Brunei GDP Maintains Steady Growth in Q3

Brunei's economy expanded by 6.0% yoy in Q3 of 2024, retaining the same pace as in Q2 while marking the fourth quarter of yearly rise.

The industrial sector continued to grow (9.8% vs 9.7% in Q2), supported by increases in oil and gas mining, other manufacturing, and utilities.

Meanwhile, services activity maintained its growth despite a slower pace (0.8% vs 1.3%), led by land transport, water transport, air transport, real estate, and health services.

Simultaneously, agricultural output rebounded strongly (10.4% vs -8.2%), boosted by vegetables, fruits, other agriculture, and fishery.

Expenditure-wise, household consumption rose further (6.2% vs 6.0%) amid a sharp slowdown in government spending (1.5% vs 4.9%).

At the same time, a fall in fixed investment strongly eased (-3.9% vs -12.0%).

On the trade front, exports shrank 12.5%, while imports fell at a softer 7.1%, contributing positively to the GDP. Quarterly, GDP grew by 4.8% in Q3, recovering from a 6.2% contraction in Q2.