Investor Presentaiton
Global Aviation Performance
Air travel may recover more slowly than most of economy
Global RPKs recover 2019 levels in 2023, 2 years behind GDP recovery
Index, 100 in 2019
120
110
100
90
80
70
60
50
Global GDP and global RPKs, indexed to equal 100 in 2019
Global GDP
Global RPKs
Current baseline
2019 level
USD billion
Industry revenue is rising
With cargo revenue moderating but higher than in 2019
900
000
Global airlines revenue, USD billion
2021:
60% of
2019
2022
2023
87% of
2010
90% of
2019
700
600
500
400
300-
200
100
D
2015
2016
2017
2018
2019
2020
Passenger revenue
Cargo revenue
2021
2022
2023
40
2016
2017
2018
2019
2020
2021
2022
2023
IATA
Source ATA/Tourism Economics, Air Passenger Forecasts April 2020
Source: LATA Economics
JATA
Pent-up demand for air travel has not been sensitive
to slowing growth, nor to high inflation.
Cargo revenue remained significantly above 2019 levels in
2022. This is starting to reverse as passenger traffic recovers
R Kenya Airways
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