Brunei's economy shrank 1.4% yoy in Q4 of 2020, after a downwardly revised 0.4% growth in Q3. This was the first pace of contraction since Q1 2019, reflecting the impact of the COVID-19 crisis. There were falls in both government spending (-5.4% vs 8.4% in Q3) and fixed investment (-1.9% vs 9.5%). Also, net exports contributed negatively, as exports (-10.2%) shrank faster than imports (-8.2%). Meantime, household consumption growth slowed sharply (5% vs 14.1%). On the production side, the industry sector shrank 0.8% after gaining 0.8% in Q3, amid declines in oil and gas mining, and manufacture of wearing apparel. Meanwhile, the service sector fell faster (-3% vs -0.4%), dragged down by falls in the land and air transport as well as other transport. By contrast, output of the agriculture rose stronger (27.5% vs 11.4%). On a quarterly basis, the economy advanced 9%, after a revised 3.2% drop in Q3. For full 2020, the economy grew 1.2%, following a 3.9% expansion in 2019. source: Department of Economic Planning and Development, Brunei

GDP Annual Growth Rate in Brunei averaged 0.45 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 July of 2021.

GDP Annual Growth Rate in Brunei is expected to be 2.50 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 3.50 in 12 months time. In the long-term, the Brunei GDP Annual Growth Rate is projected to trend around 4.00 percent in 2022 and 3.00 percent in 2023, according to our econometric models.

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Brunei GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-1.40 0.40 7.10 -8.10 2004 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-07-20 12:30 AM Q1 2.4% 7.1% 2.5%
2020-09-21 03:20 AM Q2 2.8% 2.4% 1.2%
2021-01-11 02:50 AM Q3 0.5% 3.0%
2021-03-19 01:00 AM Q4 -1.4% 0.5% -3.5%
2021-07-20 12:30 AM Q1 -1.4% -3.7%
2021-09-21 03:20 AM Q2


News Stream
Brunei Q4 GDP Contracts 1.4% YoY
Brunei's economy shrank 1.4% yoy in Q4 of 2020, after a downwardly revised 0.4% growth in Q3. This was the first pace of contraction since Q1 2019, reflecting the impact of the COVID-19 crisis. There were falls in both government spending (-5.4% vs 8.4% in Q3) and fixed investment (-1.9% vs 9.5%). Also, net exports contributed negatively, as exports (-10.2%) shrank faster than imports (-8.2%). Meantime, household consumption growth slowed sharply (5% vs 14.1%). On the production side, the industry sector shrank 0.8% after gaining 0.8% in Q3, amid declines in oil and gas mining, and manufacture of wearing apparel. Meanwhile, the service sector fell faster (-3% vs -0.4%), dragged down by falls in the land and air transport as well as other transport. By contrast, output of the agriculture rose stronger (27.5% vs 11.4%). On a quarterly basis, the economy advanced 9%, after a revised 3.2% drop in Q3. For full 2020, the economy grew 1.2%, following a 3.9% expansion in 2019.
2021-03-19
Brunei Q3 GDP Growth Rate Weakest in 1-1/2 Years
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.
2021-01-11
Brunei Q2 GDP Annual Growth Accelerates to 2.8%
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.
2020-09-21
Brunei Q1 GDP Growth Slows Sharply
Brunei's economy advanced 2.4% yoy in March quarter of 2020, after a record high of 7.1% expansion in the prior period. Household consumption growth eased sharply (2.1% vs 7.5% in Q4), amid a decline in both government spending (-16.4% vs 2.9%) and fixed investment (-17.3% vs -12%). Meanwhile, net exports contributed positively to the GDP growth, as exports grew (29.1% vs 28.9% in Q4) while imports fell (-5.3% vs 30.6%). On the expenditure side, the service sector shrank (-2.5% vs 0.7% in Q4), dragged down by contraction in land and air transport, hotels, restaurants. Also, the industry sector rose much less (5.3% vs 11.4%), on the back of a slowdown in construction activities and falls in oil and mining and manufacture of textiles. Meanwhile, output grew further for the agriculture, forestry and fishing sector (5% vs 1.8%), led by a rebound in production of vegetables, fruits; and livestocks and poultry. On a quarterly basis, the economy shrank 5.2%, after a 11.1% expansion in Q4.
2020-07-20

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.