BANDAR SERI BEGAWAN
Brunei’s gross domestic product (GDP) grew by 2.5 per cent to B$4.38 billion as a result of increased oil and gas production early this year.
Statistics released by the Department of Economic Planning and Development (JPKE) this week revealed that liquified natural gas (LNG) production increased by 12 per cent this year compared to the same period in 2017, from 952.2 thusand Million British Thermal Unit per day (MMBtu/d) to 1,076.9 MMBtu/d in the first quarter of this year.
Crude oil production was also up from 125.3 to 125.6 thousand barrels per day, with a total value further boosted by increases in oil prices which stood at US$69.50 per barrel in the first quarter of this year compared to US$56.40 over the same period in 2017.
The JPKE report said that oil and gas remains a dominant sector in Brunei’s economy, accounting for 58 per cent of Gross Value Added (GVA) – a measure of all goods and services produced in the country – up by 3.3 per cent year-on-year.
Meanwhile, the non-oil and gas sector, which accounts for 41.6 per cent of the economy, have shrunk by B$23.7 million in Q1 2018 compared to the same period last year. Land transport fell by 8.9 per cent, manufacturing of apparels and textiles by 8.1 per cent, food and beverage at 4.9 per cent, Agriculture at 25.9 per cent and fisheries at 17.1 per cent.
The GDP growth further bolstered Brunei’s road to economic recovery following the recession the country had endured in recent years. Brunei’s economy recovered from the recession for the first time in 2017 with a 1.3 per cent growth in GDP at 12.128 billion.