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.