Department of Economic Planning and Statistics - Economic Overview

Turn on more accessible mode

Turn off more accessible mode

Skip Ribbon Commands

Skip to main content

Turn off Animations

Turn on Animations

Text size :

A A A

National Development Plan

Economic Overview

Resources

Latest Activities / Publication

Brunei Darussalam's Economic Blueprint
RKN 11
Brunei Darussalam Key Economic Developments (BKED) Q4 & Annual 2024

ECONOMIC OVERVIEW
Brunei Darussalam Key Economic Developments (BKED) Q4 & Annual 2024

	Brunei Darussalam's economy contracted in Q4 2024, primarily due to a downturn in the Oil and Gas Sector. This decline was driven by reductions in both natural gas and liquefied natural gas (LNG) production. In contrast, the Non-Oil and Gas Sector saw growth across several subsectors, including Air Transport, Restaurants, Finance, Wholesale and Retail Trade, Education, and Communication.
	The Consumer Price Index (CPI) also fell in Q4 2024, mainly due to declines in both the Food and Non-Food price indices. The drop in food prices was largely attributed to a decrease in the cost of commodities such as meat, fish & seafood, and vegetables. The decline in non-food prices was most evident in the sectors of Transport, Housing, Water, Electricity, Gas, and Other Fuels, as well as Recreation and Culture.
	Despite a reduction in exports, the trade balance recorded a surplus in Q4 2024, with imports also experiencing a decrease. The decline in exports was mainly due to lower export values for oil and gas, as well as petrochemical products. Similarly, imports dropped, primarily due to a slowdown in the importation of feedstock for the downstream petrochemical industry, such as crude oil and motor spirits. Foreign Direct Investment (FDI) flows decreased in Q4 2024, largely due to a reduction in equity inflows, which outweighed the positive contributions from debt instruments. The decrease in equity was mainly caused by lower reinvested earnings and higher dividend payments by companies. On the positive side, debt inflows were boosted by increased borrowings from parent and sister companies within the petrochemical industry. FDI stock also fell, mainly due to the reduction in equity stock, reflecting lower reinvested earnings and higher dividend payouts.
	The fiscal balance remained in deficit in Q4 2024, widening compared to the same period the previous year. This was mainly the result of a decline in government revenue, combined with an increase in government expenditure. The drop in revenue was largely due to lower oil and gas revenues, stemming from falling crude oil and LNG prices, as well as reductions in government operations revenue (primarily taxes, fees, and charges) and lower returns from investments and savings, along with excess revenue from statutory bodies. On the expenditure side, the increase in government spending was mainly driven by higher ordinary expenditures, particularly 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)