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​Brunei Darussalam's Economic Blueprint
RKN 11
Brunei Darussalam Key Economic Developments (BKED) Q1 2023  


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ECONOMIC OVERVIEW
Brunei Darussalam Key Economic Developments (BKED) Q1 2023   


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Brunei Darussalam experienced a positive growth in the first quarter of 2023, thanks to a steady and strong performance in the Non-Oil and Gas Sector, which compensated the downturn in the Oil and Gas Sector. The rise in the Non-Oil and Gas Sector was supported by several subsectors, including Finance, which benefited from increased banking income; Transport and Logistics, which benefitted from the full lifting of pandemic- and travel-related restrictions; and Other Manufacturing, which gained from increased steel manufacturing activities. Other key sources of growth include several activities in the Downstream Oil & Gas Subsector involving methanol and urea fertilizer, which saw higher production volumes. 
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The trend of rising inflation rates continued in Q1 2023 with prices of both food and non-food items edging higher compared to the same period last year. Price hikes in food items were primarily seen in Meat; Rice & Cereals; And Fish & Seafood with rising import costs and limited shortages among the key factors. As for non-food items, higher prices were mainly observed in Restaurants & Hotels; Housing, Water, Electricity, Gas and Other Fuels; and Miscellaneous Goods and Services. 
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Trade balance recorded a surplus in Q1 2023 as exports rose higher than imports. In particular, LNG exports rose, gaining primarily from both higher prices and volumes, offsetting the decline in crude oil exports. The petrochemical industry, on the other hand, saw lower production volumes, mainly due to maintenance activities. Meanwhile, imports also fell in this quarter primarily in view of the petrochemical industry importing significantly less mineral fuels required for feedstock. 
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Fiscal balance turned deficit in Q1 2023 as government expenditure rose higher than revenues. In particular, government revenues fell on both quarter-to-quarter and year-on-year basis mainly due to lower oil prices in view of oil and gas revenues constituting a large share of the total revenues. In addition, the decline in investments and savings returns further contributed to the overall decrease in government revenues. 



 



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KEY ECONOMIC INDICATORS

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GROSS DOMESTIC
PRODUCT		​INFLATION
INTERNATIONAL
MERCHANDISE TRADE
​UNEMPLOYMENT
RATE
​-1.6%​3.7%
BND 7.0 BILLION
(SURPLUS)
​4.9%
​2022​2022 ​2022 ​2021









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