 2015 KEY POINTS
AIR PASSENGER MARKET ANALYSIS SEPTEMBER 2015 KEY POINTS Global air travel rose 7.3% in September compared to a year ago. The mid-year data showed some distortion from holiday impacts, but the last couple
More informationAirline Current Business Environment Alex Heiter
Airline Current Business Environment Alex Heiter Istanbul Technical University Air Transportation Management M.Sc. Program Network, Fleet and Schedule Strategic Planning Module 2: 28 March 2016 The underlying
More informationNorth Atlantic Performance Trends
North Atlantic Performance Trends Presented To: ICAO NAT EFFG 32 Paris, France Presented By: David Chin, Thea Graham Prepared By: Tony Choi, Carlos Garcia FAA - Air Traffic Organization Date: April 26,
More informationREPUBLIC OF KOREA. Table 1. FDI flows in the host economy, by geographical origin. (Millions of US dollars)
Table 1. FDI flows in the host economy, by geographical origin World 4 130 3 395 4 383 8 980 7 050 4 950 2 629 8 409 7 501 8 117 10 247 11 117 Developed economies 3 123 2 385 2 949 7 185 5 743 3 423-275
More informationUS $ 1,800 1,600 1,400 1,200 1,000
IATA ECONOMIC BRIEFING JULY 9 INFRASTRUCTURE COSTS SUMMARY Historical data indicates that during recession periods infrastructure providers usually increase their prices while other prices are falling
More informationIATA ECONOMIC BRIEFING FEBRUARY 2007
IATA ECONOMIC BRIEFING FEBRUARY 27 NEW AIRCRAFT ORDERS KEY POINTS New aircraft orders remained very high in 26. The total of 1,834 new orders for Boeing and Airbus commercial planes was down slightly from
More informationIndex of business confidence. Monthly FTK (Billions) Aug 2013 vs. Aug 2012 YTD 2013 vs. YTD 2012 Aug 2013 vs. Jul 2013
AIR PASSENGER MARKET ANALYSIS AUGUST 2013 KEY POINTS Air travel markets expanded strongly in August. Global revenue passenger kilometers were up 6.8% compared to a year ago, an improvement on July growth
More informationAIR PASSENGER MARKET ANALYSIS
Monthly RPK (Billions) Monthly FTK (Billions) Index of business confidence % change over year AIR PASSENGER MARKET ANALYSIS JANUARY 2014 KEY POINTS Air travel markets commenced 2014 with a strong increase
More informationInternational economic context and regional impact
Contents I. GDP growth trends in Latin America and the Caribbean in 2012 II. Regional performance in 2012: Inflation, employment and wages External sector Policies: Fiscal and Monetary III. Conclusions
More informationView Report Details. Global Cruise Market
View Report Details Global Cruise Market ----------------------------------- 2013 View Report Details Executive Summary Cruising is one of the fastest-growing industries in the travel and tourism sector.
More informationCHILE: A RELIABLE PARTNER FOR ASIA
CHILE: A RELIABLE PARTNER FOR ASIA I ASIA COPPER WEEK CONFERENCE November 2012 Shanghai, China HERNÁN DE SOLMINIHAC Minister of Mining Santiago de Chile Source:SERNATUR CHILE A reliable partner for Asia
More informationCOUNTRY CASE STUDIES: OVERVIEW
APPENDIX C: COUNTRY CASE STUDIES: OVERVIEW The countries selected as cases for this evaluation include some of the Bank Group s oldest (Brazil and India) and largest clients in terms of both territory
More information