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1、 Quarterly Air Transport Chartbook IATA Sustainability&Economics Q4 2023 2 Quarterly Chartbook Q4 2023 Table of Contents Table of Contents.2 Glossary.3 Table of Charts.4 I.The Business Cycle.6 II.Energy Transition.8 Conventional Aviation Fuel.8 Sustainable Aviation Fuel.8 III.Passenger and Cargo Tra

2、ffic.10 Passenger Traffic.10 Air Connectivity.12 Cargo Traffic.14 IV.Airline Financial Performance.18 Revenue.18 Expenses.18 Capital markets.18 V.Regional Outlook.20 Africa.20 Americas.22 Asia Pacific.24 Europe.26 Middle East.28 VI.Appendix.30 Note to readers:The Airline Financial Performance sectio

3、n is included in the Quarterly Air Transport Chartbook for Q2 and Q4 of each year.It is excluded from the Q1 and Q3 reports as the airline financial performance review and forecast are released alongside the June and December Global Outlook reports,respectively.3 Quarterly Chartbook Q4 2023 Glossary

4、 ACTKs Available Cargo Tonne-Kilometers ASKs Available Seat-Kilometers ATJ Alcohol-to-Jet ATKs Available Tonne-Kilometers BBL Barrel BLF Breakeven Load Factor CLF Cargo Load Factor CORSIA carbon offsetting and reduction scheme for international aviation CTKs Cargo Tonne-Kilometers EBIT Earnings befo

5、re interest and taxes FT Fischer-Tropsch GDP Gross Domestic Product HEFA-Hydro-processed Esters and Fatty Acids LF Load Factor MoM Month-on-month MoUs Memoranda of understanding OPEC Organization of the Petroleum Exporting Countries O-D Origin-Destination PLF Passenger Load Factor PMI Purchasing Man

6、agers Index PtL Power-to-Liquid PPP Purchasing power parity ppt-Percentage points RPKs Revenue Passenger-Kilometers RTKs Revenue Tonne-Kilometers SA Seasonally adjusted SAF Sustainable Aviation Fuel QoQ Quarter-on-quarter USD United States Dollar YoY Year-on-year 4 Quarterly Chartbook Q4 2023 Table

7、of Charts Chart 1:Global gross domestic product(constant USD),annual%change.7 Chart 2:Contribution from large economies to world GDP growth in%.7 Chart 3:Unemployment,total by country group,%of total labor force.7 Chart 4:Inflation in major economies in%.7 Chart 5:Global economic policy uncertainty

8、index.7 Chart 6:Real Effective Exchange Rate Index,Broad.7 Chart 7:Jet fuel price,USD/bbl.9 Chart 8:Jet fuel crack against crude oil,USD/bbl.9 Chart 9:Quarterly jet fuel prices in 2023 by region,USD/bbl.9 Chart 10:Number of SAF offtake agreements,as of Dec 2023.9 Chart 11:Cumulative renewable fuel c

9、apacity in million tonnes.9 Chart 12:Total renewable fuel capacity by 2029,%share by pathway.9 Chart 13:Industry monthly RPKs in billions.11 Chart 14:Industry monthly ASKs in billions.11 Chart 15:Passenger load factor,%share of ASK.11 Chart 16:Domestic RPKs by country market,%change versus the same

10、quarter in 2019.11 Chart 17:International RPKs by airline region of registration,%share of the same period in 2019.11 Chart 18:International RPKs by cabin class,%change vs the same period in 2019(Q4).11 Chart 19:IATA Global Air Connectivity Index,Jan 2020-Dec 2023.13 Chart 20:Global airport pairs,Ja

11、n 2020-Dec 2023.13 Chart 21:Recovery in international connectivity by region through Dec 2023.13 Chart 22:Industry quarterly CTKs in billions.16 Chart 23:International CTK growth by airline region of registration,annual%change.16 Chart 24:Industry quarterly ACTKs in billions.16 Chart 25:Year-to-date

12、 quarterly industry ACTKs in billions.16 Chart 26:Growth of international ACTKs by type,annual%change.16 Chart 27:International ACTKs by type in billions.16 Chart 28:Cargo load factors in major route areas,%share of ACTKs.17 Chart 29:Global manufacturing PMIs and industry CTK growth,annual%change.17

13、 Chart 30:Growth in inventory-to-sales ratio(inverted on the axis)and industry CTKs,annual%change.17 Chart 31:Growth in global goods trade and industry CTKs,annual%change.17 Chart 32:Airline industry net profit and EBIT margin.19 Chart 33:Regional airlines profitability,USD billion.19 Chart 34:Globa

14、l airlines revenue,USD billion.19 Chart 35:Global Airlines Price Return Index vs MSCI ACWI,Dec19=100.19 Chart 36:Relative Regional Airline Price Index performance,Jan23=100.19 Chart 37:Growth in RPKs by airline region of registration,Africa.21 Chart 38:Growth in international RPKs by airline region

15、of registration,Africa.21 Chart 39:Growth in CTKs by airline region of registration,Africa.21 Chart 40:Ticket sales by region(7-day moving average),Africa.21 Chart 41:Passenger traffic(O-D)growth by country in Q4 2023,Africa.21 Chart 42:Aircraft deliveries in 2015-2024(scheduled),Africa.21 Chart 43:

16、Growth in RPKs by airline region of registration,Americas.23 Chart 44:Growth in international RPKs by airline region of registration,Americas.23 Chart 45:Growth in CTKs by airline region of registration,Americas.23 Chart 46:Ticket sales by region(7-day moving average),Americas.23 Chart 47:Passenger

17、traffic(O-D)growth by country in Q4 2023,Americas.23 Chart 48:Aircraft deliveries in 2015-2024(scheduled),Americas.23 Chart 49:Growth in RPKs by airline region of registration,Asia Pacific.25 Chart 50:Growth in international RPKs by airline region of registration,Asia Pacific.25 Chart 51:Growth in C

18、TKs by airline region of registration,Asia Pacific.25 Chart 52:Ticket sales by region(7-day moving average),Asia Pacific.25 5 Quarterly Chartbook Q4 2023 Chart 53:Passenger traffic(O-D)growth by country in Q4 2023,Asia Pacific.25 Chart 54:Aircraft deliveries in 2015-2024(scheduled),Asia Pacific.25 C

19、hart 55:Growth in RPKs by airline region of registration,Europe.27 Chart 56:Growth in international RPKs by airline region of registration,Europe.27 Chart 57:Growth in CTKs by airline region of registration,Europe.27 Chart 58:Ticket sales by region(7-day moving average),Europe.27 Chart 59:Passenger

20、traffic(O-D)growth by country in Q4 2023,Europe.27 Chart 60:Aircraft deliveries in 2015-2024(scheduled),Europe.27 Chart 61:Growth in RPKs by airline region of registration,Middle East.29 Chart 62:Growth in international RPKs by airline region of registration,Middle East.29 Chart 63:Growth in CTKs by

21、 airline region of registration,Middle East.29 Chart 64:Ticket sales by region(7-day moving average),Middle East.29 Chart 65:Passenger traffic(O-D)growth by country in Q4 2023,Middle East.29 Chart 66:Aircraft deliveries in 2015-2024(scheduled),Middle East.29 6 Quarterly Chartbook Q4 2023 I.The Busin

22、ess Cycle Global GDP growth stood at 3.1%in 2023 and is likely to remain in this vicinity also this year and next.This is in line with the long-term average growth rate,and it is a remarkable outperformance compared to the recession forecasts that dominated the business cycle conversation last year(

23、Chart 1).The United States(US)in particular beat expectations in 2023,growing by 2.5%(annual level over full-year 2022).This was an acceleration from the 1.9%recorded in 2022 on the same basis.Indias growth rate also exceeded expectations in 2023 and recorded one of the highest growth rates among la

24、rger economies.At 6.3%,India surpassed Chinas 5%,as has been the case since 2014.Indias share of global GDP(on a purchasing power parity basis1)is estimated at 7.75%in 2024 by the IMF.This is of course much smaller than the 19%share of China or the 15.2%of the US economy on this basis.Nevertheless,i

25、f India continues to grow at this pace,its share in the global economy will increase rapidly,and its contribution to global GDP growth will become ever more important(Chart 2)2.Local recessions did occur though in 2023,it must be said,affecting Germany and some Eastern European countries,not to ment

26、ion Argentina or Sudan,among others.A major factor that has protected the global economy against recessions is the unusually low unemployment rates seen around the world(Chart 3).The US stunned the world with a monthly job creation in January 2024 of 353,000,more than twice the anticipated number.Th

27、e unemployment rate stood at 3.7%and has been at or below 4%since December 2021.A possible hint of forthcoming slowdown in labor growth was the small decline in the average workweek and in overtime.The EU and the euro area unemployment rates are also at historic lows,at 5.9%and 6.4%respectively in D

28、ecember 2023.China reported 5.2%unemployment in 2023 though youth unemployment is much higher,at 14.9%,using a new methodology.Indias jobless rate was 6.6%in January 2024,down from 8.7%in December 2023.With such tight labor markets,it is almost surprising that inflation has eased as much as it has.N

29、evertheless,with respect to central banks mostly targeting 2%inflation rates,major economies are still some distance away(Chart 4).In the US,consumer price inflation(CPI)was 3.1%year-on-year(YoY)in January 2024.While 2023 was characterized by recession fears,2024 seems to be imbued with hopes for im

30、minent interest rate cuts.Such hopes are likely to be dashed as long as labor markets remain this tight and inflation this high.The year has thus globally started off on a rather positive note,and the greatest source of turbulence might come from the record-breaking number of elections that will be

31、held around the world this year.A majority of the world population,some 4.2 billion persons,will vote this year,in around 70 countries.With polarization running high,election results can give rise to starkly different policies.Much will hinge on the US elections in November 2024,but other important

32、elections include Indias between April and May,and the Europeans voting for their European Union representatives in June.For now,the global economic policy uncertainty index is certainly below its Covid-19-related peak but at 254 it is also well above its more normal level as can be seen in Chart 5.

