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RKN 11
Brunei Darussalam Key Economic Developments (BKED) Q3 2022  


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ECONOMIC OVERVIEW
Brunei Darussalam Key Economic Developments (BKED) Q3 2022   


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Brunei Darussalam's economy registered its first positive growth since Q3 2020, backed by a sustained and strong performance in the Non-Oil and Gas Sector, offsetting the downturn in the Oil and Gas Sector. The improvement in the Non-Oil and Gas Sector was underpinned by several subsectors such as  Manufacture of Petroleum and Chemical Products, arising from increased production of methanol as well as the new production of chemical products, specifically ammonia and granular urea; Other Manufacturing, bolstered by increased steel manufacturing activities; Finance due to a rise in income and banking activities; and Transport and Logistics, which benefitted from the easing of travel-related restrictions. 
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The uptrend in consumer prices resumed in Q3 2022 with price gains seen in both the food and non-food categories. Price hikes in food were mainly seen in cooking oil, chicken, beef & buffalo meat and rice & cereals with rising import costs as the primary factor. Meanwhile, elevated prices in the non-food category were mainly attributed to higher costs of transport and restaurants with the latter citing increased costs of contract catering packages from costly food items. 
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Trade balance recorded a surplus in Q3 2022 as exports rose higher, offsetting the continued rise in imports. The rise in exports was mainly driven by exports of crude oil and LNG, with the former gaining primarily from higher prices despite lower volumes. On the other hand, the rise in imports corresponded with developments in the petrochemical industry, importing sizeable volumes of mineral fuels, required as feedstock for production. 
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Fiscal balance recorded a surplus in Q3 2022, marking the second consecutive quarter of surplus. The surplus came despite a rise in government expenditure, mainly charged expenditure, albeit was offset by a significant increase in government revenues, gaining primarily from higher oil and gas prices.



 



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KEY ECONOMIC INDICATORS

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









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