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Middle East drawdowns to continue

A look at Emirates and the schedule reductions that are likely to continue

Transatlantic market shows unique sensitivity to seat gauge

Transatlantic aviation uniquely reflects market conditions through seat gauge changes rather than capacity shifts, with implications for future fleet

B737-8 fleet demographics and values - May 2026

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Research type: Aircraft Intelligence Monthly

Document	Date	Title	Description	Research Type
Aircraft Intelligence Monthly - May 2026 Aircraft demand remains largely unchanged amid criss Brief spike in parked aircraft expected to revert to normal Despite fuel spikes, mid-life lease rates expected to remain stable Backlog risk partially mitigated by lower deliveries A320neo production falls behind 737 as Airbus argues with RTX Narrowbody backlog risk elevated for NEO in ULCC shift in growth Operator risk and passenger demand flashing warning signs Operator risk high, but waterfall approach necessary to properly assess US ticket revenues balancing Spirit loss with stock market concern May 15, 2026 Aircraft Intelligence Monthly Subscription Required	May 15, 2026	Aircraft Intelligence Monthly - May 2026	Aircraft demand remains largely unchanged amid criss Brief spike in parked aircraft expected to revert to normal Despite fuel spikes, mid-life lease rates expected to remain stable Backlog risk partially mitigated by lower deliveries A320neo production falls behind 737 as Airbus argues with RTX Narrowbody backlog risk elevated for NEO in ULCC shift in growth Operator risk and passenger demand flashing warning signs Operator risk high, but waterfall approach necessary to properly assess US ticket revenues balancing Spirit loss with stock market concern	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - April 2026 Aircraft retirements accelerate in Q1 2026 challenging capacity shortfall, Crude oil futures signal expectation for sustained higher prices, China aircraft order could trigger order deferrals for other airlines, ME3 long-term growth strategy unchanged despite disruption, Despite fuel price spikes, airline capacity cuts slow to arrive, US low-cost capacity shifts set expectation for global airlines Apr 15, 2026 Aircraft Intelligence Monthly Subscription Required	Apr 15, 2026	Aircraft Intelligence Monthly - April 2026	Aircraft retirements accelerate in Q1 2026 challenging capacity shortfall, Crude oil futures signal expectation for sustained higher prices, China aircraft order could trigger order deferrals for other airlines, ME3 long-term growth strategy unchanged despite disruption, Despite fuel price spikes, airline capacity cuts slow to arrive, US low-cost capacity shifts set expectation for global airlines	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - March 2026 1. Middle East conflict opening new risk for aviation - Strait of Hormuz presents generational risk to aviation fuel supply - Widebody capacity to shift away from Middle East – remain in shortage 2. Mid-sized widebodies show growth for current aircraft - Transatlantic market shows unique sensitivity to seat gauge - A330-200/300 utilization a replacement market for A330neo/787-10 3. Long-term cycles suggest shifting risk profiles - Aviation spending shift to defense slowing commercial development - Attention returns to IndiGo growth strategy after departure of CEO Mar 18, 2026 Aircraft Intelligence Monthly Subscription Required	Mar 18, 2026	Aircraft Intelligence Monthly - March 2026	1. Middle East conflict opening new risk for aviation - Strait of Hormuz presents generational risk to aviation fuel supply - Widebody capacity to shift away from Middle East – remain in shortage 2. Mid-sized widebodies show growth for current aircraft - Transatlantic market shows unique sensitivity to seat gauge - A330-200/300 utilization a replacement market for A330neo/787-10 3. Long-term cycles suggest shifting risk profiles - Aviation spending shift to defense slowing commercial development - Attention returns to IndiGo growth strategy after departure of CEO	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - February 2026 Trend of up-gauging slowly reversing, impacting future supply. Near-complete shift to A321neo orders causing some carriers concern. A321neo increasingly focused on high density and LCC presence. A220-500 set to be seat-cost leader, but not a threat to