33、Interest rate cut expectations will likely weigh on the US dollars value against other currencies,unless elections and other sources of geopolitical stress reignite its safe-haven status.If such risks are contained,2024 could be a year of relative US dollar stability after its strong run since 2021,

34、which would arguably be a boon for the global economy and for all settling bills and debts in this currency(Chart 6).1 Purchasing power parity(PPP)is a better gauge for comparing countries performance than current USD which obviously reflects exchange rate fluctuations to a greater extent.PPP compar

35、isons yield greater weights for emerging economies in terms of shares of global GDP than current USD.2 Contributions to world GDP growth are calculated by multiplying a countrys GDP growth rate by its share in the global economy.7 Quarterly Chartbook Q4 2023 Chart 1:Global gross domestic product(con

36、stant USD),annual%change Chart 2:Contribution from large economies to world GDP growth in%Chart 3:Unemployment,total by country group,%of total labor force Chart 4:Inflation in major economies in%Chart 5:Global economic policy uncertainty index Chart 6:Real Effective Exchange Rate Index,Broad -4-202

37、4681980198519901995200020052010201520202025percentSource:IMF World Economic Outlook-4-20246810ChinaUnited StatesIndiaEuro AreaRest of the WorldWorld GDP Growth RateSource:IATA Sustainability&Economics,based on data from IMF WorldEconomic Outlook.0246810122010201220142016201820202022World,AdvancedWor

38、ld,Emerging&DevelopingSource:World Bank,Global Economic Monitor-50510152020102012201420162018202020222024ChinaEuro AreaIndiaJapanUnited StatesSource:Macrobond050100150200250300350400450199720002003200620092012201520182021Source:Federal Reserve Bank of St.Louis708090100110120Jan-2018Jan-2019Jan-2020J

39、an-2021Jan-2022Jan-2023USDEURJPYCNYSource:BIS 8 Quarterly Chartbook Q4 2023 II.Energy Transition Conventional Aviation Fuel Amid the continued recovery in air travel,jet fuel demand remained high in 2023,with the global average price consistently above USD 100 per barrel during the fourth quarter(Ch

40、art 7).Geopolitical tensions,such as the war in the Middle East,could impede supply,while Organization of the Petroleum Exporting Countries(OPEC)s production curbs put further upward pressure on the price.Coupled with limited refining capacity,the jet fuel crack spread stayed around USD 30 per barre

41、l in Q4.This is well above pre-pandemic levels,when the crack spread was bounded between USD 9-22 per barrel over a three-year range from 2017-2019(Chart 8).Supply constraints have been exacerbated by attacks on tankers in the Red Sea,and this has generated regional disparities in the jet fuel price

42、(Chart 9).With Europe relying significantly on jet fuel imports from East of Suez(mainly India and the Arab Gulf),its price level almost caught up with the Americas in Q4.The latter region has seen comparatively high prices as a result of the combination of disrupted local production and strong air

43、travel demand.In the meantime,a sluggish recovery in demand for international air travel in China put a lid on the regional jet fuel price in Asia,where refined products are comparably well supplied.Sustainable Aviation Fuel Over the course of the past two years,the airline industry has signed a tot

44、al of 75 offtake agreements(these are agreements between a Sustainable Aviation Fuel(SAF)producer and an airline to purchase a quantity of the producers future SAF production).This includes 53 binding and 22 non-binding agreements,the latter of which covers both memoranda of understanding(MoUs)and l

45、etters of intent(Chart 10).Out of the total 75 SAF offtake agreements,64 are based on bio-SAFs from four primary pathways:Hydro-processed Esters and Fatty Acids(HEFA),HEFA Co-Processing,Syngas Fischer-Tropsch(Syngas-FT),and Alcohol-to-Jet(AtJ).The remaining eleven agreements are associated with e-fu

46、el SAF,derived from various Power-to-Liquid(PtL)projects.HEFA and HEFA Co-Processing are the most mature and commercially viable SAF technologies currently in use,and they account for the majority of SAF offtake agreements.Over 160 renewable fuel projects spanning more than 110 producers in 37 count

47、ries have been announced to date,which made various levels of commitment to including SAF in their product slate.The estimated global renewable fuel capacity by 2029 has risen from a projected 59 million tonnes in Q3 to 64 million tonnes in Q4 2023(Chart 11).There is a three to five-year lag between

48、 project announcement and commercialization,and further capacity announcements for 2027 and beyond can be expected.In 2029,the HEFA pathway is expected to contribute over 82%of total SAF production,followed by AtJ at around 8%(Chart 12).A further 4.2%will likely come from HEFA Co-Processing accordin

49、g to the latest Q4 projections,with the remainder from the other pathways.The development of biorefining facilities is being accelerated by the growing trend of fossil refineries being retrofitted(e.g.,Phillips 66 announced the retrofitting of their Rodeo plant in San Francisco)or decommissioned and

50、 sold in the second-hand market.The advantage with these options is the lower capital intensity compared to building a new plant from scratch.While many new biorefining facilities will be required to achieve decarbonization in aviation,the urgent scaling up of production capacity can be greatly help

51、ed by prioritizing the retrofitting of old fossil refineries into biofuel production facilities.9 Quarterly Chartbook Q4 2023 Chart 7:Jet fuel price,USD/bbl Chart 8:Jet fuel crack against crude oil,USD/bbl Chart 9:Quarterly jet fuel prices in 2023 by region,USD/bbl Chart 10:Number of SAF offtake agr

52、eements,as of Dec 2023 Chart 11:Cumulative renewable fuel capacity in million tonnes Chart 12:Total renewable fuel capacity by 2029,%share by pathway 020406080100120140160180Jan-19Apr-19Jul-19Oct-19Jan-20Apr-20Jul-20Oct-20Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22Jan-23Apr-23Jul-23Oct-23 Crack

53、 Spread Jet Fuel Price Dated BrentSources:S&P Global Commodity InsightsS&P Global0102030405060JanFebMarAprMayJunJulAugSepOctNovDec3-yr range(2017-2019)2023 monthly averageSource:IATA Sustainability and Economics,S&P Global Commodity Insights.708090100110120130Qtr1Qtr2Qtr3Qtr4 Asia&OceaniaEurope&CIS

54、MidEast&Africa North AmericaLatin America&Caribbean GlobalSource:IATA Sustainability and Economics,S&P Global Commodity Iinsights04423124933443645212233101020304050607080012345678910JanFebMarAprMayJunJulAugSepOctNovDecJanFebMarAprMayJunJulAugSepOctNovDec20222023Number ofagreements ofthe monthCumulat

55、ivenumber ofagreements(RHS)Source:IATA Sustainability and Economics4.315.827.038.448.859.363.564.001020304050607020222023202420252026202720282029Source:IATA Sustainability&EconomicsAtJ7.8%CHJ0.3%HEFA82.1%PtL2.1%Syngas FT3.5%HEFA Co-processing4.2%Source:IATA Sustainability and Economics 10 Quarterly

56、Chartbook Q4 2023 III.Passenger and Cargo Traffic Passenger Traffic In the fourth quarter of 2023,the aviation sector continued to recover while navigating economic and geopolitical tensions.Global air passenger traffic experienced a significant upswing of 28.6%year-on-year(YoY)in the final quarter

57、of 2023,as measured by Revenue Passenger Kilometers(RPKs,Chart 13).Airlines expanded their seat offerings by 27.1%compared to the previous year to meet the rising demand(Chart 14).This impressive recovery notwithstanding,both passenger numbers and seat availability did not quite reach the levels obs

58、erved in the last quarter of 2019.The growth in passenger demand had a slight edge over the increase in flight capacity,which resulted in a passenger load factor(PLF)of an impressive 82.4%on average.This figure is up 1.0 and 0.7 percentage points(ppt)respectively compared to 2022 and 2019 and is the

59、 highest fourth quarter PLF recorded since 2010(Chart 15).This trend of heightened load factors was observed across regions,with the exception of Africa and North America.Specifically,African carriers reported a seat occupancy rate of 72.0%,0.9 ppt above the 2019 figures though 3.8 ppt below the Q4

60、2022 figure which marked a decade peak.North Americas load factor was 83.4%and while in line with its pre-pandemic average,it was 1.0 ppt lower than in 2022.Approximately 40%of all air travel,considering both the distance and the volume of travelers,occurs within domestic markets.In the fourth quart

61、er,domestic air traffic continued to grow YoY,and stood 4.4%over pre-pandemic levels on average,with mixed performances between countries(Chart 16).Growth was mainly led by the three largest markets,namely the US,India,and China.Chinas performance was particularly striking,with its air travel more t

62、han tripling on a YoY basis in Q4,following a more-than-tripling in Q2 and a doubling in Q3.This significant upturn is from a low base,but nevertheless marks an impressive and historic achievement.It highlights the persistent demand for travel,even in periods of slow economic growth.The US and India

63、 also surpassed their pre-pandemic levels of air traffic,with India reaching a historic high of 37.8 million RPKs in the fourth quarter.Brazil continued to increase more than 5%YoY in Q4,but the momentum is not strong enough to remain above pre-pandemic levels.Other major domestic markets,such as Au

