Fraport expects passenger numbers and cargo volumes to keep shrinking in coming months as the global economic crisis continues to stunt business travel and consumer spending, its CEO said.

"There is no all-clear yet," chief executive Wilhelm Bender said on Thursday.

In January, the number of passengers processed at the company's main Frankfurt Airport slumped more than 10 percent from the year-earlier period, while total cargo volume was down more than 23 percent.

Nonetheless, Bender said he expected that the business environment would improve when economic stimulus programs help boost consumer spending.

"My forecast is that we will see growth again in the second quarter of 2010," he said.

Fraport already said last month that 2009 would be a difficult year, with the first quarter of 2009 representing the trough for the aviation industry as travelers shy away from spending on flights.