Department of Economic Planning and Statistics - Economic Overview

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Brunei Darussalam's Economic Blueprint
RKN 11
Brunei Darussalam Key Economic Developments (BKED) Q3 2024

ECONOMIC OVERVIEW
Brunei Darussalam Key Economic Developments (BKED) Q3 2024

	Brunei Darussalam’s economy experienced growth in Q3 2024, driven by improvements in both the Oil and Gas and Non-Oil and Gas sectors. The Oil and Gas sector expanded due to higher production of crude oil, natural gas, and liquefied natural gas (LNG). Meanwhile, the Non-Oil and Gas sector benefited from growth across several subsectors, including Fisheries; Vegetables, Fruits, and Other Agriculture; Water Transport; Education Services; and Communication.
	The Consumer Price Index (CPI) saw a slight decline in Q3 2024, primarily due to a decrease in the Non-Food Price Index, which offset the rise in the Food and Non-Alcoholic Beverages Price Index. The fall in non-food prices was largely driven by lower costs in commodities such as Transport, Communication, and Housing, Water, Electricity, Gas, and Other Fuels. Conversely, the increase in food prices was mainly observed in items like Fresh Fish, Oils and Fats, and Meat.
	The trade balance recorded a surplus in Q3 2024 despite a decline in exports, with imports also decreasing. The drop in exports was primarily attributed to a lower export value of downstream petrochemical products, which offset the increase in exports of crude oil and LNG. Similarly, imports decreased, largely due to a reduction in mineral fuel imports, which are essential as feedstock for the downstream petrochemical industry. Foreign Direct Investment (FDI) flows increased in Q3 2024, driven by a significant rise in debt inflows, reflecting higher loans from foreign-related companies to finance operations, expansion, and new investments. Additionally, FDI stock grew due to the increase in debt.
	The fiscal balance remained in deficit in Q3 2024, widening compared to the same period the previous year. This was accompanied by a decline in government revenue and an increase in government expenditure. The drop in government revenue was mainly due to lower oil and gas revenues resulting from declining crude oil prices, as well as reductions in government operations revenue (primarily taxes, fees, and charges) and returns from investments. On the expenditure side, the increase in government spending was primarily driven by higher ordinary expenditures, especially in Personnel Emoluments (PE) and other charges under annual recurrent expenditure (OCAR).

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)