A320neo. Percentage of parked GTF fleet reducing, but quantities remain elevated. International travel decline to U.S. signals long-term impact Feb 16, 2026 Aircraft Intelligence Monthly Subscription Required	Feb 16, 2026	Aircraft Intelligence Monthly - February 2026	Trend of up-gauging slowly reversing, impacting future supply. Near-complete shift to A321neo orders causing some carriers concern. A321neo increasingly focused on high density and LCC presence. A220-500 set to be seat-cost leader, but not a threat to A320neo. Percentage of parked GTF fleet reducing, but quantities remain elevated. International travel decline to U.S. signals long-term impact	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - January 2026 Engine maintenance values continue to outpace aircraft. 737-800 expected to achieve six-year economic advantage over 737-8. 737NG and A320CEO first shop visit wave yet to arrive. Traffic shifting from traditional economic relationship. 2026 forecast suggests airlines will adjust to overcapacity by 2030. Low-cost overcapacity in US still masking overall market health. Widebody shift benefits both Boeing and Airbus. Delta 787-10 order matches widebody strategy – boosts A350 prospects Jan 15, 2026 Aircraft Intelligence Monthly Subscription Required	Jan 15, 2026	Aircraft Intelligence Monthly - January 2026	Engine maintenance values continue to outpace aircraft. 737-800 expected to achieve six-year economic advantage over 737-8. 737NG and A320CEO first shop visit wave yet to arrive. Traffic shifting from traditional economic relationship. 2026 forecast suggests airlines will adjust to overcapacity by 2030. Low-cost overcapacity in US still masking overall market health. Widebody shift benefits both Boeing and Airbus. Delta 787-10 order matches widebody strategy – boosts A350 prospects	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - December 2025 Record backlogs: 2025 widebody orders soar despite production lags. Aging 777 fleet operations threatened by PW4000 parts scarcity. Narrowbody engine lease rates eclipse aircraft in unsustainable trend. Slowing conversions stabilizing 737-800 freighter market. Regional aviation market enters era of stability and renewed demand. Slowing middle-class expansion lags capacity growth in Latin America. Dec 15, 2025 Aircraft Intelligence Monthly Subscription Required	Dec 15, 2025	Aircraft Intelligence Monthly - December 2025	Record backlogs: 2025 widebody orders soar despite production lags. Aging 777 fleet operations threatened by PW4000 parts scarcity. Narrowbody engine lease rates eclipse aircraft in unsustainable trend. Slowing conversions stabilizing 737-800 freighter market. Regional aviation market enters era of stability and renewed demand. Slowing middle-class expansion lags capacity growth in Latin America.	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - November 2025 Widebody production signals ongoing shortage, Wave of 12-year leases expirations arriving by 2030, A330neo tailwinds expected to lift fleet as Trent 7000 problems resolve, LEAP-1A/1B intervals extending, but remain well below CFM56, MD-11 grounding shows need for replacement widebody freighter, Singapore Airlines proves growth not required for profitability Nov 17, 2025 Aircraft Intelligence Monthly Subscription Required	Nov 17, 2025	Aircraft Intelligence Monthly - November 2025	Widebody production signals ongoing shortage, Wave of 12-year leases expirations arriving by 2030, A330neo tailwinds expected to lift fleet as Trent 7000 problems resolve, LEAP-1A/1B intervals extending, but remain well below CFM56, MD-11 grounding shows need for replacement widebody freighter, Singapore Airlines proves growth not required for profitability	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - October 2025 Supply chain issues reshape Boeing and Airbus production strategies, Airbus catches up on A320 deliveries, but supply chain concerns deepen, Boeing’s middle-market aircraft faces unfavorable economic timing, Delivery positions expected to remain key driver for sales volumes, Shop visit economics drive GE90 values 50% higher in widebody crunch, Long-range narrowbodies complement, not compete with widebodies Oct 17, 2025 Aircraft Intelligence Monthly Subscription Required	Oct 17, 2025	Aircraft Intelligence Monthly - October 2025	Supply chain issues reshape Boeing and Airbus production strategies, Airbus catches up on A320 deliveries, but supply chain concerns deepen, Boeing’s middle-market aircraft faces unfavorable economic timing, Delivery positions expected to remain key driver for sales volumes, Shop visit economics drive GE90 values 50% higher in widebody crunch, Long-range narrowbodies complement, not compete with widebodies	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - September 2025 1. GTF groundings improving while operators struggle GTF dominates available NEO fleet – potential to triple with Spirit Parked GTF awaiting inspections has peaked – long tail to come China short 1,000 aircraft but geopolitics cloud final deal 2. 