Gross Domestic Product for Third Quarter of 2019

Brunei Darussalam economic growth recorded an increase by 2 per cent in the third quarter of last year. According to the Department of Economic Planning and Statistics, the country's gross domestic product, GDP at current prices was valued at 4.3 billion dollars compared to 4.5 billion dollars in the third quarter of 2018. The Oil and Gas sector was valued at 2.3 billion dollars, accounting for 54 per cent of the total gross value added. At constant prices, GDP recorded positive growth of 2 per cent year-on-year in the third quarter last year, mainly associated by an increase in the Non-Oil and Gas sector by 3.3 per cent. On the other hand, the Oil and Gas sector grew by 1 per cent.

The Department of Economic Planning and Statistics then explained that the growth in the Non-Oil and Gas sector was mainly due to growing Finance Subsector by 19 per cent attributed by an increase in the banking services' activities.

The climb in the Oil and Gas sector was mainly due to a rise in production of crude oil from 105.5 thousand barrels per day in the third quarter of 2018 to 113.3 thousand barrels per day in the same period last year.

By kind of economic activities, the economy's positive performance in the third quarter 2019 was due to a rise in the Services Sector by 4.8 per cent, and the Industry Sector recorded an increase of point 4 per cent. However, the Agriculture, Forestry and Fishery Sector stumbled by 4.9 per cent due to a decrease in the Fishery Subsector and Livestock and Poultry Subsector. By expenditure approach, GDP rose mainly due to a climb in the net exports of goods and services. On the other hand, capital expenditure slipped by 19.5 per cent year-on-year, after a 16.4 per cent growth in the second quarter last year.

Source: Radio Television Brunei