Brunei GDP eases by 0.2%

National 1 minute, 53 seconds

BANDAR SERI BEGAWAN

BRUNEI’S economic growth eased by 0.2 per cent on year in the third quarter of 2014 owing to a decline in the oil and gas sector, the Department of Economic Planning and Development (JPKE) reported yesterday.

The oil and gas sector, which accounts for about 70 per cent of Brunei’s gross domestic production (GDP), slipped by 3.2 per cent when compared to the same pe-riod last year. The department’s latest economic report also showed the non-oil and gas sector grew by 1.8 per cent year on year.

The agriculture, forestry and fi-sheries sector expanded by 4.3 per cent on year thanks to increased production of livestock and poultry which grew by 18.2 per cent.

Vegetables and fruits production expanded by 1.7 per cent on year.

The industrial sector declined by 2.5 per cent. This was due to a 11 per cent year on year contraction in the manufacturing sector.

Meanwhile, both the mining and construction sectors grew by 0.9 per cent when compared to the third quarter of last year while the electricity and water utilities sec-tor grew by 0.7 per cent over the same period last year.

The services sector grew by 1.9 per cent. The finance sector recorded the highest growth of 2.8 per cent, followed by transport and communication at 2.2 per cent.

Trade increased by 1.9 per cent, government services went up by 1.8 per cent, private services grew by 1.6 per cent and real estate and ownership of dwellings posted a growth of 1.1 per cent.

By expenditure approach, the GDP decline was due to the decrease in exports of goods and services by 2.2 per cent year.

Imports of goods and services has the highest increase at 17.9 per cent year on year followed by personal consumption expenditure which grew by 2.1 per cent , government consumption expenditure by 1.9 per cent and capital formation by 1.1 per cent.

The GDP is a measure of the total value of goods and services produced in a particular period after deducting the cost of goods and services used up in the process of production.

Brunei is the fourth largest oil producer in South East Asia and the ninth largest exporter of liquefied natural gas in the world.

The oil and gas sector powers the sultanate’s economy, accounting for 50 per cent of its GDP and 90 per cent of its exports.

The Brunei Times