Brunei’s GDP shrinks by 1.2%

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Brunei’s gross domestic product (GDP) shrank to 1.2 percent to $4.49 billion due to the continued decrease in its oil and gas production.

Statistics released by the Department of Economic Planning and Development (JPKE) recently revealed a continued downward trend for Brunei’s oil and gas sector which shrank further to 2.4 percent due to the decrease in in Liquefied Natural Gas (LNG) and methanol manufacture.

Brunei’s GDP had previously declined from a positive growth of 2.5 percent in Q1 2018 to negative 2.8 percent in Q2 2018.

Production of natural gas has declined to 31.4 million cubic metre per day in Q3 2018, from 34.0 million cubic metre per day at the same period in Q3 2017.

LNG production volume had also contracted a decrease, from 949.3 thousand Million British Thermal Unit per day (MMBtu/d) in Q3 2017 to 861.3 thousand MMBtu/d in Q3 2018.

Crude oil production however, has increased from 103.2 thousand barrel per day in Q3 2017 to 105.4 thousand barrel per day in Q3 2018.

Meanwhile, non-oil and gas sector bounced back up to 0.5 percent after declining by 2.6 percent in the second quarter of last year.

The increase was due to the positive growths in the production of forestry (10.7 percent), livestock and poultry (7.6 percent), other manufacturing products (7.4 percent), electricity and water (6.4 percent) and government services (4.2 percent).

At current prices, this sector was estimated at $1,952.0 million compared to $1.826.4 million in Q2 2018.

More details on the report can be obtained from JPKE’s website.

The Bruneian