Asian Sky Quarterly 2022 Q1
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& INTENTIONS: ECONOMICS<br />
SOUTHEAST ASIA<br />
| THAILAND, MALAYSIA & SINGAPORE<br />
MOOD<br />
Thailand<br />
The Thai economy expanded by 1.6% in 2021, as global<br />
trade resumed, and exports of Thai goods increased.<br />
Some growth was also seen in the inbound tourism<br />
sector, although this was still well below pre-pandemic<br />
levels. For the <strong>2022</strong> full year, the Thai economy is<br />
expected to grow by around 3.2%.<br />
Malaysia<br />
Malaysia’s economy grew by 3.6%, driven by an<br />
increase in the manufacturing sector, as well as<br />
exports. Unemployment rates, which had reached<br />
record highs, declined to 4.6% in the fourth quarter.<br />
Full year growth in Malaysia is expected to reach 5.5%<br />
in <strong>2022</strong>.<br />
Singapore<br />
Singapore’s economy grew by 7.6% in 2021 following<br />
a contraction of 4.1% in 2020. Manufacturing<br />
contributed with a 13.2% increase in output during<br />
the year accounting for 22.3% of the country’s GDP.<br />
Singapore’s economy is projected to grow by 4.4%.<br />
GDP GROWTH (BILLION USD)<br />
45.0%<br />
40.0%<br />
$373<br />
$342<br />
$319 $359<br />
$301<br />
Thailand<br />
$319<br />
Malaysia<br />
Singapore<br />
$372<br />
$365<br />
PURCHASING MANAGER’S INDEX<br />
60.0%<br />
55.0%<br />
50.0%<br />
$413<br />
Thailand<br />
$456<br />
Malaysia<br />
$507<br />
Singapore<br />
$544<br />
$337<br />
2016 2017 2018 2019 2020<br />
$502 $512<br />
$340<br />
$359<br />
$369<br />
YE2021<br />
Expansion Contraction<br />
*Data Source : Trading Economics<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 />
35.0%<br />
30.0%<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 />
FLEET SIZE GROWTH<br />
Thailand<br />
Malaysia<br />
Singapore<br />
Business Jet Turbine Helicopter Turboprop*<br />
56<br />
48<br />
37<br />
64<br />
57<br />
40<br />
63<br />
59<br />
35<br />
2017 2018 2019 2020 2021<br />
61<br />
57<br />
34<br />
62<br />
50<br />
36<br />
157<br />
111<br />
6<br />
161<br />
111<br />
6<br />
139<br />
110<br />
6<br />
136<br />
101<br />
0<br />
131<br />
100<br />
0<br />
2017 2018 2019 2020 2021<br />
2017 2018 2019 2020 2021<br />
42<br />
34<br />
5<br />
44<br />
28<br />
9<br />
25<br />
19<br />
8<br />
25<br />
18<br />
9<br />
25<br />
19<br />
10<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 | 15
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