Brunei Darussalam's economy had declined in the first quarter of 2019. In the first quarter for this year, the country's Gross Domestic Product, GDP at current prices was valued at 4.5 billion dollars compared to 4.4 billion dollars in the same period last year. The Oil and Gas sector was valued at 2.7 billion dollars, accounting for 57.7 percent of the total gross value added. 2. At constant prices, GDP recorded a negative growth of point 5 per cent year-on-year in the first quarter of 2019.
The decline was mainly associated with the decrease in the Oil and Gas sector by 2.5 percent. This was mainly due to the contraction in both the productions of natural gas from 37.7 million cubic metres per day in the first quarter of 2018 to 35.5 million cubic metres per day in the first quarter in 2019, and Liquefied Natural Gas, LNG from 1,076,866 MMBtu per day in first quarter of 2018 to 1,028,683 MMBtu per day in the first quarter of 2019.
Meanwhile, the Non-Oil and Gas sector increased by 2.5 percent. This was due to the increases in the Wholesale and Retail Trade; Finance Subsector; and Real Estate and Ownership of Dwellings Subsector.
By kind of economic activity, the economy's negative performance in the first quarter of this year was due to the decrease in the industry sector, largely from the contraction in both the productions of natural gas and LNG; and a decline in the Construction Subsector.
The Agriculture, Forestry and Fishery Sectors also stumbled by 3.3 percent due to a fall in the output of the Vegetables, Fruits and Other Agriculture Subsector, Livestock and Poultry Subsector, and Fishery Subsector. Meanwhile, the Forestry Subsector grew by 98.8 percent as a result of higher production of sawn timber.
On the positive side, the Services Sector rose by 2.8 per cent, to increases in the Wholesale and Retail Trade Subsector, Finance Subsector and Real Estate and Ownership of Dwellings Subsector.
By expenditure approach, GDP recorded a decrease mainly due to shrinking external demand. On the other hand, domestic demand registered positive growth, particularly in personal consumption expenditure. The full GDP report for the first quarter of 2019 is available at 'www.depd.gov.bn'.
Source: Radio Television Brunei