64、stralia and Japan remain slightly behind despite more than 5%growth from the previous year.International traffic has not yet completely recuperated its 2019 levels across the board either,though international RPKs saw substantial growth in the fourth quarter,increasing 26.7%YoY and reaching 94.5%of

65、Q4 2019 levels on average(Chart 17).North American carriers still champion the industry with RPKs at 105.9%of Q4 2019,the third consecutive quarter of surpassing pre-pandemic levels.Latin American and Middle Eastern carriers also outperformed their pre-pandemic quarterly benchmarks for the first tim

66、e in international traffic since the onset of the pandemic.The Asia Pacific region showcased the most rapid YoY growth at an extraordinary 67.1%,significantly narrowing the gap to Q4 2019 figures.Globally,premium class traffic(first and business class),nearly reached pre-Covid levels in Q4 2023(and

67、a share of total international RPKs of 8%),falling just 0.9%short.Economy-class travel(all other than first and business),on the other hand,lagged at 5.9%below 2019 levels(Chart 18).This underlines a key trend in favor of premium-class travel in the current market dynamics.Notably,North American car

68、riers experienced a remarkable 36.1%surge in premium traffic compared to pre-pandemic levels.This increase underscores the segments significant contribution to airlines revenue strategies.Conversely,Europe carriers flew 17.1%below Q4 2019 levels in premium class and Europes economy class traffic was

69、 only 1.3%short of that level.11 Quarterly Chartbook Q4 2023 Chart 13:Industry monthly RPKs in billions Chart 14:Industry monthly ASKs in billions Chart 15:Passenger load factor,%share of ASK Chart 16:Domestic RPKs by country market,%change versus the same quarter in 2019 Chart 17:International RPKs

70、 by airline region of registration,%share of the same period in 2019 Chart 18:International RPKs by cabin class,%change vs the same period in 2019(Q4)05001000150020002500Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4201720182019202020

71、2120222023ActualSeasonally AdjustedSources:IATA Sustainability and Economics,IATA Monthly Statistics05001,0001,5002,0002,5003,000Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr42017201820192020202120222023ActualSeasonally AdjustedSource

72、s:IATA Sustainability and Economics,IATA Monthly Statistics81.7%71.1%81.5%84.2%82.1%74.7%83.7%81.5%75.8%77.2%84.2%81.4%78.4%84.5%82.4%72.0%81.6%84.7%84.1%78.8%83.4%IndustryAfricaAsia/PacificEuropeLatinAmericaMiddle EastNorthAmericaQ4-2023Q4-2022Q4-2019Sources:IATA Sustainability and Economics,IATA M

73、onthly Statistics-120%-100%-80%-60%-40%-20%0%20%40%Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr42020202120222023AustraliaBrazilIndiaJapanUnited StatesPR ChinaIndustrySources:IATA Sustainability and Economics,IATA Monthly Statistics90.3%90.4%77.1%91.9%99.4%99.1%102.5%94.5%95.7%82.5

74、%97.6%102.6%101.4%105.9%IndustryAfricaAsia PacificEuropeLatin America&CaribbeanMiddle EastNorth AmericaQ4 2023 vs 19Q3 2023 vs 19Source:IATA Sustainability and Economics,IATA Monthly Statistics-10.5%-11.9%-17.1%9.9%8.7%36.1%-0.9%-3.9%-17.9%-1.3%2.0%0.7%1.7%-5.9%-40%-30%-20%-10%0%10%20%30%40%AfricaAs

75、iaPacificEuropeLatinAmericaandCaribbeanMiddleEastNorthAmericaIndustryPremiumEconomyShare of intl RPKs by class:(identical in 2019,2021 and 2022)Economy:92%Premium:8%Source:IATA Sustainability and Economics,IATA Monthly Statistics 12 Quarterly Chartbook Q4 2023 Air Connectivity Air transport is a vit

76、al form of connectivity in the modern age.It provides the city-pair connections that support the flows of goods and people between markets,enabling world trade,investment,tourism,innovation,and the spreading of ideas,among other key economic activities.Reassuringly,the ongoing recovery in air traffi

77、c volumes is accompanied by network growth and increased connectivity,which drive improved economic outcomes for all countries and communities.IATAs Global Air Connectivity Index measures air connectivity as scheduled passenger capacity weighted by the relative economic size of the destinations serv

78、ed.The recovery in international air connectivity continued through the fourth quarter,while domestic recovery levels seem to have peaked in Q3.In particular,at the end of Q4 2023,international air connectivity recovered to 94.1%of its pre-pandemic level,up a notable 20.3 ppt compared to 2022.Domest

79、ic air connectivity achieved 95.4%of its 2019 level by the end of the fourth quarter,having increased by a more modest 8.6 ppt compared to the previous year(Chart 19).The post-pandemic recovery in air connectivity is geographically widespread(Chart 21).For the second quarter in a row,Latin America&t

80、he Caribbean was the strongest-performing region.At the end of Q4 2023,international air connectivity in the area reached 116.7%of the level in 2019;a 9.7 ppt increase compared to the previous quarter.Africa,the Middle East,and North America followed with 109.5%,99.8%,and 99.4%of their respective pr

81、e-Covid levels.Europe has yet to reach its 2019 level of connectivity,standing at 95.9%at the year-end.Asia Pacific continued to lag the other regions in terms of its recovery trajectory,as it settled at 84.6%of the 2019 level at the end of Q4(up from 79.1%in September 2023).However,the region exper

82、ienced a remarkable increase of 32.1 ppt in international air connectivity over the past twelve months,thereby narrowing the gap to the global average to 9.5 ppt at the end of Q4 2023.Air connectivity can also be examined by looking at flight frequency and the number of airport pairs served.Flight f

83、requency on international routes rose to 93.9%of the 2019 level at the end of Q4 2023(up from 89.8%in Q3),outpacing the recovery in domestic flight frequency for the first time.The latter stood at 90.8%in Q4 2023.The number of domestic airport pairs served reached pre-pandemic levels already in Dece

84、mber 2021.Q4 matched that number perfectly,at 100%of the 2019 number(down from 102%in Q3).International airport pairs still lag at 92.6%of 2019 at the end of Q4(Chart 20).13 Quarterly Chartbook Q4 2023 Chart 19:IATA Global Air Connectivity Index,Jan 2020-Dec 2023 Chart 20:Recovery in international c

85、onnectivity by region through Dec 2023 Chart 21:Global airport pairs,Jan 2020-Dec 2023 020406080100120JanMarMayJulSepNovJanMarMayJulSepNovJanMarMayJulSepNovJanMarMayJulSepNov2020202120222023DomesticInternational94.195.4Index 2019level=100Source:IATA ConnectivityIndex using data from OAG0204060801001

86、20140JanMarMayJulSepNovJanMarMayJulSepNovJanMarMayJulSepNovJanMarMayJulSepNov2020202120222023Global internationalNorth America Asia Pacific Europe Middle East Latin America&Caribbean AfricaIndex 2019level=100Source:IATA Connectivity Index using data from OAG020406080100120JanMarMayJulSepNovJanMarMay

87、JulSepNovJanMarMayJulSepNovJanMarMayJulSepNov2020202120222023DomesticInternational92.6100.0Index 2019level=100Source:IATA ConnectivityIndex using data from OAG 14 Quarterly Chartbook Q4 2023 Cargo Traffic Inflation,troubled supply chains,geopolitical tensions and a shift towards more inward-looking

88、economic environment have put pressure on global trade in 2023.Despite this challenging environment,the air cargo sector ended the year on a positive note.Indeed,global air cargo demand experienced a remarkable revival in the course of 2023,with a strong fourth-quarter performance despite weak deman

89、d drivers.In fact,the airline industry experienced a significant upswing in cargo traffic during the fourth quarter of 2023,with cargo tonne-kilometers(CTKs)reaching 67.3 billion,an 8.1%increase compared to the preceding quarter.This period traditionally witnesses a surge in global cargo demand,yet

90、the final quarter of 2023 stood out not only for this seasonal uptick but also for a 7.8%YoY growth.This marks a notable improvement from the third quarters 0.9%annual growth in cargo traffic,which recorded the industrys first positive annual growth rate since late 2021.Moreover,the quarters perform

91、ance brought the industry extremely close to pre-pandemic volumes,falling just 0.7%short of the 2019 levels(Chart 22).Closely mirroring the trend in total air cargo traffic,industry-wide international CTKs stood at 58.2 billion in Q4 2023,marking a 7.8%YoY increase(Chart 23).However,the growth was n

92、ot uniform across regions.Airlines registered in the Middle East,Asia Pacific,and Europe led the growth.Middle Eastern carriers continued their upward trajectory,achieving the highest annual growth in international CTKs during Q4 with an impressive 14.7%increase.Meanwhile,airlines in the Asia Pacifi

93、c region demonstrated resilience,gaining 9.7%YoY in Q4.European carriers also played a pivotal role,posting a respectable 5.7%YoY increase in international CTKs.Carriers from the Americas followed suit:Latin America managed 4.6%YoY growth,while North America achieved 3.4%.Another noteworthy developm

94、ent in Q4 occurred in Africa,where international traffic saw the first annual growth since early 2022 with 2.2%YoY.The African aviation sectors resurgence is a promising sign for the industry as a whole.On the supply side,global air cargo capacity reached 146.4 billion available cargo tonne-kilomete

95、rs(ACTKs)during Q4 2023(Chart 24).While this figure represents a mere 0.5%increase compared to Q3,it carries additional implications.Notably,air cargo supply maintained double-digit annual growth for the third consecutive quarter,with a robust 13.5%YoY increase in Q4.The rapid expansion of global ca

