European flights increased by 0.3% in October, significantly lower than forecasted. Overall, traffic was similar to 2010 and 2008 levels, but largely below the 2007 level. Traffic demand in November so far has decreased by 1%.
Major airlines adjusted their Winter schedule and announced capacity cuts as a consequence of the debt crisis in Europe and fuel prices moving upward.
EC significantly reduced GDP growth for the EU27 to 0.5% (from 1.8% forecast in May) with the recovery waiting until the second half of 2012.
Oil prices continue around $110/barrel in November.