Department of Economic Planning and Statistics - Economic Overview

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National Development Plan

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Brunei Darussalam's Economic Blueprint
RKN 11
Brunei Darussalam Key Economic Developments (BKED) Q1 2024

ECONOMIC OVERVIEW
Brunei Darussalam Key Economic Developments (BKED) Q1 2024

	Brunei Darussalam’s economy grew in Q1 2024, underpinned by improvements in both the Oil and Gas Non-Oil and Gas sectors. The Oil and Gas Sector expanded on the back of higher production of crude oil, natural gas and liquefied natural gas (LNG). Meanwhile, the Non-Oil and Gas Sector gained from improvements in several subsectors, notably Manufacture of Petroleum and Chemical Products, backed by higher production of petrochemicals; Wholesale and Retail Trade, in line with increased retail sales volume index; and Communication, in view of increase in the number of mobile and internet subscribers.
	The Consumer Price Index (CPI) decreased marginally in Q1 2024 mainly due to a fall in the Non-Food Price Index, offsetting the increase in the Food and Non-Alcoholic Price Index. The decrease in non-food prices was mainly seen in several commodities, notably Clothing and Footwear; Communication; and Transport. Meanwhile, the increase in food prices was mainly observed in commodities such as Non-Alcoholic Beverages; and Milk, Dairy Products and Eggs.
	Trade balance recorded a surplus in Q1 2024 as exports rose higher than imports. The increase in exports was mainly driven by crude oil, petrochemical products, methanol and urea. Meanwhile, imports also rose, mainly comprising mineral fuels required as feedstock for the petrochemical industry. FDI flows in Q1 2024 recorded negative values in line with negative debt instruments resulted from downstream petrochemical industry making loan repayments to the parent company. Meanwhile, FDI stock declined due to a fall in equity caused by the closure of operations by one of the oil and gas-related companies. Additionally, a reduction in debt in downstream petrochemical industry due to loan repayments also contributed to the decrease in FDI stock.
	Fiscal balance recorded a deficit in Q1 2024 as government revenue declined, offsetting the fall in expenditure. The decline in government revenue corresponded with a fall in oil and gas revenue in line with lower prices of LNG. Other than that, the decline in returns from investment and savings and government operations (mainly taxes and fees, charges & rent) also contributed to the decline in government revenue. Meanwhile, the decrease in government expenditure was primarily due to a decrease in ordinary expenditure, which was primarily driven by a decline in Personnel Emoluments (PE) and other charges annual recurrent (OCAR) expenditure.

English

KEY ECONOMIC INDICATORS

GROSS DOMESTIC
PRODUCT
(GDP)

INFLATION RATE

TRADE BALANCE

UNEMPLOYMENT
RATE

2023

Q1 2024

JAN - FEB 2024

2022

1.4%

-0.3%

1.1 BILLION

(SURPLUS)