767 defines future passenger and freighter mid-sized focus Mid-sized freighter gap could impact next-gen narrowbody design Remaining 767 passenger operating base bifurcated by mission 3. Lack of mid-life 737 options driving airlines toward E2 E2 wins U.S. launch customer, opens space for mid-life 737 operators Sep 15, 2025 Aircraft Intelligence Monthly Subscription Required	Sep 15, 2025	Aircraft Intelligence Monthly - September 2025	1. GTF groundings improving while operators struggle GTF dominates available NEO fleet – potential to triple with Spirit Parked GTF awaiting inspections has peaked – long tail to come China short 1,000 aircraft but geopolitics cloud final deal 2. 767 defines future passenger and freighter mid-sized focus Mid-sized freighter gap could impact next-gen narrowbody design Remaining 767 passenger operating base bifurcated by mission 3. Lack of mid-life 737 options driving airlines toward E2 E2 wins U.S. launch customer, opens space for mid-life 737 operators	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - August 2025 Early neo part-outs temporary as engine lease rates exceed aircraft. Stored narrowbody rates fall - retirements focused on 737-700 / A319. Small narrowbody operator base shows increasing liquidity for segment. U.S. economic data coalescing around slowing economic growth. Shift to premium travel a global phenomenon with few exceptions. Spirit Airlines challenges brings new risk to A320neo fleet. Aug 15, 2025 Aircraft Intelligence Monthly Subscription Required	Aug 15, 2025	Aircraft Intelligence Monthly - August 2025	Early neo part-outs temporary as engine lease rates exceed aircraft. Stored narrowbody rates fall - retirements focused on 737-700 / A319. Small narrowbody operator base shows increasing liquidity for segment. U.S. economic data coalescing around slowing economic growth. Shift to premium travel a global phenomenon with few exceptions. Spirit Airlines challenges brings new risk to A320neo fleet.	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - July 2025 Early aircraft part-outs not new, but reveal a unique engine scenario, IndiGo shifts to longer terms halfway through wave of six-year, leases, New technology narrowbody programs depreciating at slower rates, Capacity discipline returning to U.S. airlines - United the lone exception, Softness in ULCC market spreads to Wizz Air, Abu Dhabi arm shuttered, Global economic growth prospects for 2025/2026 reduced by OECD Jul 15, 2025 Aircraft Intelligence Monthly Subscription Required	Jul 15, 2025	Aircraft Intelligence Monthly - July 2025	Early aircraft part-outs not new, but reveal a unique engine scenario, IndiGo shifts to longer terms halfway through wave of six-year, leases, New technology narrowbody programs depreciating at slower rates, Capacity discipline returning to U.S. airlines - United the lone exception, Softness in ULCC market spreads to Wizz Air, Abu Dhabi arm shuttered, Global economic growth prospects for 2025/2026 reduced by OECD	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - June 2025 Attention shifts to long-term management of tariffs - Tariffs paid on inbound aircraft, setting stage for credits on U.S. content Widebody market shows strength into 2030s - Widebody backlogs extending into 2030s, showing constrained supply - Widebody fleet suggests mid-life oversupply, overall undersupply - Prior widebody threats to JOLCO market not expected going forward Strategic shifts in Saudi Arabia and China - Threats to COMAC supply will impact future C909 and C919 deliveries - Saudi Arabia continues aggressive growth despite limited connectivity Jun 16, 2025 Aircraft Intelligence Monthly Subscription Required	Jun 16, 2025	Aircraft Intelligence Monthly - June 2025	Attention shifts to long-term management of tariffs - Tariffs paid on inbound aircraft, setting stage for credits on U.S. content Widebody market shows strength into 2030s - Widebody