Bandar Seri Begawan, Brunei Darussalam - Brunei Darussalam's Gross Domestic Product (GDP) at current prices in the second quarter (Q2) of 2023 was valued at 4.8 billion dollars, a decrease from 6.4 billion dollars in Q2 2022. The Department of Economic Planning and Statistics, Ministry of Finance and Economy, reported that despite this overall decline, the Non-Oil and Gas Sector experienced positive growth.
According to Radio Television Brunei, the Non-Oil and Gas Sector recorded a growth of 4.3 per cent, mainly due to increased activity in subsectors such as Air Transport and Finance, followed by Other Manufacturing. In contrast, the Oil and Gas Sector saw a contraction of 10.7 per cent owing to reduced production of crude oil, natural gas, and LNG. Consequently, the country's GDP showed a negative growth of 3.1 per cent. Industry Sector led the GDP contribution by economic activity, followed by the Services Sector and the Agriculture, Forestry, and Fishery Sector.
The GDP decline in Q2 2023 was also attributed to a decrease in Exports of Goods and Services, particularly the export of mineral fuels, and a reduction in the Government Final Consumption Expenditure. However, there was an increase in both the Household Final Consumption Expenditure and Gross Capital Formation. The full GDP report for Q2 2023 is available on the JPES website at 'deps.mofe.gov.bn'.