According to the 2022 third quarter report from the Department of Economic Planning and Statistics, Brunei Darussalam’s Gross Domestic Product, GDP has recorded a positive growth of 0.9 percent after recording negative growth in the first and second quarters of 2022. While sharing on Brunei Darussalam’s economic performance, the Minister at the Prime Minister’s Office and Second Minister of Finance and Economy explained that the country’s economic recovery rate momentum is projected to continue to increase following the re-opening of international borders and economy.
Yang Berhormat said that the growth in the third quarter of 2022 is following an increase in the non-oil and gas sector by 4.6 percent driven by increases in several sub-sectors. However, the oil and gas sector recorded a decrease of 2.7 percent due to a decrease in crude oil production. Meanwhile, the Centre for Strategic and Policy Studies, CSPS through the Brunei Economic Outlook 2023 report showed that the national economy will expand at a rate of 2.6 for 2023. The CSPS also projected the country’s inflation will decrease by 2.5 percent for 2023 after recording a rate of 3.7 percent in 2022 which is the highest inflation rate since 1995. Aside from that, the IMF, ASEAN Plus 3 Micro Economic Research Office, AMRO and the Asian Development Bank, ADB have projected a positive economic growth for Brunei Darussalam in 2023 which are 3.3 percent, 3 percent and 3.6 percent respectively.
Source: Radio Television Brunei