That is a drop from the 4.3% growth rate recorded for the full year 2007.
The biggest cause of the slow growth came from a 0.5% contraction in Asian carrier traffic. This is partially the impact of the earthquake in China and partly weakness in the Japanese economy.
Asian carriers also saw weakness in transpacific markets with increased competition from U.S. carriers taking advantage of the weak U.S. dollar.
Meanwhile, according to IATA, international passenger demand grew 6% in May.
This is slower than the 7.4% increase recorded for the full year 2007, but still stronger than expected.
Source: China View