Brunei's economy shrank 2.8 percent year-on-year in the three months to June of 2018, compared to an upwardly revised 2.6 percent growth in the previous period and marking the first contraction since the first quarter 2017. Net exports contributed negatively to GDP growth as exports declined by 0.7 percent (vs 7.0 percent in Q1), while imports jumped 21.4 percent (vs 5.5 percent). In addition, government spending contracted 5.1 percent, after a 1.3 percent rise in the March quarter. Meanwhile, private consumption grew 4.6 percent, following a 0.2 percent growth previously. Also, fixed investment grew faster (23.2 percent vs 21 percent). On a quarterly basis, the economy contracted 8.8 percent in the June quarter, following a 0.1 percent growth in the first quarter. GDP Annual Growth Rate in Brunei averaged 0.13 percent from 2004 until 2018, reaching an all time high of 6.60 percent in the second quarter of 2010 and a record low of -8.10 percent in the fourth quarter of 2013.
GDP Annual Growth Rate in Brunei is expected to be 1.90 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 3.90 in 12 months time. In the long-term, the Brunei GDP Annual Growth Rate is projected to trend around 3.30 percent in 2020, according to our econometric models.