96、pacity primarily stems from the restoration of belly cargo capacity across various markets.In comparison to Q4 2019,the industrys ACTKs have surged by 4.3%.In Year-to-Date (YTD)terms,industry ACTKs remained above pre-pandemic levels since Q2,and hovered above 2022 levels throughout all four quarters

97、 of 2023(Chart 25).The strong annual growth in industry-wide air cargo capacity throughout 2023 can largely be attributed to international routes.With a solid 12.3%YoY growth in Q4,international ACTKs also sustained double-digit growth for the third quarter in a row(Chart 26).The primary driver for

98、this is the returning international passenger belly-hold capacity,which was up an impressive 29.3%YoY during the fourth quarter.In contrast,international capacity on dedicated freighters grew by only 1.5%YoY in Q4;the first positive annual growth since 2021.Overall,the share of international ACTKs p

99、rovided by passenger belly capacity continued to normalize in 2023,adjusting from 45%in Q4 2022 to 52%in Q4 2023,and thereby moving closer to the pre-pandemic share of around 60%(Chart 27).True to the solid upward trend in demand,the industry-wide air cargo load factor(CLF)increased from 48.1%in Q3

100、to 51.5%in Q4 2023.This is in line with pre-pandemic seasonality trends,as CLF typically trend upwards towards the end of the year(partly driven by the holiday season,inventory management and other business year-end transactions).Inspecting the major trade lanes displayed in Chart 28,it is evident t

101、hat the recent upsurge is primarily driven by the relatively potent Europe-North America route,which registered 46.5%in the fourth quarter,up 8.8 ppt from Q3.A secondary driver of said increase was traffic across the comparatively smaller Europe-Middle East trade lane,which recorded a CLF of 55.5%in

102、 Q4(up 7.3 ppt from the third quarter).15 Quarterly Chartbook Q4 2023 The highest cargo load factors in Q4 2023 were observed across the Asia Pacific-Europe(68.2%)and North America-Asia Pacific(63.6%)routes,the latter of which represents the largest trade lane by volume.The remaining two of the majo

103、r trade lanes on Chart 28,i.e.,within Asia and Middle East-Asia Pacific,recorded only minor upticks in CLF towards the year-end to settle at 52.4%and 44.4%,respectively.To put the strong fourth-quarter performance of the air cargo industry into proper context,it is useful to examine the evolution of

104、 specific demand drivers.The Purchasing Managers Index(PMI),for instance,which gauges economic trends in manufacturing and services,is a key indicator of air cargo demand.A PMI above 50 suggests that more purchasing managers expect their business to grow compared to the previous month,while a figure

105、 below 50 indicates fewer managers with that outlook(Chart 29).The PMIs for both global manufacturing output and new export orders stayed below 50,at 49.5 and 48.0 respectively in December(Chart 29).The manufacturing output PMI was lower than both the previous month and the previous quarter-end.The

106、new export orders PMI also fell from November,but by less than compared to the end of Q3.In spite of the weak PMI numbers,seasonally adjusted industry CTKs actually trended upwards both YoY and month-on-month(MoM)throughout that last quarter of 2023,The inventory-to-sales ratio is negatively correla

107、ted with industry CTKs because high stocks suggest a lack of demand,and less air cargo(Chart 30).In the US,the inventory-to-sales ratio has been at exceedingly high levels in 2023,pointing to very weak demand conditions.The decrease in the annual growth of the ratio towards the year-end(inverted in

108、the chart),from 6.2%YoY in Q3 to 5.3%YoY in Q4,was reassuring but not very significant.Too much should not be read into it either,as there is a marked influence by the base-year effect relating to the increasing ratio in Q4 2022.Notably,CTKs staged a recovery well in excess of the evolution in the i

109、nventory-to-sales ratio.Merchandise trade has mirrored the evolution in the inventory-to-sales ratio,indicating cooling demand in 2023 compared to 2022.This trend was somewhat reversed in Q4,contracting by-1.5%YoY,but this was still an improvement compared to the annual-3.5%decline seen in the previ

110、ous quarter(Chart 31).Rather remarkably,air cargo seems quite impervious also to this indicators feeble support,as illustrated by the green columns in the chart,with Q3 marking the first instance of a positive relative performance of air cargo growth since 2021.This positive development intensified

111、in Q4,with the indicator jumping 9.3 ppt.However,while the annual decline in global goods trade occurred from a high base in 2022,the annual growth in air cargo is from a low base during that same year.These base-year effects are important when comparing the relative performance of air cargo and glo

112、bal trade,as they explain the seemingly counterintuitive response in air cargo.16 Quarterly Chartbook Q4 2023 Chart 22:Industry quarterly CTKs in billions Chart 23:International CTK growth by airline region of registration,annual%change Chart 24:Industry quarterly ACTKs in billions Chart 25:Year-to-

113、date quarterly industry ACTKs in billions Chart 26:Growth of international ACTKs by type,annual%change Chart 27:International ACTKs by type in billions 404550556065707580Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4201720182019202020

114、2120222023Actual CTKsSeasonally-adjusted CTKsSources:IATA Sustainability and Economics,IATA Monthly Statistics-2%0%2%4%6%8%10%12%14%16%IndustryMiddleEastAsiaPacificEuropeLatinAmericaNorthAmericaAfricaQtr3Qtr4Sources:IATA Monthly Statistics8090100110120130140150160Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1

115、Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr42017201820192020202120222023Actual ACTKsSeasonally-adjusted ACTKsSources:IATA Sustainability and Economics,IATA Monthly Statistics128262403543116241371500124265410557Qtr1Qtr2Qtr3Qtr4201920222023Sources:IATA Sustainability an

116、d Economics,IATA Monthly Statistics-50%-30%-10%10%30%50%70%-100%-60%-20%20%60%100%140%Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr42020202120222023Dedicated Freighters,YoYPassenger Belly,YoY International ACTK,YoYSources:IATA Sustainability and Economics,IATA Monthly Statistics-20

117、 40 60 80 100 120Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr420192020202120222023PreightersPassenger Belly Dedicated FreightersSources:IATA Sustainability and Economics,IATA Monthly Statistics 17 Quarterly Chartbook Q4 2023 Chart 28:Cargo load factors in major rou

118、te areas,%share of ACTKs Chart 29:Global manufacturing PMIs and industry CTK growth,annual%change Chart 30:Growth in inventory-to-sales ratio(inverted on the axis)and industry CTKs,annual%change Chart 31:Growth in global goods trade and industry CTKs,annual%change 30%40%50%60%70%80%90%Qtr1Qtr2Qtr3Qt

119、r4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr420192020202120222023Asia Pacific-EuropeEurope-Middle EastEurope-North AmericaNorth America-Asia PacificIndustry-averageMiddle East-Asia PacificWithin AsiaSources:IATA Monthly Statistics20304050607080-50%-40%-30%-20%-10%0%10%20%30%40%5

120、0%JanAprJulOctJanAprJulOctJanAprJulOctJanAprJulOctJanAprJulOct20192020202120222023Seasonally-adjusted industry CTKs,YoYGlobal Manufacturing Output PMIGlobal New Export Orders PMISources:IATA Sustainability and Economics,S&P Global Markit50=no changepercent change-20%-15%-10%-5%0%5%10%15%-30%-20%-10%

121、0%10%20%30%40%Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr42017201820192020202120222023Seasonally-adjusted CTKs,YoYUS inventory-to-sales ratio,YoYSources:IATA monthly statistics,Macrobond-30%-20%-10%0%10%20%30%40%Qtr1Qtr2Qtr3Qtr4Qtr1

122、Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4Qtr1Qtr2Qtr3Qtr4201820192020202120222023Relative performance of air cargo growthIndustry-wide CTKs,YoYGlobal goods trade,YoYSources:IATA Sustainability and Economics,IATA Monthly Statistics,Macrobond 18 Quarterly Chartbook Q4 2023 IV.Airlin

123、e Financial Performance The airline industry has been facing numerous challenges in 2023,including wars,oil price volatility,elevated interest rates,and staff shortages.Naturally,these difficulties all weigh on airlines financial performance.Despite this,we estimate that the industry returned to pro

124、fitability in 2023.In fact,we currently estimate the overall net post-tax profit to reach USD 23.3 billion in 2023,with a slim operating profit margin of 4.5%(Chart 32).This is a remarkable feat.However,not all the world regions contributed equally to the net profit.North America and Europe are the

125、stand-out regions chiefly responsible for the industrys return to profitability.Middle East was also in the black in 2023,while other regions remained in red(Chart 33).Revenue Passenger revenues are estimated to reach USD 642 billion in 2023,a remarkable increase of 47%from 2022,and exceeding 2019 l

126、evels by 7%(Chart 34).Looking ahead,passenger revenue growth is expected to slow markedly in 2024,to 12%,but from the much higher 2023 base.With capacity continuing to return in 2024,especially in Asia Pacific,the growth in yields is set to decelerate.Despite the upward trend in the cargo market tow

127、ards the year-end,full-year industry cargo revenue is estimated to decline by one third in 2023.This downturn is driven mainly by lower demand and falling freight rates.On the demand side,North America and Europe are most affected.On the aspect of yields,downward pressure stems from increased belly

128、capacity as more passenger aircraft re-enter service,as well as competition from lower maritime cargo rates.Looking into 2024,growing cargo demand is expected to be offset by a continued decrease in freight rates.Nonetheless,these rates are projected to stay above their pre-pandemic figures.Conseque

129、ntly,a further decline in cargo revenue is anticipated for 2024,with the revenue distribution between passenger and cargo sectors expected to revert to pre-pandemic proportions of around 88%and 12%,respectively.Expenses According to our estimates,the aviation industry consumed between 450,000 and 50

