Brunei GDP Annual Growth Rate

Last Release

Sep 30, 2022

Actual

0.9

Units In

-4.4

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
7.1 Dec 2019	-8.1 Dec 2013	0.22 %	2004-2022	N/A

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.

Latest Updates

Brunei's economy expanded by 6.0% yoy in Q3 of 2024, retaining the same pace as in Q2 while marking the fourth quarter of yearly rise. The industrial sector continued to grow (9.8% vs 9.7% in Q2), supported by increases in oil and gas mining, other manufacturing, and utilities. Meanwhile, services activity maintained its growth despite a slower pace (0.8% vs 1.3%), led by land transport, water transport, air transport, real estate, and health services. Simultaneously, agricultural output rebounded strongly (10.4% vs -8.2%), boosted by vegetables, fruits, other agriculture, and fishery. Expenditure-wise, household consumption rose further (6.2% vs 6.0%) amid a sharp slowdown in government spending (1.5% vs 4.9%). At the same time, a fall in fixed investment strongly eased (-3.9% vs -12.0%). On the trade front, exports shrank 12.5%, while imports fell at a softer 7.1%, contributing positively to the GDP. Quarterly, GDP grew by 4.8% in Q3, recovering from a 6.2% contraction in Q2.