backlogs extending into 2030s, showing constrained supply - Widebody fleet suggests mid-life oversupply, overall undersupply - Prior widebody threats to JOLCO market not expected going forward Strategic shifts in Saudi Arabia and China - Threats to COMAC supply will impact future C909 and C919 deliveries - Saudi Arabia continues aggressive growth despite limited connectivity	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - May 2025 Despite geopolitical uncertainty, global fleet supply and demand remain largely unchanged - U.S. backlog expected to limit exposure to second-hand aircraft - GTF groundings remain elevated well beyond expected deadline - Aircraft fleet and engine selection concentration rankings Unique dynamics drive opportunities/risks in narrowbodies - A321XLR deployed to long-haul, meeting 14 hours daily utilization - E195-E2 economics currently delivering best economic utility for airlines Focus on AirAsia - Future AirAsia X company will positioned as combined group May 14, 2025 Aircraft Intelligence Monthly Subscription Required	May 14, 2025	Aircraft Intelligence Monthly - May 2025	Despite geopolitical uncertainty, global fleet supply and demand remain largely unchanged - U.S. backlog expected to limit exposure to second-hand aircraft - GTF groundings remain elevated well beyond expected deadline - Aircraft fleet and engine selection concentration rankings Unique dynamics drive opportunities/risks in narrowbodies - A321XLR deployed to long-haul, meeting 14 hours daily utilization - E195-E2 economics currently delivering best economic utility for airlines Focus on AirAsia - Future AirAsia X company will positioned as combined group	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - April 2025 Tariffs expected to credit exports or offer a broad industry exemption, Airbus deliveries to U.S. airlines still reliant on Toulouse/Hamburg, International travel to United States shows significant drop in March, CFM56 and V2500 engines to reach peak in first shop visits in 2027, Exit of 21 aircraft at United Airlines illustrates flex fleet approach, Republic and Mesa merger creates stable U.S. regional duopoly. Apr 15, 2025 Aircraft Intelligence Monthly Subscription Required	Apr 15, 2025	Aircraft Intelligence Monthly - April 2025	Tariffs expected to credit exports or offer a broad industry exemption, Airbus deliveries to U.S. airlines still reliant on Toulouse/Hamburg, International travel to United States shows significant drop in March, CFM56 and V2500 engines to reach peak in first shop visits in 2027, Exit of 21 aircraft at United Airlines illustrates flex fleet approach, Republic and Mesa merger creates stable U.S. regional duopoly.	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - March 2025 Narrowbody shortage only partially mitigated by larger aircraft, Aircraft retirements slowly increasing but remain suppressed, 2030’s aircraft shortage will vary widely by region, Lessors well diversified away from a United States slowdown, Cargo markets appear to soften as pre-tariff front-loading wanes, Domestic U.S. forward bookings show weakness in February and March. Mar 14, 2025 Aircraft Intelligence Monthly Subscription Required	Mar 14, 2025	Aircraft Intelligence Monthly - March 2025	Narrowbody shortage only partially mitigated by larger aircraft, Aircraft retirements slowly increasing but remain suppressed, 2030’s aircraft shortage will vary widely by region, Lessors well diversified away from a United States slowdown, Cargo markets appear to soften as pre-tariff front-loading wanes, Domestic U.S. forward bookings show weakness in February and March.	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - February 2025 Capacity growth returning to normal levels - creating new challenges, Canadian airlines most exposed to tariff book-away threat, China international capacity lag a symptom of increasing tensions, Airline profitability not linked with aircraft demand, Increasing seat gauge affecting frequency, boosting premium trend, Dash-8 value renaissance shows need by airlines and special missions Feb 14, 2025 Aircraft Intelligence Monthly Subscription Required	Feb 14, 2025	Aircraft Intelligence Monthly - February 2025	Capacity growth returning to normal levels - creating new challenges, Canadian airlines most exposed to tariff book-away threat, China international capacity lag a symptom of increasing tensions, Airline profitability not linked with aircraft demand, Increasing seat