Brunei's Economic Growth of 6% in the Third Quarter

Published at Dec 24, 2024 01:19 pm
(Bandar Seri Begawan, 24th) In the third quarter of 2024, Brunei's Gross Domestic Product (GDP) at constant prices increased by 6% year-on-year. This growth was driven by a 12.9% expansion in the Oil and Gas (O&G) sector, while the non-oil and gas sector grew by 0.3%.

According to data from the Economic Planning and Statistics Department, the growth in the oil and gas sector was driven by the increase in production of crude oil, natural gas, and liquefied natural gas (LNG). The increase in crude oil and natural gas production was driven by new oil and gas wells, while the increase in LNG production was attributed to an increase in gas supply.

The non-oil and gas sectors showed moderate growth in the third quarter, thanks to expansions in fisheries (25.5%), electricity and water (15%), water transport (10.2%), and education (3.3%).

Growth in the fisheries sector was mainly due to an increase in fisheries catch production. The growth in the electricity and water sectors was driven by increased power production and expanded waste management activities. The expansion of the water transport sub-sector was related to the increase in LNG exports. Meanwhile, the education sub-sector grew with the increase in higher education activities.

In terms of economic activity contributions to GDP, the industrial sector contributed 60.1%, followed by the services sector at 38.6%, and the agriculture, forestry, and fisheries sector at 1.3%.

At current prices, Brunei's GDP in the third quarter of 2024 was 5.03 billion, higher than the 4.98 billion in the third quarter of 2023. The oil and gas sector accounted for 46.4%, including oil and gas extraction and liquefied natural gas manufacturing. The non-oil and gas industries contributed 53.6% to GDP, mainly including downstream activities such as the manufacturing of petrochemical products.

By the expenditure approach, GDP growth in the third quarter of 2024 was primarily driven by a 6.2% growth in household final consumption expenditure, followed by a 1.5% increase in government final consumption. However, gross capital formation contracted by 3.9%, and exports of goods and services also decreased by 12.5%.

Author

Han Yin Kong


相关报道