Brunei's economy grew 2.8% yoy in Q2 of 2020, after a 2.4% expansion in the prior period. Household consumption growth accelerated (2.7% vs 2.1% in Q1), amid a softer decrease in government spending (-5.1% vs -16.4%). Meanwhile, net exports contributed positively to the GDP growth, as exports advanced (16.5% vs 29.1%) while imports fell (-16.4% vs -5.3%). Meantime, fixed investment continued to drop (-27.8% vs -17.3%). On the expenditure side, the industry sector expanded more (6.6% vs 5.3%), due to a rise in manufacture of liquefied natural gas and other petroleum and chemical products; oil and gas and manufacture of food and beverage. Meanwhile, the service sector shrank (-3.6% vs -2.5%), dragged down by contraction in land and air transport, hotels, restaurants. Also, output of agriculture, forestry and fishing sector contracted (-4.4% vs 5%), led by a drop in production of forestry and fishery. On a quarterly basis, the economy shrank 2.1%, after a 5.2% contraction in Q1.
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 October 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.