Brunei's economy advanced 0.5% yoy in Q3 of 2020, the least since the first quarter last year, after an upwardly revised 3.0% growth in Q2. Household consumption growth accelerated (14.1% vs 6.3% in Q2), amid a faster decline in government spending (-8.4% vs -5.1%). Also, net exports contributed negatively to the GDP growth, as exports expanded by 0.3% while imports rose at a faster 26.1%. Meanwhile, fixed investment rebounded sharply (9.6% vs -27.8%). On the production side, the industry sector grew much less (0.7% vs 6.7%), due to a softer rise in manufacture of liquefied natural gas and other petroleum, and chemical products; while production of oil and gas mining contraction. Meanwhile, the service sector shrank further (-0.3% vs -3.6%), dragged down by contraction in land and air transport. By contrast, output of agriculture, forestry and fishing sector continued to expand (15.8% vs 9.7%). On a quarterly basis, the economy shrank 2.7%, after a revised 2.0% contraction in Q2. source: Department of Economic Planning and Development, Brunei
GDP Annual Growth Rate in Brunei averaged 0.47 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 January of 2021.
GDP Annual Growth Rate in Brunei is expected to be 1.40 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 2.50 percent in 2022, according to our econometric models.