​QUARTERLY GROSS DOMESTIC PRODUCT SECOND QUARTER 2023 

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25 November 2023 

In the second quarter (Q2) of 2023, the Non-Oil and Gas Sector recorded a positive growth of 4.3 per cent. This was attributed to a rise in subsectors such as Air Transport 131.9 per cent and Finance 79.9 per cent followed by Other Manufacturing by 34.2 per cent.​

The increase in the Air Transport Subsector was in line with an increase in passenger air arrivals and departures. Meanwhile, the positive performance of the Finance Subsector was in line with an increase in the income of banking activity. Whereas, increase in the Other Manufacturing Subsector was contributed by the increase in cement production attributed to a rise in construction activities. 

The Manufacture of Petroleum and Chemical Products Subsector under the Non-Oil and Gas Sector experienced a decline due to decrease in the production of petrochemical products and urea fertilizer as a result of maintenance activities.

Meanwhile, the Oil and Gas Sector experienced a contraction of 10.7 per cent caused by a decrease in the production of crude oil, natural gas and LNG. Thus, the country's GDP recorded a negative growth of 3.1 per cent in Q2 2023. 

In terms of GDP contribution by economic activity, the Industry Sector contributed 62.7 per cent, followed by the Services Sector 35.9 per cent and the Agriculture, Forestry and Fishery Sector 1.4 per cent.

Brunei Darussalam’s GDP at current prices in Q2 2023 was valued at BND4.8 billion compared to BND6.4 billion in Q2 2022. The Oil and Gas Sector, comprising of oil and gas mining and manufacture of Liquified Natural Gas (LNG) and the Non-Oil and Gas Sector, which includes downstream activities such as the manufacture of petroleum and chemical products, contributed at the same rate of 50.0 per cent of the total gross value added (GVA).

By expenditure approach, the decline in GDP growth in Q2 2023 was due to a decrease in the Exports of Goods and Services by 2.1 per cent particularly the export of mineral fuels. This was followed by a reduction in the Government Final Consumption Expenditure by 4.4 per cent. However, the Household Final Consumption Expenditure and Gross Capital Formation recorded an increase by 16.3 per cent and 19.0 per cent respectively.

Gross Domestic Product (GDP) is a measure of the total value of goods and services produced in a particular period after deducting the cost of goods and services used up in the process of production. The full report for the GDP Q2 2023 is available from DEPS’s website at deps.mofe.gov.bn

​Full Report: Press Release 25.11.2023 [English] - Gross Domestic Product (GDP) Full Report Q2_2023.pdf