The graph is showing the 12 month figures for the last 17 months, and as you see Emirates has a lower year around growth compared with scheduled international flights from June this year (Emirates is performing worse than the average). Between May 2011 and May 2012 MAN and Emirates had an almost identical growth. The rolling year curves are perfect to show trends.
If you look at monthly changes you see how well or bad each month performed compared with the same month one year ago. Emirates had two really bad months this year - May and July - both with a decline compared with the same months one year ago.
Since we are talking about an airline from a Muslim country we always have to look out for the Ramadan period. This year's Ramadan lasted from 20 July to 18 August and last year from 1 August to 30 August. The Ramadan period you will inevitably fewer passengers and a boost at the Eid ul-Fitr that mark the end of Ramadan. You can see the result of this both this year and last year.
We are of the lucky few without Emirates, but Qatar is doing it quite well.
