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The Southern European states of Spain, Italy, Greece and Portugal were some of the hardest hit countries during the economic downturn of 2008-2009. Rising unemployment, falling incomes and decreased consumer confidence quenched the high pre-crisis performance of many industries — one of them being airlines. An economic recovery has been witnessed across these countries with real GDP and disposable incomes growing in 2016. Was this positive performance reflected in the airline industry as well?