(MENAFN) The International Air Transport Association (IATA) said that global airlines are expected to make USD19.9 billion in profits by year-end and USD25 billion in 2015, The Peninsula Qatar reported.
IATA said that the improved profitability is driven by lower oil prices and stronger worldwide GDP growth, as crude prices plunged by 40 percent since June, owing in part to a glut in supplies as the US ramps up shale production.
"Stronger industry performance is good news for all. It's a highly competitive industry and consumers, travellers as well as shippers, will see lower costs in 2015 as the impact of lower oil prices kick in," IATA chief said.
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