Brunei Darussalam Records 4.2% GDP Growth in 2024

Bandar Seri Begawan: In 2024, Brunei Darussalam’s Gross Domestic Product (GDP) at constant prices grew by 4.2% year-on-year.

According to Radio Television Brunei, this growth was driven by a 5.5% expansion in the Oil and Gas Sector and a 3.1% increase in the Non-oil and Gas Sector.

The rise in the Oil and Gas Sector was largely attributed to increased production of crude oil and natural gas. The Non-oil and Gas Sector’s growth was primarily supported by gains in various subsectors.

In terms of current prices, Brunei’s economy reached a GDP of 20.7 billion dollars in 2024, up from 20.3 billion dollars in 2023. The Non-oil and Gas Sector contributed 53.3% to this figure, while the Oil and Gas Sector accounted for 46.7%.

However, during the fourth quarter of 2024, the GDP at constant prices experienced a 1.1% decline year-on-year. This decrease was due to a 5.2% drop in the Oil and Gas Sector, although the Non-oil and Gas Sector showed a 2.7% increase.

By economic activity, the Industry Sector was the main contributor to GDP in the fourth quarter of 2024, followed by the Services and Agriculture, Forestry, and Fishery Sectors. The Non-oil and Gas Sector contributed 56.6% during this period, whereas the Oil and Gas Sector contributed 43.4%.

The full report on the GDP for the fourth quarter of 2024 is available on the DEPS’s website, ‘deps.mofe.gov.bn’.