Tough times ahead as air traffic weakens; declines in freight markets accelerate in Aug-2011: IATA

Growth in passenger traffic weakened in Aug-2011 and the decline in freight markets accelerated amid economic jitters and waning business and consumer confidence, according to the International Air Transport Association (IATA). Director General and CEO Tony Tyler separately commented: "We are in a time now of declining profitability. The latest traffic figures would reinforce this and possibly point to risks, if anything, being on the downside."

Commenting on the current state of the aviation industry, Mr Tyler noted: "The industry has shifted gears downward. The pace of growth in passenger markets has dipped and the freight business is now shrinking at a faster pace. With business and consumer confidence continuing to slump globally there is not a lot of optimism for improved conditions any time soon".