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ECONOMICS<br />
SOUTHEAST ASIA<br />
INDONESIA & PHILIPPINES<br />
Philippines<br />
GDP GROWTH (BILLION USD)<br />
The Philippine economy shrank a record 16.5% y-o-y in the second<br />
quarter of <strong>2020</strong>, the most since the series began in 1981. The<br />
reading came above market expectations of a 9% decline as the<br />
coronavirus pandemic impacted businesses and consumers.<br />
Private consumption slumped 15.5 percent (vs 0.2%) and fixed<br />
investment contracted (-37.8% vs -4.4% in Q1).<br />
$862<br />
Indonesia<br />
$932<br />
Philippines<br />
$1,042<br />
$1,016<br />
$1,024<br />
$1,087<br />
$1,041<br />
Indonesia<br />
Indonesia's economy shrank by 5.32% y-o-y in the second quarter<br />
of <strong>2020</strong>, worse than market consensus of 4.61 percent contraction.<br />
It was the first contraction in the economy since 1999, as public<br />
health measures to contain the coronavirus crisis hit the economy.<br />
Household consumption fell 5.51% (vs 2.83% in Q1) and fixed<br />
investment decreased 8.61% (vs 1.70% in Q1). Government<br />
spending contracted 6.90% and external demand also contributed<br />
negatively to the GDP, as both exports and imports dropped.<br />
$292<br />
$305<br />
Indonesia<br />
$314<br />
$331<br />
Philippines<br />
$338<br />
$327<br />
$376<br />
2015 2016 2017 2018 2019 <strong>2020</strong>Q1 <strong>2020</strong>Q2<br />
PURCHASING MANAGER’S INDEX<br />
60.0%<br />
55.0%<br />
50.0%<br />
45.0%<br />
40.0%<br />
35.0%<br />
30.0%<br />
Expansion Contraction<br />
25.0%<br />
20.0%<br />
Aug20<br />
Jul20<br />
Jun20<br />
May20<br />
Apr20<br />
Mar20<br />
Feb20<br />
Jan20<br />
Dec19<br />
Nov19<br />
Oct19<br />
Sep19<br />
Aug19<br />
Source: Focus Economics & Trading Economics<br />
FLEET SIZE GROWTH:<br />
BUSINESS JET<br />
FLEET SIZE GROWTH:<br />
TURBINE HELICOPTER<br />
FLEET SIZE GROWTH:<br />
TURBOPROP<br />
Indonesia Philippines Indonesia Philippines Indonesia Philippines<br />
53<br />
51<br />
51<br />
221<br />
228<br />
117<br />
116<br />
119<br />
121<br />
50<br />
48<br />
49<br />
48<br />
203<br />
208<br />
207<br />
104<br />
47<br />
48<br />
46<br />
156<br />
162<br />
163<br />
168<br />
163<br />
52<br />
57<br />
59<br />
62<br />
62<br />
2016 2017 2018 2019 <strong>2020</strong><strong>Q3</strong><br />
2016 2017 2018 2019 <strong>2020</strong><strong>Q3</strong><br />
2016 2017 2018 2019 <strong>2020</strong><strong>Q3</strong><br />
* Data Source: ASG's Annual Business Jet Fleet Report and Helicopter Fleet Report. Turboprop data provided by Amstat.<br />
8 | ASIAN SKY QUARTERLY — THIRD QUARTER <strong>2020</strong>
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