Brunei Q4 GDP Contracts for First Time in 5 Quarters

Brunei's economy shrank 1.1% yoy in Q4 of 2024, swinging from a 6.0% growth in the prior two quarters while marking the first fall since Q3 of 2023.

The industrial sector dropped after growing in the previous four periods (-5.1% vs 9.8%), dragged by falls in oil and gas mining, manufacture of food and beverages, other manufacturing, and construction.

In contrast, services activity picked up (4.9% vs 0.8%), boosted by growth in wholesale & retail trade, water transport, air transport, and finance.

Also, agricultural output grew robustly (18.2% vs 10.4%), lifted by livestock, forestry, and fisheries.

Expenditure-wise, household consumption slowed (3.9% vs 6.2%) while government spending accelerated (2.3% vs 1.5%) and fixed investment rebounded (4.8% vs -3.9%).

On the trade front, however, both exports (-12.1% vs -12.5%) and imports (-12.8% vs -7.1%).

Quarterly, GDP grew 5.9% in Q4, after a 4.8% rise in Q3.

For full year, the economy grew 4.2%, much stronger than a 1.1% growth in 2023.