Airport Traffic Growth and Airport Financial Performance
2016
Since liberalization of the European aviation market, completed in 1997, the nature of air travel in
Europe has changed dramatically. One of the most important outcomes is the emergence of lowcost carriers (LCCs). These LCCs have driven down the cost of air travel and forced a fundamental
restructuring of many existing full-service airlines as well as charter carriers (Njegovan, 2006;
Papatheodorou and Lei, 2006). Intensified price competition between airlines has stimulated
demand for short-haul air travel, leading to phenomenal growth of traffic at regional airports.
Increased traffic appears to have had a significant impact on the financial performance of the airport
industry because profitability is to a large extent dependent on the volume of traffic (Graham,
2003).
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