130、0,000 tonnes of SAF at USD 2500 per tonne in 2023.This unit cost is 2.8 times higher than the price for CAF,and thus added USD 756 million to the industry fuel bill in 2023.Nonetheless,the aviation industry is set to increase its use of SAF to reduce its carbon footprint.We estimate that SAF product

131、ion could rise to 0.53%of airlines total fuel consumption in 2024,adding USD 2.4 billion to next years industry fuel bill.In addition,the industry is committed to the Carbon Offsetting and Reduction Scheme for International Aviation(CORSIA),which is a global market-based carbon offsetting mechanism

132、designed to stabilize international aviation emissions.CORSIA-related costs for 2024 could amount to around USD 600 million.These costs will add more pressure to the already fragile profitability of the industry.Capital markets Despite the return to profitability,the stock performance of listed airi

133、nes paints a less optimistic picture.The Global Airlines Price Index,which tracks publicly listed shares of selected airlines,has not recovered from the impact of the Covid-19 pandemic and is still trading 30%lower than in 2019.This contrasts sharply with the strong rebound of the MSCI All Companies

134、 World Index,which has surpassed pre-pandemic levels by 30%(Chart 35).The year 2023 brought mixed results for the airline industry in the capital markets.Out of 88 listed airline businesses,only a slight majority(45 companies)saw an increase in their share prices at the end of the year.The resulting

135、 median share price growth was not very encouraging either,reaching just 2%.19 Quarterly Chartbook Q4 2023 Regional airline price indexes exhibited the usual quarterly seasonality while following the global airlines market trend.While the first quarter into 2023 showed a promising start into the yea

136、r,North American airlines experienced a downturn that weighed on the Global Airlines Price Index in Q2.The recovery was swift,with indices soaring in July and August.Despite a subsequent decline towards the end of the third quarter,all markets saw a significant rally in the final quarter,closing the

137、 year on a broad-based surge in Q4(Chart 36).The European Airline Price Index performed in 2023 better compared to the North Amercia,Asia-Pas and Global Airiline indices.Chart 32:Airline industry net profit and EBIT margin Chart 33:Regional airlines profitability,USD billion Chart 34:Global airlines

138、 revenue,USD billion Chart 35:Global Airlines Price Return Index vs MSCI ACWI,Dec19=100 Chart 36:Relative Regional Airline Price Index performance,Jan23=100 -40%-30%-20%-10%0%10%(160)(140)(120)(100)(80)(60)(40)(20)-20 40 60200820102012201420162018202020222024fUS$bnNet post-tax profitEBIT marginSourc

139、e:IATASustainability&Economics,The Airline Analyst-50.0-40.0-30.0-20.0-10.00.010.020.030.0AfricaAsia PacificEuropeLatinAmericaMiddle EastNorthAmerica20192020202120222023e2024fSources:IATA Sustainability and Economics01002003004005006007008009001,000201520162017201820192020202120222023e2024fCargo rev

140、enuePassenger+other revenue2021:61%of 2019 2022:88%of 2019 2023:107%of 2019 2024:115%of 2019 Sources:IATA Sustainability and Economics,The Airline Analyst020406080100120140160Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-23MSCI ACWI USDGlobal Air

141、lines Price Return IndexSources:Refinitiv8090100110120130140Asia-Pac Airlines Price IndexEurope Airlines Price IndexGlobal Airlines Price IndexNorth America Airlines Price IndexSources:Refinitiv 20 Quarterly Chartbook Q4 2023 V.Regional Outlook Africa African airlines experienced significant growth

142、in air passenger traffic since spring 2022,and they continued this upward trend into the final quarter of 2023.They reported 45.9 billion RPKs in total,an impressive surge of 18.6%from the same quarter in 2022,narrowing the gap to less than 1%from pre-pandemic levels(Chart 37).The total seat capacit

143、y offered by these carriers increased by an even larger 24.8%compared to the previous year.This resulted in a reduction in the average PLF by 4 ppt from a record high in the fourth quarter of 2022 to 72%in the same quarter of 2023,marking the lowest figure among all regions.Despite this,the PLF in Q

144、4 2023 exceeded that of 2019 by 0.9 ppt.International traffic represents over 80%of the passenger RPKs for African airlines,which highlights its crucial role in their operations.Furthermore,as illustrated in Chapter III,Africa is among the only two regions that fully recovered to pre-pandemic intern

145、ational connectivity.In the fourth quarter of 2023,African airlines transported 37.7 billion international RPKs,marking a strong 18%rise from the corresponding period in 2022(Chart 38).However,this figure remains 4.3%below the levels achieved in the fourth quarter of 2019,indicating room for further

146、 recovery in 2024.During the fourth quarter,African airlines experienced a small 2.3%uptick in air cargo traffic relative to the same period in 2022,maintaining levels comparable to pre-pandemic benchmarks set in 2019(Chart 39).This performance is encouraging in the face of the global economic shift

147、 towards more inward-looking policies,which has impacted cross-border trade volumes.Air cargo traffic on the Africa-Asia trade lane demonstrated the most notable growth,exceeding the levels of the previous year by more than one third.The recovery in air ticket sales for the African region has outpac

148、ed the global average since spring 2022,showing a significant upward trend(Chart 40).By the fourth quarter of 2023,the enthusiasm for air travel to Africa exceeded pre-pandemic levels.Specifically,in the week of Christmas,average ticket sales witnessed an approximate 20%increase over the correspondi

149、ng period in 2019,highlighting the robustness of the recovery in holiday air travel to the region.The fourth quarter saw a robust air traffic rebound across the board in Africas key markets(Chart 41).Egypt and Ethiopia recorded exceptional growth,with Egypt demonstrating a remarkable 54%surge in pas

150、senger numbers,highlighting a vibrant revival in tourism despite geopolitical challenges in adjacent regions.Ethiopias passenger numbers increased over 30%YoY throughout 2023,settling at 32%above pre-pandemic levels in the fourth quarter.North African nations Algeria,Morocco,and Tunisia also exhibit

151、ed significant rebounds,surpassing 2019 figures by over 25%in the same period.Nigeria and Kenya both achieved full recovery as early as 2022,and closed the fourth quarter 17%and 4%above pre-pandemic levels,respectively.By contrast,South Africa embraced its first quarterly recovery since 2019,culmina

152、ting in a steadfast 28%YoY increase in Q4 following a gradual two-year recovery.The broad-based progress of Africas key markets underscores a robust recovery trajectory across the continent,despite varying degrees of advancement and challenges.Since early 2023,a consistent growth in new aircraft acq

153、uisitions could be observed among African airlines.This came as a breath of fresh air following two years of declining aircraft deliveries to the region,and a subsequent year of stagnation.Looking forward,a continued rise in aircraft deliveries is scheduled for 2024.Specifically,there will be an inc

154、rease of approximately one-third,or nine additional aircraft compared to the past year.This strategic expansion reflects local airlines commitment to enhancing their operational capacities and service offerings,in response to the anticipated rise in demand for air travel to the continent(Chart 42).2

155、1 Quarterly Chartbook Q4 2023 Chart 37:Growth in RPKs by airline region of registration,Africa Chart 38:Growth in international RPKs by airline region of registration,Africa Chart 39:Growth in CTKs by airline region of registration,Africa Chart 40:Ticket sales by region(7-day moving average),Africa

156、Chart 41:Passenger traffic(O-D)growth by country in Q4 2023,Africa Chart 42:Aircraft deliveries in 2015-2024(scheduled),Africa 18.676.213.213.819.610.528.6-0.5-8.5-1.14.41.65.3-1.8-20-100102030405060708090AfricaAsiaPacificEuropeLatinAmericaMiddleEastNorthAmericaGlobalvs Q4 2022vs Q4 2019%change Sour

157、ce:IATA Sustainability and Economics,Monthly Statistics18.067.114.422.419.715.026.7-4.3-17.5-2.42.61.45.9-5.5-30-20-1001020304050607080AfricaAsiaPacificEuropeLatinAmericaMiddleEastNorthAmericaGlobalvs Q4 2022vs Q4 2019%change Source:IATA Sustainability and Economics,Monthly Statistics2.313.25.64.914

158、.70.97.80.4-3.3-9.90.63.49.7-0.7-15-10-505101520AfricaAsiaPacificEuropeLatinAmericaMiddleEastNorthAmericaGlobalvs Q4 2022vs Q4 2019%change Source:IATA Sustainability and Economics,Monthly Statistics-100-50050Jan-2020Jul-2020Jan-2021Jul-2021Jan-2022Jul-2022Jan-2023Jul-20237-day moving average,%change

159、 from the same period in Source:IATA Sustainability and Economics,DDSGlobalAfrica26%54%32%4%28%17%1%26%0%10%20%30%40%50%60%changein Q4 2023 vs Q4 2019Source:IATA Sustainability and Economics,DDS01020304050602015201620172018201920202021202220232024Africa(Delivered)ScheduledSource:IATA Sustainanbility

160、 and Economics using CiriumNumber of commercial aircraftWorld share1RPKASKPLF(%-pt)RPKASKPLF(%-pt)PLF(level)TOTAL MARKET100.0%28.6%27.1%1.0%-1.8%-2.6%0.7%82.4%Africa2.1%18.6%24.8%-3.8%-0.5%-1.7%0.9%72.0%1%of industry RPKs in 2023%year-on-year vs Q4 2022%year-on-year vs Q4 2019Note:The total industry

161、 and regional growth rates are based on a constant sample of airlines combining reported data and estimates for missing observations.Airline traffic is allocated according to the region in which the carrier is registrated;it should not be considered as regional traffic.22 Quarterly Chartbook Q4 2023