gauge affecting frequency, boosting premium trend, Dash-8 value renaissance shows need by airlines and special missions	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - January 2025 Inactive GTF fleet continues to grow beyond expected peak, LEAP-1B showing reliability challenges over -1A, Engines driving strong value recovery for older widebodies, Macroeconomic shifts signal demand uncertainty, Tariff threats and forward interest rates leading to record uncertainty, Airline risks diverge based on regional dynamics, India remains bright spot for growth powered by local lift, Condor Airlines reliance on Lufthansa connections substantial Jan 15, 2025 Aircraft Intelligence Monthly Subscription Required	Jan 15, 2025	Aircraft Intelligence Monthly - January 2025	Inactive GTF fleet continues to grow beyond expected peak, LEAP-1B showing reliability challenges over -1A, Engines driving strong value recovery for older widebodies, Macroeconomic shifts signal demand uncertainty, Tariff threats and forward interest rates leading to record uncertainty, Airline risks diverge based on regional dynamics, India remains bright spot for growth powered by local lift, Condor Airlines reliance on Lufthansa connections substantial	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - December 2024 LEAP-1A/1B still frustrating operators with frequent shop visits, Short new aircraft, delayed retirements are rapidly addressing shortage, Fewer aircraft programs driving fleet liquidity; reduced concentration, China’s stunted recovery hints at large narrowbody Airbus order, U.S. low-cost capacity lead over network at risk with Spirit bankruptcy, Southeast Asia nearing 2019 capacity, driven by Singapore and Vietnam Dec 16, 2024 Aircraft Intelligence Monthly Subscription Required	Dec 16, 2024	Aircraft Intelligence Monthly - December 2024	LEAP-1A/1B still frustrating operators with frequent shop visits, Short new aircraft, delayed retirements are rapidly addressing shortage, Fewer aircraft programs driving fleet liquidity; reduced concentration, China’s stunted recovery hints at large narrowbody Airbus order, U.S. low-cost capacity lead over network at risk with Spirit bankruptcy, Southeast Asia nearing 2019 capacity, driven by Singapore and Vietnam	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - November 2024 Boeing strike creates new inflection point in narrowbody production, GTF groundings reach record highs after peak season, Prior crises put COVID into context for aircraft value recovery, Engine values soar, driven by the cost of shop visits and LLPs, U.S. regionals entering period of long-term stability, Indonesia experiencing a divergence of air travel and economic health. Nov 14, 2024 Aircraft Intelligence Monthly Subscription Required	Nov 14, 2024	Aircraft Intelligence Monthly - November 2024	Boeing strike creates new inflection point in narrowbody production, GTF groundings reach record highs after peak season, Prior crises put COVID into context for aircraft value recovery, Engine values soar, driven by the cost of shop visits and LLPs, U.S. regionals entering period of long-term stability, Indonesia experiencing a divergence of air travel and economic health.	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - October 2024 Flight hours increasingly driving maintenance costs in new technology, Interest rates and maintenance escalation suppressing aircraft values, China lessors entering a new era of competitive balance, Commercial aircraft ABSs make 2024 comeback; More expected in 2025, Air Transat challenges show downward shift in Canadian market, U.S. fares show plateauing international sector, echoing domestic. Oct 15, 2024 Aircraft Intelligence Monthly Subscription Required	Oct 15, 2024	Aircraft Intelligence Monthly - October 2024	Flight hours increasingly driving maintenance costs in new technology, Interest rates and maintenance escalation suppressing aircraft values, China lessors entering a new era of competitive balance, Commercial aircraft ABSs make 2024 comeback; More expected in 2025, Air Transat challenges show downward shift in Canadian market, U.S. fares show plateauing international sector, echoing domestic.	