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Brunei records 3.9pc growth in Q4 2019
Brunei Darussalam’s economy in 2019 grew by 3.9 per cent which was attributed to the growth of both the Oil & Gas Sector and Non-Oil & Gas sector by 4.9 per cent and 2.5 per cent respectively. The overall growth was achieved after the gross domestic product (GDP) in the fourth quarter of 2019 (Q4 2019) recorded a positive growth.
In Q4 2019, Brunei’s GDP at current prices was estimated at BND4.82 billion compared to BND4.81 billion in Q4 2018. The Oil & Gas sector, comprising oil and gas mining and manufacturing of liquefied natural gas (LNG), was valued at BND2.6 billion and accounted for 52.5 per cent of the total gross value added (GVA). Meanwhile, the Non-Oil & Gas sector, which now includes downstream activities such as the manufacturing of petroleum and chemical products, contributed 47.5 per cent with a GVA of BND2.3 billion.
At constant prices, GDP Q4 2019 growth was contributed by the increases in both the Oil & Gas sector and the Non-Oil & Gas sector by 8.1 per cent and 5.9 per cent respectively.
The growth in the Oil & Gas sector was mainly supported by the increase in LNG production to 1,034,175 MMBtu per day in Q4 2019 from 924,232 MMBtu per day in Q4 2018. Production of crude oil also increased from 117.6 thousand barrels per day in Q4 2018 to 130.1 thousand barrels per day in Q4 2019.
In addition, natural gas production also recorded an increase from 33.0 million cubic metres per day to 36.2 million cubic metres per day in the same period of time.
New production of petroleum and chemical products from the downstream activities, with a GVA of BND110.0 million, led to the expansion of the Non-Oil & Gas Sector. This was followed by an increase in the Transportation Subsector by 15.1 per cent particularly in the water transport activities; and Construction Subsector (13.8 per cent).
By kind of economic activity, the positive growth year-on-year in Q4 2019 was due to an increase in the Industry Sector by 11.4 per cent. Meanwhile, the Services Sector increased by 0.7 per cent supported by increases in the Subsectors such as Transportation, Government Services and Education Services. The Agriculture, Forestry & Fishery Sector also increased by 1.8 per cent following an increase in the Fishery Subsector, mainly in the small scale capture industry.
By expenditure approach, GDP growth was attributed to an increase in the Imports of Goods and Services by 30.6 per cent followed by Exports of Goods and Services by 28.9 per cent, Households Final Consumption Expenditure 7.5 per cent, and Government Final Consumption Expenditure 2.0 per cent.
Gross domestic product (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. The GDP full report for the Fourth Quarter of 2019 is available from DEPS’s website: www.deps.gov.bn.
Source: https://borneobulletin.com.bn/brunei-records-3-9pc-growth-in-q4-2019/