162、 Americas In Q4 2023,North American and Latin American airlines exhibited solid growth in total RPKs,recording increases of 10.5%and 13.8%YoY,respectively.This sustained demand allowed the Americas to remain the front runners in surpassing pre-pandemic passenger traffic levels.In particular,North Am

163、erican airlines outpaced their Q4 2019 levels by 5.3%,with their Latin American counterpart at 4.4%(Chart 43).Compared to the previous quarter,the Americas saw slightly lower annual growth of international RPKs in Q4.Nonetheless,Latin America positioned itself just below the global average with its

164、22.4%YoY increase in international RPKs(Chart 44).On the other hand,North America reported the second-lowest annual growth rate among all regions with a 15%YoY increase,slightly above Europe.It should be noted that these growth rates,which are still in the double digits and thus unusually high compa

165、red to pre-pandemic standards,are calculated from a high base in 2022.Airlines registered in the Americas surpassed 2019 levels already in the first half of 2023,and have been experiencing elevated traffic volumes throughout the year.Similarly,as discussed in Chapter III,Latin America&the Caribbean

166、continued to lead in terms of the post-pandemic recovery of international air connectivity in Q4.Cargo traffic for North American carriers grew during the last quarter,settling 0.9%above Q4 2022 and 9.7%above Q4 2019 levels.North Americas air cargo demand recovery can partly be explained by a strong

167、er Christmas season that supported booming e-commerce.Latin American carriers followed a slightly different trend,achieving 4.9%growth in CTKs above Q4 2022 levels but remaining merely surpassing 2019 levels.(Chart 45).Ticket sales in the last quarter of 2023 echoed a positive trend,confirming the e

168、xpected increases towards the year-end.It is well known that in North America,the winter months trigger the high season for Caribbean beach destinations.,allowing the Dominican Republic(+48%)and Jamaica(+16%)to explain Canadas international market recovery in the 4th quarter.Although ticket sales in

169、 the region slightly outperformed the global average,the gap narrowed in Q4 as global ticket sales gathered momentum and recovered to their pre-crisis volume(Chart 46).On the North American side,Canada and the US exceeded 2019 levels in Q4s air passenger traffic.Canadas strong growth of 38%above Q4

170、2019,driven by the international segments surpassing 2019 levels,gave way to the end of the recovery process in North America(Chart 47).In Latin America,most key markets continued to grow YoY in the fourth quarter,despite already surpassing 2019 levels(e.g.,Colombia).Dominican Republic,Ecuador,and M

171、exico led Latin Americas air traffic recovery,each surpassing 2019 levels by more than 17%.Notably,the Dominican Republic demonstrated exceptional traffic performance,with a 52%growth rate compared to Q4 2019.This was supported by the public policies promoted by the government during the pandemic an

172、d the importance gained by a local carrier,which efficiently connected the Caribbean with Central and South America.Another example of strong recovery in the region is Ecuador,which implemented a tax reduction on the local tourism tax mid-year,achieving a remarkable increase of 39%relative to Q4 201

173、9 levels in Q4.Around one-third of global aircraft deliveries in 2023 were destined for North America,primarily the US.After surpassing 2019 levels in 2022,deliveries to North American airlines increased by an additional 95 units in 2023,aligning with the regions anticipated full recovery in passeng

174、er traffic this year.In Latin America,deliveries to airlines rebounded to pre-pandemic levels in 2022 as well,with increased capacity by regional carriers during 2023,in line with rising demand for air travel in the area(Chart 48).23 Quarterly Chartbook Q4 2023 Chart 43:Growth in RPKs by airline reg

175、ion of registration,Americas Chart 44:Growth in international RPKs by airline region of registration,Americas Chart 45:Growth in CTKs by airline region of registration,Americas Chart 46:Ticket sales by region(7-day moving average),Americas Chart 47:Passenger traffic(O-D)growth by country in Q4 2023,

176、Americas Chart 48:Aircraft deliveries in 2015-2024(scheduled),Americas 18.676.213.213.819.610.528.6-0.5-8.5-1.14.41.65.3-1.8-20-100102030405060708090AfricaAsiaPacificEuropeLatinAmericaMiddleEastNorthAmericaGlobalvs Q4 2022vs Q4 2019%change Source:IATA Sustainability and Economics,Monthly Statistics1

177、8.067.114.422.419.715.026.7-4.3-17.5-2.42.61.45.9-5.5-30-20-1001020304050607080AfricaAsiaPacificEuropeLatinAmericaMiddleEastNorthAmericaGlobalvs Q4 2022vs Q4 2019%change Source:IATA Sustainability and Economics,Monthly Statistics2.313.25.64.914.70.97.80.4-3.3-9.90.63.49.7-0.7-15-10-505101520AfricaAs

178、iaPacificEuropeLatinAmericaMiddleEastNorthAmericaGlobalvs Q4 2022vs Q4 2019%change Source:IATA Sustainability and Economics,Monthly Statistics-100-50050100Jan-2020Jul-2020Jan-2021Jul-2021Jan-2022Jul-2022Jan-2023Jul-20237-day moving average,%change from the same period in Source:IATA Sustainability a

179、nd Economics,DDSGlobalNorth AmericaLatin America16%-2%38%6%17%16%-21%52%39%14%17%5%2%-30%0%30%60%changein Q4 2023 vs Q4 2019Source:IATA Sustainability and Economics,DDSLatin AmericaNorth America01002003004005006007002015201620172018201920202021202220232024Latin America(Delivered)ScheduledNorth Ameri

180、ca(Delivered)ScheduledNumber of commercial aircraftSource:IATA Sustainanbility and Economics using CiriumWorld share1RPKASKPLF(%-pt)RPKASKPLF(%-pt)PLF(level)TOTAL MARKET100.0%28.6%27.1%1.0%-1.8%-2.6%0.7%82.4%Latin America5.5%13.8%10.2%2.7%4.4%1.9%2.0%84.1%North America24.2%10.5%11.9%-1.0%5.3%5.7%-0.

181、3%83.4%1%of industry RPKs in 2023Note:The total industry and regional growth rates are based on a constant sample of airlines combining reported data and estimates for missing observations.Airline traffic is allocated according to the region in which the carrier is registrated;it should not be consi

182、dered as regional traffic.%year-on-year vs Q4 2022%year-on-year vs Q4 2019 24 Quarterly Chartbook Q4 2023 Asia Pacific Airlines registered in the Asia-Pacific region continued with a strong recovery momentum in the fourth quarter of 2023,with RPKs growing by an outstanding 76.2%compared to the same

183、quarter in the previous year(Chart 49).This was the highest growth rate among all the regions.However,Asia-Pacific still exhibits the largest gap to pre-pandemic levels,currently at-8.5%.Available Seat-Kilometers(ASKs)for the Asia-Pacific airlines expanded by an almost equally impressive 66.7%YoY in

184、 the fourth quarter,achieving 91.3%of the pre-pandemic figures,slightly below the 92.9%observed in the third quarter.The PLF reached 81.6%,marginally surpassing pre-pandemic levels by 0.1 ppt.This further underscores the remarkable rebound of airlines in this region.International RPKs within the reg

185、ion also saw a notable annual surge of 67.1%in the fourth quarter(Chart 50).However,the recovery to pre-Covid-19 levels remained lagged behind other regions,standing at 82.5%,and 84.6%in terms of air connectivity as mentioned in Chapter III.Despite this,the disparity in international traffic recover

186、y between Asia-Pacific and other regions has been narrowing,with sequential improvements from the first quarter through to the fourth quarter of 2023.Cargo traffic for airlines in Asia-Pacific rose by 13.2%YoY in the fourth quarter of 2023,continuing the positive trajectory observed in the third qua

187、rter(Chart 51).Yet,compared to pre-pandemic levels,the fourth quarter showed a decline of 3.3%.This is indicative of a subdued demand related to economic decelerations in critical markets and trade tensions with key partners.The fourth quarter of 2023 also maintained the year-long trend of ticket sa

188、les aligning with global averages,following the easing of most border restrictions and mirroring consistently robust demand throughout the year(Chart 52).Passenger traffic recovery rates across Asia Pacifics key markets displayed considerable variation in Q4(Chart 53).Hong Kong stood out as an excep

189、tional performer,with its passenger traffic increasing nearly fourfold from the previous year,resulting in a remarkable 289%growth in the fourth quarter.This surge,driven by the citys reopening policy,highlighted Hong Kongs swift action in recovering back to pre-pandemic levelsa gap that narrowed fr

190、om 64%at the start of the year to just 15%by the end.China and Chinese Taipei also witnessed substantial growth,with passenger numbers more than doubling compared to the year before.China,in particular,saw its air passenger traffic rise in the first half of the year,before surpassing 2019 levels by

191、the third quarter,although the growth slightly moderated in the fourth quarter.India and Japan experienced a revival in travel enthusiasm,particularly for domestic journeys,propelling their air traffic back and above the benchmarks of 2019 by the fourth quarter.Australia,too,continued its upward tra

192、jectory in air passenger numbers,but more from international market,and maintaining growth after reaching pre-pandemic levels earlier in the year.By contrast,many other markets in the regions faced a slower,more gradual rebound,with passenger volumes in Q4 at around 85-95%of the levels reported in 2

193、019.New aircraft deliveries in the region remained low since Covid-19,but the significant increase that is expected in 2024 will put the region in good stead towards full recovery(Chart 54).25 Quarterly Chartbook Q4 2023 Chart 49:Growth in RPKs by airline region of registration,Asia Pacific Chart 50

