Brazilian Airlines Cut Growth Forecast - Report

October 20, 2011

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Brazil's main airlines are revising down their forecast for air traffic next year due to the effects of a global economic slowdown, according to a report on Thursday in newspaper Valor Economico.

The newspaper quoted TAM's chief executive Libano Barroso saying he saw traffic growing around 10 percent next year.

Gol chief executive Constantino de Oliveira Junior said he expected air traffic to expand as much as three times GDP growth in 2012 after an "extraordinary" 18 percent surge this year, according to the paper.

Estimates for Brazil's air traffic growth next year were previously as high as 15 percent.

TAM confirmed the executive's comments. Gol representatives did not have an immediate comment on the report.