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 shrank by 1.1% yoy in Q4 of 2024, swinging from a 6.0% growth in the prior two quarters while marking the first decline since Q3 of 2023. The industrial sector dropped after growing in the previous four periods (-5.1% vs 9.8%), dragged by falls in oil and gas mining, manufacture of food and beverages, other manufacturing, and construction. In contrast, services activity picked up (4.9% vs 0.8%) boosted by growth in wholesale & retail trade, water transport, air transport, and finance. Also, agricultural output grew robustly (18.2% vs 10.4%), lifted by livestock, forestry, and fishery. Expenditure-wise, a fall in fixed investment persisted (-12.1% vs -12.5%) while household consumption eased (3.9% vs 6.2%). However, government spending accelerated (2.3% vs 1.5%). On the trade front, exports fell 12.1%, and imports dipped 12.8%. For the full year, the economy grew 4.2%, much stronger than a 1.1% growth in 2023. Quarterly, GDP grew 5.9% in Q4, after a 4.8% rise in Q3.