QUARTERLY GROSS DOMESTIC PRODUCT FOURTH QUARTER 2024 AND ANNUAL 2024

Brunei Darussalam's Economy Grew 4.2 Per Cent in 2024

05 March 2025​

Gross Domestic Product (GDP) in 2024 

In 2024, Brunei Darussalam’s Gross Domestic Product (GDP) at constant prices, grew at 4.2 per cent year-on-year, driven by a 5.5 per cent expansion in the Oil and Gas Sector and a 3.1 per cent growth in the Non-oil and Gas Sector.

The growth of the Oil and Gas Sector was largely driven by the rise in production of crude oil and natural gas, among others resulting from increased production capacity in both existing and new oil and gas wells.

The expansion of the Non-Oil and Gas Sector was primarily fueled by a rise in the Manufacturing of Petroleum and Chemical Products 12.0 per cent, Communication 6.0 per cent, and Wholesale and Retail Trade 4.3 per cent. 

In 2024, the economy’s GDP at current prices was at BND20.7 billion, an increase from 2023 which was at BND20.3 billion. The Non-oil and Gas Sector contributed 53.3 per cent, mainly comprising downstream activities such as the manufacture of petroleum and chemical products. The Oil and Gas Sector comprising oil and gas mining and manufacture of LNG, has contributed 46.7 per cent. 

Gross Domestic Product (GDP) in Fourth Quarter (Q4) 2024.  

Brunei Darussalam’s GDP at constant prices, in the fourth quarter (Q4) of 2024, recorded a decline at 1.1 per cent year-on-year. This was due to the decline of the Oil and Gas sector by 5.2 per cent. However, the Non-oil and Gas Sector shows an increase by 2.7 percent. 

The decline of the Oil and Gas Sector in Q4 2024 was due to the decrease in the production of natural gas and Liquified Natural Gas (LNG), following to the unscheduled maintenance activities. 

The expansion of the Non-oil and Gas sector was primarily supported by increase in subsectors such as Air Transport 36.5 per cent, Finance 6.8 per cent, and Wholesale and Retail Trade 4.9 percent. 

The Air Transport subsector expanded, in line with the increase passengers air arrivals and flight frequencies. Meanwhile, the growth in Finance subsector was driven by the increase in income from banking activities. The rise in Wholesale and Retail Trade was mainly driven by the sales of motor vehicles and retail trade. 

By economic activity, in terms of GDP contribution for Q4 2024, the Industry Sector has contributed 58.7 per cent, followed by Services Sector 40.3 per cent, and the Agriculture, Forestry and Fishery Sector at 1.0 per cent. 

In Q4 2024, the economy’s GDP at current prices was at BND5.4 billion, decreased from Q4 2023 which was at BND5.5 billion. The Non-oil and Gas Sector contributed 56.6 per cent, mainly comprising downstream activities such as the manufacture of petroleum and chemical products. The Oil and Gas Sector comprising oil and gas mining and manufacture of LNG, has contributed 43.4 per cent. 

By the expenditure approach, the decline in GDP growth in Q4 2024 was driven by Exports of Goods and Services by 12.1 per cent. However, Household Final Consumption Expenditure increased by 3.9 percent, followed by a 2.3 per cent rise in Government Final Consumption and Gross Capital Formation by 4.8 per cent. 

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 2024 is available from DEPS’s website at deps.mofe.gov.bn. 

FULL REPORT: click here​