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 advanced 6.8% year-on-year in Q1 of 2024, the same pace as in the previous quarter. Still, the latest reading remained the strongest growth rate since Q4 of 2019, boosted by activities related to oil & gas (8.9%) and non-oil and gas (5.0%). Among sectors, the output of industrial one jumped (11.1% vs 10.1% in Q4) while services slowed 1(.4% vs 2.6% ). Meantime, agricultural production fell 0.8%, much softer than a 22.4% plunge in the prior quarter. On the expenditure side, household consumption accelerated (7.5% vs 4.8%) amid an upswing in fixed investment (9.1% vs -10.4%). At the same time, both exports (14.5% vs -1.8%) and imports (16.4% vs -8.3%) grew after falling previously. By contrast, government spending contracted by 5.1% after expanding by 2.6% in the prior period. Quarterly, the GDP shrank by 5.0%, a sharp reversal from a 12.2% surge in Q4. In 2023, Brunei's GDP expanded by 1.4%.