A new report from Airports Council International (ACI) World found that airports continue to face economic challenges even though passenger traffic is nearly back to pre-pandemic levels.
ACI found the gap between passenger traffic is significant. While traffic is just 5.4 percent below what it was in 2019, airport revenues are 11.4 percent less than they were in the same time period. In 2023, global airport revenues reached $146 billion, a 21.4 percent increase over 2022. But revenues are still below the $158.6 billion in revenues reported in 2019.
The ACI World Airport Economic Report looked at the economic and financial performance of more than 1,000 airports for the 2023 fiscal year. These airports account for more than four-fifths (82 percent) of the global pre-pandemic passenger traffic, the organization said.
“While passenger traffic has rebounded, airport revenues continue to lag behind, underscoring ongoing financial challenges. With air travel demand expected to soar in the coming decades, it is crucial that regulators implement flexible policies to support airport infrastructure investments—ensuring aviation’s sustainable growth and maximizing its social and economic benefits,” ACI World Director General Justin Erbacci said.
Aeronautical revenues, at $79 billion, were the primary source of airport revenues in 2023, but were still down 14 percent from aeronautical revenues in 2019. Meanwhile non-aeronautical revenues, $54 billion, were 17 percent less than what they had been in 2019, and a lower share of revenue (down to 36.7 percent from 40 percent) of what they had been in 2019.
Airports saw their capital costs rise by 4 percent from 2022 to $40 billion. Most of the increase was driven by an 18 percent increase in interest expenses, a reflection of the financial strain from airport debt.