BANDAR SERI BEGAWAN: Brunei Darussalam’s gross domestic product (GDP) at constant prices, grew at six per cent year-on-year in the third quarter (Q3) of 2024. This growth was driven by a 12.9 per cent expansion in the oil and gas (O&G) sector, while the non-O&G sector saw a growth of 0.3 per cent.
According to Department of Economic Planning and Statistics, the growth of the O&G sector was driven by higher production of crude oil, natural gas and liquefied natural gas (LNG).
The increase in crude oil and natural gas production was driven by new O&G wells, while the increase in LNG production was attributed to a higher gas supply.
The non-O&G sector showed moderate growth in Q3, supported by expansions in subsectors such as fishery (25.5 per cent), electricity and water (15 per cent), water transport (10.2 per cent) and education (3.3 per cent).
The growth in the fishery subsector was mainly contributed by increased production in capture fisheries.
Growth in the electricity and water subsector was supported by increase in electricity production and expanded waste management activities. The expansion in the water transport subsector was linked to higher LNG exports.
Meanwhile, the education subsector grew in tandem with increased activities in tertiary education.
In terms of GDP contribution by economic activity, the industry sector contributed 60.1 per cent, followed by the services sector at 38.6 per cent and the agriculture, forestry and fishery sector at 1.3 per cent.
The Sultanate’s GDP at current prices stood at BND5.03 billion in Q3 2024, up from BND4.98 billion in Q3 2023.
The O&G sector accounted for 46.4 per cent, comprising O&G mining and manufacture of LNG. The non-O&G sector contributed 53.6 per cent of GDP, mainly comprising downstream activities such as the manufacture of petroleum and chemical products.
By the expenditure approach, the increase in GDP growth in Q3 2024 was primarily driven by a 6.2 per cent increase in household final consumption expenditure, followed by 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 also declined by 12.5 per cent. - Borneo Bulletin/ANN
