Brunei's economy shrank 1.4% yoy in Q4 of 2022, after a downwardly revised 1.8% fall in Q3, pointing to the fifth straight quarter of contraction amid the disruption caused by COVID-19. Fixed investment fell at a softer rate(-18.8% vs -29.5% in Q3), while household consumption was sluggish (1.2% vs 13.3%), and government spending moderated (6.5% vs 8.2%). Meantime, net exports contributed positively, as exports rose 17.2% (vs 4.5% in Q3) while import went up at a softer 12.8% (vs 28.3%). On the production side, the output of the industrial sector dropped at a slower pace, due to a fall in oil and gas mining (-3.8%), manufacturing LNG and petroleum (-9.9%), construction (-8.9%), and utilities (-1.7%). Meanwhile, services activity rose for the 4th straight quarter (2.1% vs 1.8%), amid a further fall in wholesale and retail trade (-4.2% vs -4.3%). Meantime, the output of agriculture slowed sharply (6.1% vs 26.4%). On a quarterly basis, the economy grew 9.5%, following a 3.2% fall in Q3. source: Department of Economic Planning and Development, Brunei

GDP Annual Growth Rate in Brunei averaged 0.34 percent from 2004 until 2021, 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 June of 2022.

GDP Annual Growth Rate in Brunei is expected to be 3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Brunei GDP Annual Growth Rate is projected to trend around 3.00 percent in 2023, according to our econometric models.

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Brunei GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-01-11 03:00 AM Q3 -2.2% -2.1% -2.8%
2022-05-23 03:30 AM Q4 -1.4% -1.8% 0.5%
2022-07-19 02:45 AM Q1 -1.4%


Related Last Previous Unit Reference
GDP Annual Growth Rate -1.40 -1.80 percent Dec 2021
GDP From Utilities 47.90 50.10 BND Million Dec 2021
GDP From Transport 95.10 81.50 BND Million Dec 2021
GDP From Services 1919.30 1812.30 BND Million Dec 2021
GDP From Public Administration 659.50 518.50 BND Million Dec 2021
GDP From Mining 1965.80 1805.50 BND Million Dec 2021
GDP From Manufacturing 976.50 754.70 BND Million Dec 2021
GDP From Construction 113.90 154.50 BND Million Dec 2021
GDP From Agriculture 47.70 54.60 BND Million Dec 2021
GDP Constant Prices 4976.90 4545.60 BND Million Dec 2021
Gross Fixed Capital Formation 1639.00 1761.70 BND Million Sep 2021

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
-1.40 -1.80 7.10 -8.10 2004 - 2021 percent Quarterly

News Stream
Brunei GDP Shrinks for 5th Straight Quarter in Q4
Brunei's economy shrank 1.4% yoy in Q4 of 2022, after a downwardly revised 1.8% fall in Q3, pointing to the fifth straight quarter of contraction amid the disruption caused by COVID-19. Fixed investment fell at a softer rate(-18.8% vs -29.5% in Q3), while household consumption was sluggish (1.2% vs 13.3%), and government spending moderated (6.5% vs 8.2%). Meantime, net exports contributed positively, as exports rose 17.2% (vs 4.5% in Q3) while import went up at a softer 12.8% (vs 28.3%). On the production side, the output of the industrial sector dropped at a slower pace, due to a fall in oil and gas mining (-3.8%), manufacturing LNG and petroleum (-9.9%), construction (-8.9%), and utilities (-1.7%). Meanwhile, services activity rose for the 4th straight quarter (2.1% vs 1.8%), amid a further fall in wholesale and retail trade (-4.2% vs -4.3%). Meantime, the output of agriculture slowed sharply (6.1% vs 26.4%). On a quarterly basis, the economy grew 9.5%, following a 3.2% fall in Q3.
2022-05-23
Brunei Q3 GDP Shrinks the Most in A Year
Brunei's economy shrank 2.2% yoy in Q3 of 2021, after a 2.1% fall in Q2. This was the fourth straight quarter of contraction in the economy and the steepest pace in the sequence, reflecting the impact of the ongoing COVID-19 crisis. Both government spending (-0.5% vs 2.6% in Q2) and fixed investment (-28% vs 12.7%) fell, amid a slight slowdown in household consumption (13% vs 13.9%). Meantime, net exports contributed positively, as exports rebounded sharply (44.5% vs -10.9% in Q2) while imports eased (28.3% vs 53.1%). On the production side, the output of the industrial sector dropped further, dragged down by a decline in oil and gas mining (-3.9%), manufacturing LNG and other petroleum (-7.6%), construction (-4.7%), and utilities (-2.6%). Also, services activity slowed (1.1% vs 2.3%), amid a sharp fall in wholesale and retail trade. Meantime, the output of agriculture accelerated (27.9% vs 12.9%). On a quarterly basis, the economy contracted 3.3%, following a 2.7% decline in Q2.
2022-01-11
Brunei Recession Deepens in Q2
Brunei's economy shrank 2.1% yoy in Q2 of 2021, after a downwardly revised 0.8% fall in Q1. This was the third straight quarter of contraction in the economy and the steepest pace in the sequence, reflecting the impact of the COVID-19 crisis. Net exports contributed negatively, as exports dropped much steeper (-10.9% vs -4.3% in Q1), while imports accelerated sharply (53.1% vs 21.5%). Meantime, Household consumption grew further (13.9% vs 9.6%), amid a rebound in both government spending (2.6% vs -9.8%) and fixed investment (12.7% vs -5.7%). On the production side, the output of the industrial sector fell faster, mainly attributed to the fall of manufacturing LNG and other petroleum and chemicals (-9.2%), construction (-6.2%), and oil and gas mining (-4.7%). In addition, activities slowed sharply for agriculture (12.9% vs 112.3%) while little changed for services (2.3% vs 2.2%). On a quarterly basis, the economy contracted 2.7%, following a downwardly revised 4.7% decline.
2021-10-07