194、:Growth in international RPKs by airline region of registration,Asia Pacific Chart 51:Growth in CTKs by airline region of registration,Asia Pacific Chart 52:Ticket sales by region(7-day moving average),Asia Pacific Chart 53:Passenger traffic(O-D)growth by country in Q4 2023,Asia Pacific Chart 54:Air

195、craft deliveries in 2015-2024(scheduled),Asia Pacific 18.676.213.213.819.610.528.6-0.5-8.5-1.14.41.65.3-1.8-20-100102030405060708090AfricaAsiaPacificEuropeLatinAmericaMiddleEastNorthAmericaGlobalvs Q4 2022vs Q4 2019%change Source:IATA Sustainability and Economics,Monthly Statistics18.067.114.422.419

196、.715.026.7-4.3-17.5-2.42.61.45.9-5.5-30-20-1001020304050607080AfricaAsiaPacificEuropeLatinAmericaMiddleEastNorthAmericaGlobalvs Q4 2022vs Q4 2019%change Source:IATA Sustainability and Economics,Monthly Statistics2.313.25.64.914.70.97.80.4-3.3-9.90.63.49.7-0.7-15-10-505101520AfricaAsiaPacificEuropeLa

197、tinAmericaMiddleEastNorthAmericaGlobalvs Q4 2022vs Q4 2019%change Source:IATA Sustainability and Economics,Monthly Statistics-100-50050Jan-2020Jul-2020Jan-2021Jul-2021Jan-2022Jul-2022Jan-2023Jul-20237-day moving average,%change from the same period in Source:IATA Sustainability and Economics,DDSGlob

198、alAsia Pacific5%-2%-23%-15%10%-16%9%-13%-9%-7%-9%-13%-12%-11%-30%-20%-10%0%10%20%changein Q4 2023 vs Q4 2019Source:IATA Sustainability and Economics,DDS01002003004005006007008009002015201620172018201920202021202220232024Asia Pacific(Delivered)ScheduledNumber of commercial aircraftSource:IATA Sustain

199、anbility and Economics using CiriumWorld share1RPKASKPLF(%-pt)RPKASKPLF(%-pt)PLF(level)TOTAL MARKET100.0%28.6%27.1%1.0%-1.8%-2.6%0.7%82.4%Asia Pacific31.7%76.2%66.7%4.4%-8.5%-8.7%0.1%81.6%1%of industry RPKs in 2023%year-on-year vs Q4 2022%year-on-year vs Q4 2019Note:The total industry and regional g

200、rowth rates are based on a constant sample of airlines combining reported data and estimates for missing observations.Airline traffic is allocated according to the region in which the carrier is registrated;it should not be considered as regional traffic.26 Quarterly Chartbook Q4 2023 Europe Europea

201、n carriers have consistently shown positive growth on an annual basis since the start of the recovey,and extended this trend into the final quarter of 2023.During the fourth quarter,Europe airlines reported over half a trillion RPKs,marking a 13.2%increase from the corresponding quarter in 2022(Char

202、t 55).This figure fell slightly short of the RPKs achieved in 2019.In the meantime,the total number of seats offered by the European airlines saw a similar increase in balance.Thus European carriers saw an impressive PLF for the quarter at 84.7%,the highest among all regions.This achievement,althoug

203、h a decrease from the summer peak,underscores the airlines operational efficiency and flight profitability during a period traditionally characterized by lower travel demand.Importantly,when adjusting for seasonal variations by comparing to the fourth quarter of previous years,the PLF in 2023 exceed

204、s that of both 2022 and 2019 by 0.5 ppt.Collectively,the European airlines are the biggest player in the international air passenger market,representing more than one-third of the global international RPKs.In the final quarter,these airlines transported 471 billion international RPKs,marking the hig

205、hest contribution among all geographical regions.This performance not only marks a 14.4%increase compared to the same period in 2022 but also approaches pre-pandemic levels,falling merely 2.4%short of the figures recorded in 2019(Chart 56).During the fourth quarter,European airlines experienced an i

206、ncrease in air cargo traffic,registering a 5.6%rise compared to the corresponding period in 2022(Chart 57).This is in line with the fast-growing CLF on both the Europe-North America route and the Europe-Middle East trade lane,as explained in Chapter III.However,when compared to the pre-pandemic benc

207、hmarks of 2019,the recovery of European carriers in the air cargo sector lags behind,with volumes still at-9.9%.This situation can be attributed to a global economic climate that has become more introspective,reducing the volume of cross-border trade.Additionally,geopolitical tensions within the reg

208、ion have further impacted air cargo traffic,both inbound and outbound.Consumer enthusiasm for air travel remained strong through the fourth quarter,with ticket sales for Europe not only recovering but also surpassing the levels seen in 2019 as the year drew to a close(Chart 58).During the week of Ch

209、ristmas,the average ticket sales had climbed approximately 15%higher than the figures recorded during the same week in 2019,underscoring a robust recovery in holiday air travel.In the fourth quarter,key markets across Europe experienced positive YoY growth.Notably,Hungary and Poland achieved growth

210、exceeding 25%compared to Q4 2022,with Hungary almost recovered and Poland 15%above pre-pandemic levels.In the meantime,Finland and Sweden in the northern Europe are still more than 15%below pre-pandemic air passenger volumes as of Q4.Germany also faced challenges in its recovery,with air passenger t

211、raffic in the fourth quarter still 16%below 2019s benchmark,mirroring its weak economic performance.In contrast,Mediterranean countries emerged as leaders in Europes travel recovery.In particular,Portual and Greece welcomed over 20%more passengers than during the same period in 2019,underscoring the

212、 regions appeal and resilience in the face of economic challenges(Chart 59).European airlines display confidence in their traffic growth by continuing to acquire new aircraft in 2024.Maintaining steady growth in deliveries since 2020,these are projected to increase by around a third(117 aircraft)in

213、2024,marking the highest growth since 2016(Chart 60).27 Quarterly Chartbook Q4 2023 Chart 55:Growth in RPKs by airline region of registration,Europe Chart 56:Growth in international RPKs by airline region of registration,Europe Chart 57:Growth in CTKs by airline region of registration,Europe Chart 5

214、8:Ticket sales by region(7-day moving average),Europe Chart 59:Passenger traffic(O-D)growth by country in Q4 2023,Europe Chart 60:Aircraft deliveries in 2015-2024(scheduled),Europe 18.676.213.213.819.610.528.6-0.5-8.5-1.14.41.65.3-1.8-20-100102030405060708090AfricaAsiaPacificEuropeLatinAmericaMiddle

215、EastNorthAmericaGlobalvs Q4 2022vs Q4 2019%change Source:IATA Sustainability and Economics,Monthly Statistics18.067.114.422.419.715.026.7-4.3-17.5-2.42.61.45.9-5.5-30-20-1001020304050607080AfricaAsiaPacificEuropeLatinAmericaMiddleEastNorthAmericaGlobalvs Q4 2022vs Q4 2019%change Source:IATA Sustaina

216、bility and Economics,Monthly Statistics2.313.25.64.914.70.97.80.4-3.3-9.90.63.49.7-0.7-15-10-505101520AfricaAsiaPacificEuropeLatinAmericaMiddleEastNorthAmericaGlobalvs Q4 2022vs Q4 2019%change Source:IATA Sustainability and Economics,Monthly Statistics-100-50050Jan-2020Jul-2020Jan-2021Jul-2021Jan-20

217、22Jul-2022Jan-2023Jul-20237-day moving average,%change from the same period in 2019Source:IATA Sustainability and Economics,DDSGlobalEurope-4%-20%5%-16%22%-3%14%-6%0%15%28%13%-15%0%-30%-20%-10%0%10%20%30%40%changein Q4 2023 vs Q4 2019Source:IATA Sustainability and Economics,DDS0100200300400500600700

218、2015201620172018201920202021202220232024Europe(Delivered)ScheduledNumber of commercial aircraftSource:IATA Sustainanbility and Economics using CiriumWorld share1RPKASKPLF(%-pt)RPKASKPLF(%-pt)PLF(level)TOTAL MARKET100.0%28.6%27.1%1.0%-1.8%-2.6%0.7%82.4%Europe27.1%13.2%12.5%0.5%-1.1%-1.7%0.5%84.7%1%of

219、 industry RPKs in 2023Note:The total industry and regional growth rates are based on a constant sample of airlines combining reported data and estimates for missing observations.Airline traffic is allocated according to the region in which the carrier is registrated;it should not be considered as re

220、gional traffic.%year-on-year vs Q4 2022%year-on-year vs Q4 2019 28 Quarterly Chartbook Q4 2023 Middle East Middle East carriers continued their robust performance through the fourth quarter of 2023,registering a solid 19.6%YoY increase in RPKs(Chart 61).This growth enabled the regions airlines to ou

221、tperform their Q4 2019 levels by 1.6%,contrasting the-1.8%observed for the industry average,and signaling a faster post-Covid-19 recovery.International RPKs for Middle East carriers showed a similar upward trend with Q4 YoY levels at 19.7%and standing 1.4%above 2019 levels(Chart 62).The evolution of

222、 capacity in the Middle East draws a similar picture,with ASKs growing by 19%YoY in Q4 2023.Middle East carriers adeptly navigated through geopolitical tensions,continuing to add capacity to meet the surging demand.Growth was observed on existing routes as well as through the establishment of new on

223、es,especially across the United Arab Emirates(UAE)and Saudi Arabia.As a direct result of the stronger RPK growth,the passenger load factor for the region increased by 0.4 ppt compared to the same period last year,showcasing efficient utilization of the added capacity.Cargo activity for Middle East a

