Asian Sky Quarterly 2020Q4
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ECONOMICS<br />
SOUTHEAST ASIA | INDONESIA & PHILIPPINES<br />
Indonesia<br />
GDP GROWTH (BILLION USD)<br />
Indonesia’s economy grew by 5.05% (y-o-y) in<br />
the third quarter, a touch lower than the market<br />
consensus of 5.34%. This followed three consecutive<br />
quarters of decline, which saw the economy contract<br />
by a combined 8.34%. However, Indonesia’s economy<br />
has, in the last few years at least, been a tale of two<br />
halves, with Q1 and Q4 underperforming, and Q2 and<br />
Q3 overperforming.<br />
Indonesia<br />
$862<br />
Philippines<br />
$1,016<br />
$932<br />
$1,042<br />
$1,024<br />
$1,031<br />
Philippines<br />
The 8% (y-o-y) GDP increase in the Philippines in Q3<br />
was the highest quarterly growth that the country<br />
has ever seen. However, record growth came after a<br />
record decline, which saw the economy contract by<br />
14.9%. Growth is expected to continue into the fourth<br />
quarter, although analysts forecast it is likely to be a<br />
modest rise of around 3%.<br />
$292 $305 $314 $331 $338<br />
$311<br />
2015 2016 2017 2018 2019 2020Q3<br />
PURCHASING MANAGER’S INDEX<br />
Indonesia<br />
Philippines<br />
*Data Source : Trading Economics<br />
*A reading above 50 indicates an expansion of the manufacturing<br />
sector compared to the previous month; below 50 represents a<br />
contraction; while 50 indicates no change.<br />
60.0%<br />
55.0%<br />
50.0%<br />
45.0%<br />
40.0%<br />
35.0%<br />
30.0%<br />
25.0%<br />
20.0%<br />
Expansion Contraction<br />
Dec20<br />
Nov20<br />
Oct20<br />
Sep20<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 />
Jul19<br />
Jun19<br />
FLEET SIZE GROWTH<br />
Business Jet<br />
Turbine Helicopter<br />
Turboprop<br />
Indonesia<br />
Philippines<br />
51<br />
51<br />
55<br />
203<br />
208<br />
207<br />
221<br />
223<br />
104<br />
117<br />
116<br />
119<br />
121<br />
50<br />
48<br />
46<br />
49<br />
47<br />
48<br />
48<br />
156<br />
162<br />
163<br />
168<br />
176<br />
52<br />
57<br />
59<br />
62<br />
61<br />
2016 2017 2018 2019 <strong>2020Q4</strong> 2016 2017 2018 2019 <strong>2020Q4</strong> 2016 2017 2018 2019 <strong>2020Q4</strong><br />
* Data Source : ASG's Annual Business Jet Fleet Report and Helicopter Fleet Report. Turboprop data provided by AMSTAT.<br />
FOURTH QUARTER 2020 — ASIAN SKY QUARTERLY | 7
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