Brunei Darussalam’s gross domestic product (GDP) at constant prices, grew at 4.2 per cent year-on-year in 2024, driven by a 5.5-per-cent expansion in the oil and gas (O&G) sector and a 3.1-per-cent growth in the non-O&G sector, according to the Department of Economic Planning and Statistics (DEPS) in a statement yesterday.
The growth of the O&G sector was largely driven by the rise in production of crude oil and natural gas, among others resulting from increased production capacity in both existing and new O&G wells.
The expansion of the non-O&G sector was primarily fuelled by a rise in the manufacturing of petroleum and chemical products (12.0 per cent), communication (6.0 per cent), and wholesale and retail trade (4.3 per cent).
In 2024, the economy’s GDP at current prices was at BND20.7 billion, an increase from BND20.3 billion in 2023. The non-O&G sector contributed 53.3 per cent, mainly comprising downstream activities such as the manufacture of petroleum and chemical products. The O&G sector, comprising O&G mining and manufacture of liquefied natural gas (LNG), has contributed 46.7 per cent.
Meanwhile, Brunei Darussalam’s GDP at constant prices, in the fourth quarter (Q4) of 2024, recorded a decline at 1.1-per-cent year-on-year. This was due to the decline of the O&G sector by 5.2 per cent. However, the non-O&G sector showed an increase by 2.7 per cent.
The decline of the O&G sector in Q4 2024 was due to the decrease in the production of natural gas and LNG, following to the unscheduled maintenance activities.
The expansion of the non-O&G sector was primarily supported by increase in subsectors such as air transport (36.5 per cent), finance (6.8 per cent), and wholesale and retail trade (4.9 per cent).
The air transport subsector expanded, in line with the increase passengers air arrivals and flight frequencies. Meanwhile, the growth in the finance subsector was driven by the increase in income from banking activities. The rise in wholesale and retail trade was mainly driven by the sales of motor vehicles and retail trade.
By economic activity, in terms of GDP contribution for Q4 2024, the industry sector has contributed 58.7 per cent, followed by the services sector (40.3 per cent) and the agriculture, forestry and fishery sector (1.0 per cent).
In Q4 2024, the economy’s GDP at current prices was at BND5.4 billion, a decrease from BND5.5 billion in Q4 2023. The non-O&G sector contributed 56.6 per cent, mainly comprising downstream activities such as the manufacture of petroleum and chemical products. The O&G sector comprising O&G mining and the manufacture of LNG, has contributed 43.4 per cent. By the expenditure approach, the decline in GDP growth in Q4 2024 was driven by exports of goods and services by 12.1 per cent. However, household final consumption expenditure increased by 3.9 per cent, followed by a 2.3-per-cent rise in government final consumption and gross capital formation by 4.8 per cent.
GDP is a measure of the total value of goods and services produced in a particular period after deducting the cost of goods and services used up in the process of production. The full report for the GDP Q4 2024 is available from DEPS’s website at deps.mofe.gov.bn.
