Brunei's economy shrank 1.4% yoy in Q1 of 2021, unchanged from the previous quarter. This was the second straight quarter of contraction in the economy, reflecting the impact of the COVID-19 crisis. There were falls in both government spending (-9.8% vs -5.4% in Q4) and fixed investment (-5.7 vs -1.9%). Also, net exports contributed negatively, as exports dropped by 4.3%, while imports jumped by 21.5%. Meantime, household consumption continued to grow (9.6% vs 5%). On the production side, the industrial sector declined by 3.8%, mainly attributed to the decrease of construction (-16.6%), followed by electricity (-6.9%), other manufacturing (-6.3%), liquefied natural gas and other petroleum and chemical products (-3.8%), and oil and gas mining (-3.1%). Meanwhile, the service sector rebounded (2.2% vs -3%), mainly due to a rise in business services (17.9%), wholesale and retail trade (9.6%). On a quarterly basis, the economy contracted 5.4%, reversing from a 9% growth in Q4. source: Department of Economic Planning and Development, Brunei
GDP Annual Growth Rate in Brunei averaged 0.45 percent from 2004 until 2020, reaching an all time high of 7.10 percent in the fourth quarter of 2019 and a record low of -8.10 percent in the fourth quarter of 2013. This page provides - Brunei GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Brunei GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2021.
GDP Annual Growth Rate in Brunei is expected to be 2.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Brunei to stand at 3.50 in 12 months time. In the long-term, the Brunei GDP Annual Growth Rate is projected to trend around 4.00 percent in 2022 and 3.00 percent in 2023, according to our econometric models.