ICAP: Greece’s Airline Market Shows Robust Performance in 2013-2015

Greece’s airline market is seeing steady growth thanks in large part to the improvement of the country’s airport infrastructure and to the expansion of the tourist season, business services group ICAP found in a report released recently.

Examining the 20013-2015 period, the ICAP study found that the Greek airline market has grown in the last three years at an annual rate of 9 percent together with ground handling services. Boosting the country’s airline performance is the fact that Greece is a popular international destination welcoming a large number of tourists from abroad.

In 2015, more than 430,000 flights and 49 million passengers were handled at Greek airports by domestic and foreign airlines, up by 10 percent compared to 2014.

Meanwhile, 18 of the 21 Greek airlines saw an 11.5 percent increase of total assets in 2014-2013, with total company sales up by 6.4 percent and gross profit up by 20.4 percent.

To ensure further growth, the ICAP report underlines the need to upgrade regional airports, extend the tourist season, reduce airport levies and form strategic alliances with international carriers.

On the downside, the international economic and geopolitical decisions affecting the movement of passengers and goods, terrorism and the lack of market liquidity are seen as “weaknesses”.

ICAP Group provides credit risk services, marketing solutions, management consulting and people and employment solutions through its 13 subsidiaries.