Brunei's economy advanced 2.4% yoy in March quarter of 2020, after a record high of 7.1% expansion in the prior period. Household consumption growth eased sharply (2.1% vs 7.5% in Q4), amid a decline in both government spending (-16.4% vs 2.9%) and fixed investment (-17.3% vs -12%). Meanwhile, net exports contributed positively to the GDP growth, as exports grew (29.1% vs 28.9% in Q4) while imports fell (-5.3% vs 30.6%). On the expenditure side, the service sector shrank (-2.5% vs 0.7% in Q4), dragged down by contraction in land and air transport, hotels, restaurants. Also, the industry sector rose much less (5.3% vs 11.4%), on the back of a slowdown in construction activities and falls in oil and mining and manufacture of textiles. Meanwhile, output grew further for the agriculture, forestry and fishing sector (5% vs 1.8%), led by a rebound in production of vegetables, fruits; and livestocks and poultry. On a quarterly basis, the economy shrank 5.2%, after a 11.1% expansion in Q4.
GDP Annual Growth Rate in Brunei averaged 0.44 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 August of 2020.
GDP Annual Growth Rate in Brunei is expected to be 1.30 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 1.40 in 12 months time. In the long-term, the Brunei GDP Annual Growth Rate is projected to trend around 1.40 percent in 2021 and 2.50 percent in 2022, according to our econometric models.