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China’s aviation in recession


China's economic growth eased more than market expectations in the second quarter, amid rising inflation, slowing exports and a strengthening currency. The slowing economy is yet another factor in a multi-faceted slowdown China’s airlines are experiencing this year, which carries significant implications for profitability this year, as we review in this Perspective. [1033 words]

Unlock the following content in this report:


  • GDP slowing – air traffic shrinking
  • Reasons behind the downturn
  • Other emerging markets also slowing down
  • Industry profits down by a quarter in Apr-Jun
  • Conclusion: Share market right - turbulence ahead

Graphs and data:

  • China's GDP vs total international and domestic air passenger numbers: % change year-on-year: 1985 to 1H08
  • Chinese carriers' total passenger number growth: Jan-08 to Jun-08
  • Domestic passenger demand growth in Brazil, India, China and Russia: Jan-Jun-08
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