Economy grew 1.2pc in 2020

Brunei Darussalam’s economy in 2020 grew by 1.2 per cent which was attributed to an increase in the Non-Oil and Gas sector by nine per cent, according to the Department of Economic Planning and Statistics.

Meanwhile, the Oil and Gas Sector recorded a decline of 4.9 per cent. The overall growth in 2020 was achieved after the gross domestic product (GDP) in the first nine months recorded a positive growth.

In the fourth quarter (Q4) 2020, Brunei Darussalam’s GDP at current prices was valued at BND4.1 billion compared to BND4.8 billion in Q4 2019.

The Oil and Gas Sector, comprising oil and gas mining and manufacture of liquefied natural gas (LNG), which accounted for 44.8 per cent of the total gross value added (GVA).

Meanwhile, the Non-Oil and Gas Sector, which includes downstream activities like the manufacture of petroleum and chemical products, contributed 55.2 per cent.

The growth in the Non-Oil and Gas Sector was mainly due to the downstream activities following the increase in the production of petroleum and chemical products, with a GVA of BND362.5 million at constant prices.

This was followed by an increase in the subsector of Wholesale and Retail Trade which contributed by an increase in the domestic demand as travel restrictions remain effective amid the COVID-19 pandemic. The Health Services subsector also increased in line with the increase in both government and private health services activities.

In addition, the Agriculture, Forestry and Fishery sector also recorded an increase of 27.5 per cent in Q4 2020.

This was due to an increase in the production of Fishery, Livestock and Poultry and Vegetable, Fruits and Other Agriculture subsectors.