Bucking global economic trends, passenger traffic through Singapore's Changi Airport has continued to grow through 2008, with 37.7 million passenger movements handled. This is up 2.7 per cent over 2007, in spite of passenger traffic declining year-on-year in September, November and December.
Though untouched by negative sentiment and decreased travel demand the effects of the economic crisis have been felt in the cargo sector, where air freight movements have declined two per cent, moving 1.86 million tonnes in 2008.
The airport opened its Terminal 3 for business in 2008 and also hosted the inaugural Singapore Airshow, officials said. Work also commenced on upgrading Terminal 1as well as the Budget Terminal. Oficials also pointed out that six new airlines connected with Changi even as services to nine new destinations were launched.
By way of assisting airlines in tough times the Civil Aviation Authority of Singapore has extended the air hub development fund which was due to expire at the end of 2008. The fund offers a 25 per cent landing fee rebate to airlines at Changi and Seletar airports, as well as a 15 per cent across-the-board rebate to tenants of offices, airline lounges and warehouses at both airports.