02 February 2024
In 2023, Brunei Darussalam’s economy grew by 1.4 per cent, which was
attributed to a continuous increase in the Non-Oil and Gas sector by 4.5
per cent. Meanwhile, the Oil and Gas Sector declined by 2.0 per cent.
The increase in the Non-Oil and Gas Sector was driven by the improvement
in subsectors such as Air Transport by 75.8 per cent, Finance 37.4 per
cent, and Construction 7.5 per cent. However, the contraction of the Oil
and Gas Sector was due to a decline in the production of crude oil, natural
gas and liquefied natural gas (LNG).
In Q4 2023, GDP at constant prices, recorded a positive growth of 6.8 per
cent in Q4 2023 following an increase in the Oil and Gas Sector by 11.1
per cent and the Non-Oil and Gas Sector by 3.1 per cent.
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The expansion in the Oil and Gas Sector was due to a rise in the production
of crude oil, natural gas and LNG. The increase in the production of crude
oil and natural gas was in line with the production from a new oil and gas
field. Meanwhile, the increase in LNG production was due to higher gas
supply.
The Non-Oil and Gas Sector continued its positive performance with an
improvement in subsectors such as Air Transport by 29.8 per cent, Finance
13.9 per cent, and Manufacture of Petroleum and Chemical Products 11.7
per cent.
The improvement in the Air Transport Subsector was in line with an
increase in the number of air passengers and flight frequency. Meanwhile,
the growth in the Finance Subsector corresponded with the increased
income of banking and insurance activities. As for the Manufacture of
Petroleum and Chemical Products Subsector, its expansion resulted from
increased production of petrochemicals, methanol and urea fertilizer.
In terms of GDP contribution by economic activity in the fourth quarter
(Q4) of 2023, the Industry Sector contributed 60.8 per cent, followed by
the Services Sector 38.3 per cent and the Agriculture, Forestry and Fishery
Sector 0.9 per cent.
Brunei Darussalam’s GDP at current prices in Q4 2023 was valued at
BND5.5 billion compared to BND5.7 billion in Q4 2022. From the total GDP,
Oil and Gas Sector accounted for 47.0 per cent meanwhile, the Non-Oil
and Gas Sector, which includes downstream activities such as the
manufacture of petroleum and chemical products, contributed 53.0 per
cent.
By expenditure approach, the increase in GDP growth in Q4 2023 was
driven by a rise in the Net Exports of Goods and Services by 21.9 per cent,
following a decline in the Imports of Goods and Services. This was
accompanied by an increase in the Household Final Consumption
Expenditure and Government Final Consumption Expenditure by 4.8 per
cent and 2.6 per cent respectively. However, the Gross Capital Formation
recorded a decrease of 10.4 per cent.
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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 Q4 2023 and Annual 2024 is available from DEPS’s website at
deps.mofe.gov.bn
Full Report:
Press Release 02.03.2024 [English] - Gross Domestic Product (GDP) Q4 and Annual 2023 - Reports.pdf
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