Asian Sky Quarterly 2022 Q1
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MACRO ECONOMICS<br />
GREATER CHINA<br />
| MAINLAND CHINA, HONG KONG, MACAO & TAIWAN<br />
Mainland China<br />
GDP GROWTH (BILLION USD)<br />
MOOD & INTENTIONS: ECONOMICS<br />
Despite slowing in the fourth quarter, China’s<br />
economy expanded by 8.1% in 2021, largely due to an<br />
expansion of 18.3% in <strong>Q1</strong>. Growth in Q4 slowed due<br />
to a resurgence of COVID-19 in the country, as well as<br />
a slowdown in the real estate sector. China’s growth<br />
target for <strong>2022</strong> is 5.5%, although this was set before<br />
the COVID-19 outbreaks in several key Chinese cities.<br />
Taiwan, China<br />
Taiwan’s 6.2% growth in 2021 was the highest for 11<br />
years and was mainly driven by strong exports. In the<br />
fourth quarter alone, exports grew by 11.92%, driven<br />
by an increase in technology exports. GDP growth is<br />
project to slow to just under 4% in <strong>2022</strong>, as inflation<br />
rises in the region.<br />
$11,233<br />
$321<br />
$45<br />
Mainland China Taiwan Hong Kong<br />
Macao<br />
$12,310<br />
$341<br />
$50<br />
$13,895 $14,280 $14,723<br />
$362<br />
$55<br />
$366<br />
$55<br />
$30<br />
2016 2017 2018 2019 2020<br />
$15,048<br />
$535 $543<br />
$591 $608 $611 $640<br />
$347<br />
$366<br />
$28<br />
YE2021<br />
Hong Kong, China<br />
Hong Kong’s economy grew by 6.4% in 2021, almost<br />
reversing a 6.5% contraction in 2020. This was largely<br />
due to an increase in exports, which had previously<br />
been hampered by COVID-19 related restrictions. Hong<br />
Kong’s economy had been forecast to grow between<br />
2 – 3.5% in <strong>2022</strong>, however a worse than expected first<br />
quarter could see that forecast revised.<br />
Macao, China<br />
Macao’s economy bounced back from a 54%<br />
contraction in 2020 to a 18% increase in 2021, thanks<br />
in no small part to the return of gaming and tourism<br />
services from mainland Chinese visitors.<br />
*Data Source : Trading Economics<br />
*Macao’s PMI is not available.<br />
A reading above 50 indicates an expansion of the manufacturing sector<br />
compared to the previous month; below 50 represents a contraction; while<br />
50 indicates no change.<br />
PURCHASING MANAGER’S INDEX<br />
66.0%<br />
64.0%<br />
62.0%<br />
60.0%<br />
58.0%<br />
56.0%<br />
54.0%<br />
52.0%<br />
50.0%<br />
48.0%<br />
46.0%<br />
44.0%<br />
42.0%<br />
40.0%<br />
38.0%<br />
36.0%<br />
34.0%<br />
32.0%<br />
30.0%<br />
Mainland China Taiwan Hong Kong<br />
Feb 21<br />
Mar 21<br />
Apr 21<br />
May 21<br />
Jun 21<br />
Jul 21<br />
Aug 21<br />
Sep 21<br />
Oct 21<br />
Nov 21<br />
Dec 20<br />
Jan 22<br />
Feb 22<br />
Expansion Contraction<br />
FLEET SIZE GROWTH<br />
Mainland China Taiwan Hong Kong<br />
Macao<br />
Business Jet Turbine Helicopter Turboprop*<br />
344<br />
338<br />
332<br />
342<br />
340<br />
581<br />
679<br />
718 772<br />
766<br />
258<br />
280<br />
282<br />
135<br />
135<br />
122<br />
122<br />
101<br />
25<br />
9<br />
27<br />
10<br />
27<br />
10<br />
2017 2018 2019 2020 2021<br />
29<br />
10<br />
28<br />
10<br />
21<br />
15<br />
25<br />
19<br />
24<br />
23<br />
29<br />
18<br />
26<br />
19<br />
2017 2018 2019 2020 2021<br />
2017 2018 2019 2020 2021<br />
5<br />
4<br />
5<br />
3<br />
4<br />
2<br />
4<br />
1<br />
4<br />
1<br />
Data Source : The business jet and helicopter fleet: <strong>Asian</strong> <strong>Sky</strong> Group’s Business Jet Fleet Report & Helicopter Fleet Report, Turboprop data provided by AMSTAT.<br />
The current fleet data is preliminary, all fleet size data will be finalized in the upcoming Helicopter / Business Jet Fleet Report.<br />
* Historical data under review<br />
FIRST QUARTER <strong>2022</strong> — ASIAN SKY QUARTERLY | 13
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