KfW IPEX-Bank: Aviation supply and demand in Europe and North America: Structural improvement through capacity discipline?

Almost five years after the worldwide financial crisis, the global economy is recovering only slowly and in historical comparison is growing at a below average rate. Moreover, the oil price remains at a high level. All in all not good news for the cyclical, GDP-driven aviation industry.

In spite of these difficult conditions, airlines have managed to again improve their earnings position in recent years. And the outlook for 2013 and 2014 holds out the prospect of a positive trend.