Gross Domestic Product For The Second Quarter Of 2019

The country's gross domestic product, G.D.P for the second quarter of 2019 at current prices was valued at 4.7 billion dollars compared to 4.6 billion dollars in the same period last year. The Oil and Gas sector was valued at 2.9 billion dollars, accounting for 60.5 per cent of the total gross value added. At constant prices, the G.D.P recorded positive growth of 6.7 per cent year-on-year in the second quarter of 2019, mainly associated by the increase in the Oil and Gas sector by 8.7 per cent. On the other hand, the Non-Oil and Gas sector increased by 4.1 per cent.

The increase in the Oil and Gas sector was mainly due to an increase in production of crude oil from 97.6 thousand barrels per day in the second quarter of 2018 to 115 thousand barrels per day in the second quarter of 2019. Natural gas production also rose from 32 million cubic metres per day to 34.3 million cubic metres per day in the same period. Liquefied Natural Gas production also climbed from 880 thousand 696 M.M.B.t.u per day in the second quarter of 2018 to 984 thousand 284 M.M.B.t.u per day in the same period this year.

The growth in the Non-Oil and Gas sector was mainly due to the increase in the Finance Subsector by 21.8 per cent, attributed by an increasing in investment income related to banking services' activities. By Kind of Economic Activity, the positive economic performance in the second quarter of 2019 rose by 7.7 percent in the Industry Sector due to increase in production of crude oil, natural gas and LNG; as well as in the Electricity and Water Subsector. The Services Sector grew by 5.1 per cent due to increases in the Finance, Wholesale and Retail Trade and Education subsectors.

The Agriculture, Forestry and Fishery Sector climbed by 0.3 per cent due to an increase in the output of the Forestry, Fishery and Livestock and Poultry subsectors. By expenditure approach, G.D.P grew mainly due to an increasing external demand for exports of goods and services by 35.1 per cent. On the other hand, domestic demand registered positive growth, particularly capital expenditure of the private sector private, which grew by 18 per cent, after a 9.3 per cent growth in the previous quarter. The GDP full report for the Second Quarter of 2019 is available from JPKE's website at 'www.depd.gov.bn'

Source: Radio Television Brunei