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - September 2024 China deliveries down 75%; absorbing significant portion of shortage, 2024 new aircraft deliveries behind expectations before Boeing strike, Global capacity recovery rapidly approaching economic growth, Narrowbody lease expirations show peaks in 2025/2028, Leased 737-800s at peak volumes and utilization, Azul potential bankruptcy adds pressure to regional / A330 fleets Sep 13, 2024 Aircraft Intelligence Monthly Subscription Required	Sep 13, 2024	Aircraft Intelligence Monthly - September 2024	China deliveries down 75%; absorbing significant portion of shortage, 2024 new aircraft deliveries behind expectations before Boeing strike, Global capacity recovery rapidly approaching economic growth, Narrowbody lease expirations show peaks in 2025/2028, Leased 737-800s at peak volumes and utilization, Azul potential bankruptcy adds pressure to regional / A330 fleets	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - August 2024 Narrowbody retirements slow sharply to backfill shortage. New technology expected to overtake prior generation by 2031. GTF and LEAP down-time shows generational shift in engine market. FedEx sees 17% drop in flying due to loss of USPS contract. China remains lone holdout in transpacific revenue recovery. Cathay Pacific fleet replacement underway with limited growth Aug 14, 2024 Aircraft Intelligence Monthly Subscription Required	Aug 14, 2024	Aircraft Intelligence Monthly - August 2024	Narrowbody retirements slow sharply to backfill shortage. New technology expected to overtake prior generation by 2031. GTF and LEAP down-time shows generational shift in engine market. FedEx sees 17% drop in flying due to loss of USPS contract. China remains lone holdout in transpacific revenue recovery. Cathay Pacific fleet replacement underway with limited growth	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - July 2024 A321XLR market size suggests 750-1,250 total aircraft. Small widebodies seeing lease rate erosion while A321neo maintains. Stored narrowbody fleet size not indicative of market conditions. Arguments in favor of interest rate cuts building for fall expectation. Disconnect between rising hotel costs and airfare driving new dynamic. Cebu Pacific poised for further growth in Southeast Asia. Jul 15, 2024 Aircraft Intelligence Monthly Subscription Required	Jul 15, 2024	Aircraft Intelligence Monthly - July 2024	A321XLR market size suggests 750-1,250 total aircraft. Small widebodies seeing lease rate erosion while A321neo maintains. Stored narrowbody fleet size not indicative of market conditions. Arguments in favor of interest rate cuts building for fall expectation. Disconnect between rising hotel costs and airfare driving new dynamic. Cebu Pacific poised for further growth in Southeast Asia.	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - June 2024 Wave of airline cash available in hot SLB market expected through 2028. Narrowbody shortage extended but left materially unchanged. 2024/2025 expected to bring strong orders for Embraer’s E2. 737-800 freighter conversions drop; stored fleet rises. A330neo remains only viable option for domestic China lift. Western Europe to Asia traffic flows shifting to Middle East carriers Jun 14, 2024 Aircraft Intelligence Monthly Subscription Required	Jun 14, 2024	Aircraft Intelligence Monthly - June 2024	Wave of airline cash available in hot SLB market expected through 2028. Narrowbody shortage extended but left materially unchanged. 2024/2025 expected to bring strong orders for Embraer’s E2. 737-800 freighter conversions drop; stored fleet rises. A330neo remains only viable option for domestic China lift. Western Europe to Asia traffic flows shifting to Middle East carriers	Aircraft Intelligence Monthly
Aircraft Intelligence Monthly - May 2024 A220 plagued by GTF problems – up to quarter of fleet out of action. Slow deliveries of GE90 engines coupled with long shop visits. United Airlines commits to leased alternatives for delayed 737-10. IndiGo orders 30 A350-900s – sufficient long-haul room available. Lease rate factors continue recovery, but still historically suppressed. Regional GDP corrects positively despite negative sentiment May 14, 2024 Aircraft Intelligence Monthly Subscription Required	May 14, 2024	Aircraft Intelligence Monthly - May 2024	A220 plagued by GTF problems – up to quarter of fleet out of action. Slow deliveries of GE90 engines coupled with long shop visits. United Airlines commits to leased alternatives for delayed 737-10. IndiGo orders 30 A350-900s – sufficient long-haul room available. Lease rate factors continue recovery, but still historically suppressed. Regional GDP corrects positively despite negative sentiment	Aircraft Intelligence Monthly