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. source: Department of Economic Planning and Development, Brunei

GDP Annual Growth Rate in Brunei averaged 0.41 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 December 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. 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


Calendar GMT Actual Previous Consensus TEForecast
2021-07-19 02:45 AM Q1 -1.4% -1.4% -3.7%
2021-10-07 04:30 AM Q2 -2.1% -0.8% -2%
2022-01-11 02:50 AM Q3


Related Last Previous Unit Reference
GDP Annual Growth Rate -2.10 -0.80 percent Jun/21
Gross Fixed Capital Formation 1761.70 1180.80 BND Million Jun/21
GDP From Utilities 55.30 33.70 BND Million Jun/21
GDP From Transport 52.00 34.70 BND Million Jun/21
GDP From Services 1688.80 1746.90 BND Million Jun/21
GDP From Public Administration 495.90 502.30 BND Million Jun/21
GDP From Mining 2043.50 1686.70 BND Million Jun/21
GDP From Manufacturing 779.50 721.30 BND Million Jun/21
GDP From Construction 106.40 81.80 BND Million Jun/21
GDP From Agriculture 62.70 53.00 BND Million Jun/21
GDP Constant Prices 4683.50 4811.00 BND Million Jun/21

News Stream
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
Brunei Economy Shrinks 1.4% in Q1
Brunei's economy shrank 1.4% yoy in Q1 of 2021, unchanged from the previous quarter. This was the second straight quarter of contraction in the economy, reflecting the impact of the COVID-19 crisis. There were falls in both government spending (-9.8% vs -5.4% in Q4) and fixed investment (-5.7 vs -1.9%). Also, net exports contributed negatively, as exports dropped by 4.3%, while imports jumped by 21.5%. Meantime, household consumption continued to grow (9.6% vs 5%). On the production side, the industrial sector declined by 3.8%, mainly attributed to the decrease of construction (-16.6%), followed by electricity (-6.9%), other manufacturing (-6.3%), liquefied natural gas and other petroleum and chemical products (-3.8%), and oil and gas mining (-3.1%). Meanwhile, the service sector rebounded (2.2% vs -3%), mainly due to a rise in business services (17.9%), wholesale and retail trade (9.6%). On a quarterly basis, the economy contracted 5.4%, reversing from a 9% growth in Q4 2020.
2021-07-19
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 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.