Brunei Darussalam's economy grew by point 5 per cent in the third quarter of 2020. Meanwhile, the Gross Domestic Product, GDP for the third quarter of 2020 at current prices was estimated at 4 billion dollars compared to 4 point 2 billion dollars in the third quarter of 2019. In its press release, the Department of Economic Planning and Statistics, Ministry of Finance and Economy reported that the Oil and Gas Sector, comprising oil and gas mining and manufacturing of Liquefied Natural Gas LNG, accounted 45 point 4 per cent of the total gross value added or GVA.
Meanwhile, the Non-Oil and Gas Sector contributed 54 point 6 per cent with a GVA of 2 point 2 billion dollars. At constant prices, GDP recorded a positive growth of point 5 per cent year-on-year following an increase in the Non-Oil and Gas Sector. The growth in the Non-Oil and Gas Sector was mainly due to downstream activities following the new production of petroleum and chemical products, with GVA of 208 point 9 million dollars at constant prices. Meanwhile, the Oil and Gas Sector recorded a decrease by 5 point 7 per cent due to the decline in the production of crude oil and natural gas production.
By kind of economic activity, the positive growth year-on-year in third quarter was due to the growth in the Industry Sector following the new production of petroleum and chemical products. This was followed by the Agriculture, Forestry and Fishery sectors. The rise in Fisheries activities was mainly due to the aquaculture industry, in line with the increase in the production of farm prawn. Meanwhile, livestock &amp;amp; poultry activities grew mainly due to the rising production of egg and broiler. However, the Services Sector declined due to a decrease in subsectors such as Government Services, Air Transport and Finance. The COVID-19 outbreak has adversely affected the Air Transport Subsector due to reduced travel operations.
By expenditure approach, G-D-P growth was mainly attributed to an increase in the Domestic Demand, particularly Household Final Consumption Expenditure namely private investment. Meanwhile, External Demand which is exports of goods and services also grew.
The GDP full report for the Third Quarter of 2020 is available from the website at www.deps.gov.bn.
Source: Radio Television Brunei