The challenges that Türkiye faced following the catastrophic earthquake in the Southeast of the country in February, with the backdrop of a struggling economy, contrast strongly with the success story of its tourism recovery over the last year and the financial health of its largest airline. The Ministry of Culture and Tourism Türkiye reported an increase of 71.1 percent in tourist arrivals to 51.4 million in 2022 , and Turkish Airlines recently reported their highest ever Q1 revenues.
Key Markets Bounce Back
The Turkish domestic aviation market has led the recovery, with capacity bouncing back quickly after the initial drop as the impact of the pandemic in April and May 2020 was felt, and recovering to 2019 levels by Q3 2021. Western Europe remains the biggest international market, growing from summer 2021 to exceed pre-pandemic levels in Summer 2022. The Middle East and North America have also grown steadily – the latter off a low base – to a new high in August 2022 and…
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