The Non-Oil & Gas Sector which contributed 51.2 percent to the total gross value added (GVA) recorded an increase of 2.0 percent meanwhile the Oil & Gas Sector which contributed 48.8 percent decreased by 4.8 percent. The decline of the Oil and Gas Sector has caused the country's economy to grow at a negative rate in 2021 by 1.6 percent.

The Department of Economic Planning and Statistics, Ministry of Finance and Economy, in its media release stated that in 2021, the decline in the Oil and Gas Sector was due to lower production of crude oil, natural gas, and liquefied natural gas, LNG. Meanwhile, the increase in the Non-Oil and Gas Sector was driven by the rise in Subsectors such as Wholesale and Retail Trade, Non-Oil and Gas Manufacturing, and Business Services.

In the fourth quarter of 2021, Brunei Darussalam's GDP growth rate declined by 1.4 percent year on year due to a decrease in the Oil and Gas Sector by 4.1 percent. Meanwhile, the Non-Oil and Gas Sector recorded an increase of 1.4 percent. Brunei Darussalam's GDP at current prices in the fourth quarter in 2021 was valued at 5.2 billion compared to 4.1 billion in the fourth quarter in 2020. The reduction in crude oil and natural gas production was due to shutdown turnaround activities. Meanwhile, the decline in LNG production was due to limited gas supply and maintenance activities at one of the LNG plant facilities.

The Non-Oil & Gas Sector continued to show positive developments despite the country facing the second wave of COVID-19. Finance, Air Transport and Non-Oil and Gas Manufacturing were among the subsectors that showed improvement in the fourth quarter of 2021.

The Agriculture, Forestry and Fishery Sector has also continued to show encouraging performance since the second quarter in 2020. In the fourth Quarter 2021, this sector has increased by 6.1 percent. However, this sector's contribution to gross value added, GVA is still at a low level of only 1.1 percent.

By expenditure approach, a decline in GDP growth in the fourth Quarter 2021 was mainly due to a decrease in the domestic demand by 6 percent. However, this growth was moderated by an increase in the Exports of Goods and Services by 17.2 percent year-on-year, mainly driven by exports of mineral fuels. The Government Final Consumption Expenditure and the Household Final Consumption Expenditure also recorded increases of 6.5 percent and 1.2 percent, respectively.

The GDP full report is available from DEPS's website at 'www.deps.gov.bn'.

Source: Radio Television Brunei