Flying At A Low Altitude

The latest national accounts released by the National Bureau of Statistics (NBS) show the continuous recovery of the air transport sector from the adverse effects of the COVID19 pandemic. Air transport grew by 50.7% y/y in Q1 ’22 compared to the contraction of – 11.8% recorded in Q1 ’21. This was the second fastest-growing segment in Q1 ’22, following rail transport (124.5% y/y). We note that this is from a low base. Given that the sector was one of the most impacted sectors during the pandemic, the easing of COVID19-related restrictions globally has contributed to its recovery.