In the third quarter, Q3 of 2022, Gross Domestic Product, GDP by economic activity was mainly contributed by the Industry sector which was about 66.4 per cent. According to the press release from Department of Economic Planning and Statistics, Ministry of Finance and Economy, this was followed by Services sector by 32.5 per cent and Agriculture, Forestry and Fishery sector by 1.1 per cent.
Brunei Darussalam's GDP at current prices in Q3 2022 was valued at 5.8 billion dollars compared to 4.7 billion dollars in Q3 2021. The Oil & Gas Sector, comprising of oil & gas mining and manufacture of Liquefied Natural Gas, LNG, accounted for 51.7 per cent of the total gross value added. Meanwhile, the Non-Oil & Gas Sector, which includes downstream activities such as the manufacture of petroleum and chemical products, contributed 48.3 per cent of GDP. Meanwhile, GDP value at constant prices recorded a growth of 0.9 per cent year-on-year. This was due to an increase in the Non-Oil & Gas Sector by 4.6 per cent. On the other hand, the Oil & Gas Sector decreased by 2.7 percent.
The Non-Oil & Gas Sector remained positive with an increase in the Subsectors such as Downstream, Finance, Air Transport, Wholesale and Retail Trade, and Fishery. The increase in the Downstream activities was due to increased methanol production and urea fertilizer. Meanwhile, the increase in the Finance Subsector was in line with an increase in the income of financial and banking activities. The increase in Transport Subsector was mainly contributed by the rise in Air Transport. The increase in the Wholesale and Retail Trade Subsector was due to the rise in domestic demand. The increase in this Subsector was also in line with the rise in retail sales mainly driven by an increase in sales of Textiles, Wearing Apparel and Footwear, and sales at Petrol Station. Furthermore, the increase in the Fisheries Subsector resulted from the expansion of the capture and aquaculture industries.
By expenditure approach, an increase in GDP growth in Q3 2022 was due to a rise in the Exports of Goods and Services, mainly the export of mineral fuel goods. This was followed by an increase in the Household Final Consumption Expenditure, Private Gross Capital Formation, and Government Final Consumption Expenditure.
The GDP full report for the Third Quarter of 2022 is available from DEPS's website at 'deps.mofe.gov.bn'.
Source: Radio Television Brunei