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​Brunei Darussalam's Economic Blueprint
RKN 11
Brunei Darussalam Key Economic Developments Q4 & Annual 2021


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ECONOMIC OVERVIEW
Brunei Darussalam Key Economic Developments (BKED) Q4 & Annual 2021

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Brunei Darussalam’s economy contracted in Q4 2021, extending the prior four quarters of negative growths. The downturn was mainly due slowdowns in both upstream and downstream oil and gas industries with maintenance and shutdown turnaround activities among the contributing factors. Nevertheless, this was moderated by a sustained and improved turnout in the Non-Oil and Gas Sector with several subsectors including Finance, Other Manufacturing, Business Services, Fishery and Forestry charting positive growths.

​​Both food and non-food prices increased, extending the trend of rising inflation rates. Food price hikes were primarily seen in chicken, beef & buffalo meat, cooking oils and vegetables with rising import costs as the contributing factor. Meanwhile, elevated prices in the non-food category were mainly attributed to higher costs of transport as well as clothing and footwear.

​​Trade balance registered a surplus in Q4 2021 as exports remained strong, offsetting the increase in imports. As such, petrochemical exports rose significantly, surpassing the BND2.0 billion mark for the second consecutive quarter. Mineral fuel exports also rose, gaining primarily from higher prices. Meanwhile, the increase in imports was mainly driven by mineral fuels required as feedstock for the petrochemical industry.

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The trend of fiscal deficit persisted, albeit narrowing down from the prior quarters. As such, government revenues rose markedly, buoyed by higher oil and gas export prices. Meanwhile, government expenditure also rose on account of an increase in current expenditure.

 



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KEY ECONOMIC INDICATORS

​ ​​ ​
GROSS DOMESTIC
PRODUCT		​INFLATION
INTERNATIONAL
MERCHANDISE TRADE
​UNEMPLOYMENT
RATE
​-1.6%​1.7%
BND 3.34 BILLION
(SURPLUS)
​7.4%
​2021​2021​2021​2020