Brunei’s GDP Records 6 Percent Growth in Q3 of 2024
Bandar Seri Begawan, The Gulf Observer: Brunei Darussalam’s gross domestic product (GDP) at constant prices grew by six per cent year-on-year in the third quarter (Q3) of 2024, according to the Department of Economic Planning and Statistics. This growth was primarily fueled by a 12.9 per cent expansion in the oil and gas (O&G) sector, with the non-O&G sector posting modest growth of 0.3 per cent.
The robust performance of the O&G sector was attributed to increased production of crude oil, natural gas, and liquefied natural gas (LNG). New O&G wells contributed to higher crude oil and natural gas output, while improved gas supply supported LNG production.
Meanwhile, the non-O&G sector recorded growth in several key subsectors, including fisheries (up 25.5 per cent), electricity and water (up 15 per cent), water transport (up 10.2 per cent), and education (up 3.3 per cent). Growth in the fisheries subsector was largely driven by increased capture fisheries production, while the electricity and water subsector benefited from expanded electricity generation and waste management activities. The rise in the water transport subsector was linked to higher LNG exports, and education grew alongside increased tertiary education activities.
In terms of GDP contribution by sector, the industrial sector remained dominant, accounting for 60.1 per cent, followed by services at 38.6 per cent and agriculture, forestry, and fisheries at 1.3 per cent.
At current prices, Brunei’s GDP rose to BND5.03 billion in Q3 2024, up from BND4.98 billion in Q3 2023. The O&G sector contributed 46.4 per cent of GDP, encompassing O&G mining and LNG production, while the non-O&G sector accounted for 53.6 per cent, driven by downstream activities such as the manufacture of petroleum and chemical products.
From an expenditure perspective, GDP growth was led by a 6.2 per cent increase in household final consumption expenditure and a 1.5 per cent rise in government final consumption. However, gross capital formation contracted by 3.9 per cent, and exports of goods and services declined by 12.5 per cent, reflecting mixed dynamics in the broader economy.
Brunei’s economic outlook continues to be shaped by its O&G sector, with diversification efforts playing a critical role in sustaining growth across other sectors.
