Brunei's economy grew by 0.9% yoy in Q3 of 2022, reversing from a 4.4% contraction in Q2 and advancing for the first time since Q3 of 2020. Both government spending (0.4% vs -6.4 in Q2) and fixed investment (2.1% vs -3.9%) rebounded, amid robust household consumption (12.2% vs 3.7%). Also, net exports contributed positively, with sales bouncing back strongly (14.3% vs -7.9% in Q2) while imports eased noticeably (3.3% vs 8.0%). On the production side, services activity rebounded sharply (5.1% vs -2.8%), boosted by an upturn in wholesale and retail trade, land transport, air transport, financials, hotels, restaurants, and other private services. At the same time, output of the industry fell much softer (-1.7% vs -5.3), with contraction slowing sharply in both oil and gas mining and manufacturing LNG, petroleum, and chemicals. Meanwhile, the output of agriculture remained weak (-6.3% vs -6.7%). On a quarterly basis, the economy advanced 2.3% in Q3, after a 2.2% contraction in Q2. source: Department of Economic Planning and Development, Brunei

GDP Annual Growth Rate in Brunei averaged 0.22 percent from 2004 until 2022, 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 January of 2023.

GDP Annual Growth Rate in Brunei is expected to be 5.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations.

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Brunei GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-05-23 03:30 AM Q4 -1.4% -1.8% 0.5%
2022-08-19 03:30 AM Q1 -4.2% -1.4% -0.9%


Related Last Previous Unit Reference
GDP Annual Growth Rate 0.90 -4.40 percent Sep 2022
Gross Fixed Capital Formation 1637.20 1617.50 BND Million Sep 2022
GDP from Utilities 48.70 56.90 BND Million Sep 2022
GDP from Transport 88.80 59.00 BND Million Sep 2022
GDP from Services 1905.50 1678.00 BND Million Sep 2022
GDP from Public Administration 525.50 472.70 BND Million Sep 2022
GDP from Mining 1755.70 1822.00 BND Million Sep 2022
GDP from Manufacturing 764.50 860.00 BND Million Sep 2022
GDP from Construction 149.30 108.80 BND Million Sep 2022
GDP from Agriculture 51.10 46.50 BND Million Sep 2022
GDP Constant Prices 4588.20 4487.20 BND Million Sep 2022

Brunei GDP Annual Growth Rate
Brunei is the fourth-largest oil producer in Southeast Asia. Oil accounts for around 62 percent of GDP and is the source of 90 percent of government revenues. Yet, in recent years, oil production has declined and, as a result, growth has slowed down. In order to strengthen Brunei’s long-term prospects, the government has been trying to diversify the economy by using oil revenues to invest in non-oil industries like Islamic banking and by attracting foreign direct investments. Focus on eco-tourism has also been high, given that 70 percent of the country’ is covered by tropical forest.
Actual Previous Highest Lowest Dates Unit Frequency
0.90 -4.40 7.10 -8.10 2004 - 2022 percent Quarterly

News Stream
Brunei Economy Expands for 1st Time in 2 Years in Q3
Brunei's economy grew by 0.9% yoy in Q3 of 2022, reversing from a 4.4% contraction in Q2 and advancing for the first time since Q3 of 2020. Both government spending (0.4% vs -6.4 in Q2) and fixed investment (2.1% vs -3.9%) rebounded, amid robust household consumption (12.2% vs 3.7%). Also, net exports contributed positively, with sales bouncing back strongly (14.3% vs -7.9% in Q2) while imports eased noticeably (3.3% vs 8.0%). On the production side, services activity rebounded sharply (5.1% vs -2.8%), boosted by an upturn in wholesale and retail trade, land transport, air transport, financials, hotels, restaurants, and other private services. At the same time, output of the industry fell much softer (-1.7% vs -5.3), with contraction slowing sharply in both oil and gas mining and manufacturing LNG, petroleum, and chemicals. Meanwhile, the output of agriculture remained weak (-6.3% vs -6.7%). On a quarterly basis, the economy advanced 2.3% in Q3, after a 2.2% contraction in Q2.
2023-01-16
Brunei Q2 GDP Shrinks the Most in 6 Years
Brunei's economy shrank 4.4% yoy in Q2 of 2022, after a 4.2% fall in Q1. This was the 7th straight quarter of drop in the economy and the steepest pace since Q2 2016, on mounting global headwinds. Government spending shrank for first time in 5 quarters (-6.4% vs 3.8% in Q1), amid a further fall in fixed investment (-3.9% vs -4.1%). Also, net exports contributed negatively, with sales down 7.9% (vs 7.6% in Q1) while imports grew 8.0% (vs 26.3%). Meanwhile, household consumption growth picked up (3.8% vs 0.6%). On the production side, output of the industry fell for the 6th straight quarter (-5.3% vs -7.0%), due to a decline in oil and gas mining, manufacturing LNG, petroleum, and construction. Also, services activity dropped after growing in the prior 5 quarters (-2.8% vs 0.4), due to a fall in wholesale and retail trade, and finance. Further, the output of agriculture slumped (-6.7% vs 0.8%). On a quarterly basis, the economy contracted 2.2% in Q2, after a 7.9% contraction in Q1.
2022-10-21
Brunei Economy Shrinks the Most in Near 6 Years in Q1
Brunei's economy shrank 4.2% yoy in Q1 of 2022, much steeper than a 1.4% fall in Q4. This was the 6th straight quarter of drop in the economy and the steepest pace since Q2 2016, on persistent COVID-19 disruptions and mounting global headwinds. Net exports contributed negatively, with sales up 7.6% (vs 17.2% in Q4) while imports jumped 26.3% (vs 12.8%). At the same time, fixed investment fell much softer (-4.1% vs -18.8%), government spending grew the least in a year (3.8% vs 6.5%), while household consumption growth accelerated (5.5% vs 4.0%). On the production side, output of the industry fell for the 5th straight quarter (-7% vs 3.6%), due to a drop in oil and gas mining, manufacturing LNG, petroleum, and construction. Meanwhile, services activity was sluggish (0.4% vs 2.3%), amid a slowdown in both land transport and other transport. Also, the output of agriculture was uninspiring (0.8% vs 6.1%). On a quarterly basis, the economy contracted 7.9%, after a 9.5% growth in Q4.
2022-08-19