224、irlines also saw a robust improvement in the fourth quarter of 2023,with a 14.7%increase compared to the same period last year and a 3.4%increase compared to the same period in 2019.This performance positions Middle East carriers at the forefront among all regions in terms of annual cargo activity i

225、mprovement(Chart 63).The strong economic activity and increased government spending,particularly in the Gulf countries,have been primary drivers behind this positive trend.Ticket sales appear to follow a similar pattern as the global market,indicating an alignment with the broader aviation sector(Ch

226、art 64).This resilience is noteworthy especially in the final quarter,as the tension in the Middle East appears to have had only a localized impact with a minimal effect on the broader regional trend.In 2023,passenger traffic on Middle Eastern key markets saw robust growth,achieving figures above pr

227、e-pandemic levels by the fourth quarter.While growth rates varied across the region,Saudi Arabia led with a notable increase of 28%compared to the same period before the pandemic.The UAE,buoyed by its role as the host for numerous international events,including the significant 28th Conference of the

228、 Parties to the United Nations Framework Convention on Climate Change(COP28),and a general surge in tourism activity,saw its air passenger traffic rise to 24%above the levels of Q4 2019.Qatar also displayed strong performance,achieving 19%recovery.Meanwhile,Kuwait,despite challenges related to touri

229、sm and some restrictions on family visas,managed to match its pre-pandemic traffic figures,showing a modest growth of 4%from the same period in 2019(Chart 65).In 2023,airlines in the Middle East took delivery of 96 new aircraft,marking an increase of 41 units over 2022 and exceeding the 85 aircraft

230、delivered in 2019.This period witnessed a notable shift in the type of aircraft being delivered,moving from a predominance of widebody jets in 2019 to a focus on narrowbody models starting in 2020,which could potentially improve PLF.A similar volume of aircraft deliveries is anticipated for 2024(Cha

231、rt 66).29 Quarterly Chartbook Q4 2023 Chart 61:Growth in RPKs by airline region of registration,Middle East Chart 62:Growth in international RPKs by airline region of registration,Middle East Chart 63:Growth in CTKs by airline region of registration,Middle East Chart 64:Ticket sales by region(7-day

232、moving average),Middle East Chart 65:Passenger traffic(O-D)growth by country in Q4 2023,Middle East Chart 66:Aircraft deliveries in 2015-2024(scheduled),Middle East 18.676.213.213.819.610.528.6-0.5-8.5-1.14.41.65.3-1.8-20-100102030405060708090AfricaAsiaPacificEuropeLatinAmericaMiddleEastNorthAmerica

233、Globalvs Q4 2022vs Q4 2019%change Source:IATA Sustainability and Economics,Monthly Statistics18.067.114.422.419.715.026.7-4.3-17.5-2.42.61.45.9-5.5-30-20-1001020304050607080AfricaAsiaPacificEuropeLatinAmericaMiddleEastNorthAmericaGlobalvs Q4 2022vs Q4 2019%change Source:IATA Sustainability and Econo

234、mics,Monthly Statistics2.313.25.64.914.70.97.80.4-3.3-9.90.63.49.7-0.7-15-10-505101520AfricaAsiaPacificEuropeLatinAmericaMiddleEastNorthAmericaGlobalvs Q4 2022vs Q4 2019%change Source:IATA Sustainability and Economics,Monthly Statistics-100-50050100Jan-2020Jul-2020Jan-2021Jul-2021Jan-2022Jul-2022Jan

235、-2023Jul-20237-day moving average,%change from the same period in Source:IATA Sustainability and Economics,DDSGlobalMiddle East8%4%19%28%24%0%5%10%15%20%25%30%JordanKuwaitQatarSaudi Arabia United ArabEmirates%changein Q4 2023 vs Q4 2019Source:IATA Sustainability and Economics,DDS05010015020025020152

236、01620172018201920202021202220232024Middle East(Delivered)Number of commercial aircraftSource:IATA Sustainanbility and Economics using CiriumWorld share1RPKASKPLF(%-pt)RPKASKPLF(%-pt)PLF(level)TOTAL MARKET100.0%28.6%27.1%1.0%-1.8%-2.6%0.7%82.4%Middle East9.4%19.6%19.0%0.4%1.6%-3.8%4.1%78.8%1%of indus

237、try RPKs in 2023%year-on-year vs Q4 2022%year-on-year vs Q4 2019Note:The total industry and regional growth rates are based on a constant sample of airlines combining reported data and estimates for missing observations.Airline traffic is allocated according to the region in which the carrier is reg

238、istrated;it should not be considered as regional traffic.30 Quarterly Chartbook Q4 2023 VI.Appendix Table A:Top 100 countries based on the International Connectivity Index 2023 Countries Connectivity Index 2023 Global Ranking 2019 Global Ranking 2023 Difference in ranking between 2019 and 2023 Growt

239、h 2019-2023 United States 51,281,219 1 1=-8%United Kingdom 38,542,938 3 2 1-9%Germany 29,798,610 4 3 1-18%Spain 27,447,356 6 4 2-5%Italy 23,454,924 7 5 2-8%Japan 23,062,576 5 6 1-28%France 22,148,875 9 7 2-8%United Arab Emirates 21,707,518 10 8 2-2%China 20,781,696 2 9 7-55%India 18,676,897 13 10 3

240、0%Thailand 16,990,211 8 11 3-31%Turkey 16,634,767 18 12 6 22%South Korea 16,217,971 11 13 2-24%Canada 15,880,387 15 14 1-11%Singapore 15,454,299 14 15 1-16%Mexico 15,373,672 19 16 3 17%Taiwan 12,812,030 16 17 1-25%Saudi Arabia 12,755,965 27 18 9 27%Hong Kong(SAR)11,874,277 12 19 7-44%Netherlands 11,

241、295,937 20 20=-13%Vietnam 10,797,540 24 21 3-11%Switzerland 10,670,227 23 22 1-13%Malaysia 10,583,857 17 23 6-25%Australia 10,351,883 22 24 2-18%Indonesia 10,100,185 21 25 4-22%Portugal 9,372,333 28 26 2 11%Qatar 9,155,851 29 27 2 8%Philippines 8,685,424 25 28 3-21%Greece 8,320,142 31 29 2 16%Irelan

242、d 7,098,413 30 30=-2%31 Quarterly Chartbook Q4 2023 Egypt 6,706,950 38 31 7 33%Denmark 6,020,214 33 32 1-10%Austria 5,971,741 32 33 1-16%Poland 5,906,043 35 34 1 0%Sweden 4,854,388 34 35 1-23%Russian Federation 4,754,730 26 36 10-56%Israel 4,627,330 39 37 2-3%Brazil 4,568,445 37 38 1-11%Pakistan 4,5

243、52,922 42 39 3 6%Belgium 4,444,215 36 40 4-16%Norway 4,238,242 40 41 1-11%Morocco 4,113,704 44 42 2 6%Dominican Republic 4,078,969 50 43 7 20%Kuwait 3,777,241 43 44 1-7%Colombia 3,594,470 53 45 8 20%Finland 3,281,255 41 46 5-27%Romania 3,030,284 52 47 5-3%New Zealand 2,974,764 47 48 1-18%Bangladesh

244、2,873,076 60 49 11 21%Oman 2,805,185 46 50 4-25%South Africa 2,616,474 51 51=-20%Bahrain 2,503,007 57 52 5 2%Hungary 2,462,700 54 53 1-16%Czech Republic 2,442,478 48 54 6-32%Panama 2,391,542 61 55 6 2%Iran 2,349,799 58 56 2-4%Ethiopia 2,319,167 63 57 6 5%Argentina 2,292,720 55 58 3-18%Cyprus 2,210,5

245、86 66 59 7 5%Jordan 2,141,683 64 60 4 0%Algeria 2,140,089 68 61 7 4%Croatia 1,908,134 67 62 5-9%Jamaica 1,891,736 75 63 12 12%Sri Lanka 1,887,743 56 64 8-27%Serbia 1,870,535 78 65 13 23%Cambodia 1,836,421 49 66 17-49%32 Quarterly Chartbook Q4 2023 Peru 1,827,554 65 67 2-14%Lebanon 1,820,215 62 68 6-

246、20%Tunisia 1,810,807 73 69 4 5%Costa Rica 1,758,998 77 70 7 15%Iceland 1,722,141 76 71 5 4%Iraq 1,712,485 71 72 1-11%Chile 1,676,681 69 73 4-17%Maldives 1,594,456 82 74 8 21%Kazakhstan 1,592,481 80 75 5 9%Uzbekistan 1,545,588 88 76 12 48%Nepal 1,493,129 79 77 2 2%Kenya 1,475,676 81 78 3 4%Macau(SAR)

247、1,464,740 59 79 20-39%Cuba 1,381,068 72 80 8-25%Bulgaria 1,363,366 74 81 7-20%El Salvador 1,241,651 87 82 5 15%Bahamas 1,210,292 84 83 1 1%Malta 1,110,965 86 84 2-5%Azerbaijan 1,084,397 90 85 5 11%Ecuador 1,001,348 92 86 6 5%Latvia 987,784 83 87 4-20%Nigeria 983,129 85 88 3-17%Georgia 958,315 94 89

248、5 14%Mauritius 953,627 91 90 1 0%Guatemala 891,050 97 91 6 21%Albania 887,303 106 92 14 76%Luxembourg 873,268 89 93 4-12%Myanmar 832,078 70 94 24-58%Armenia 803,030 103 95 8 43%Lithuania 694,284 95 96 1-11%Tanzania 662,392 99 97 2 4%Aruba 628,023 101 98 3 1%Ghana 561,212 105 99 6 4%Kyrgyzstan 539,467 120 100 20 46%Iata.org/economics economicsiata.org