The non-oil and gas sector continues to show a positive progress towards the Gross Domestic Product, GDP for the second quarter of 2022. The economic activity was mainly contributed by the Industry sector which was about 72.7 per cent, followed by Services sector by 26.3 per cent and Agriculture, Forestry and Fishery sector by 1 per cent.
According to Oil & Gas and Non-Oil & Gas Sector at constant prices, there was a 1 percent growth in the Non-Oil & Gas Sector, meanwhile the Oil & Gas Sector decreased by 9.3 percent. The decline of the Oil and Gas Sector has resulted in the negative growth of Brunei Darussalam’s GDP in second quarter of 2022 by 4.4 percent compared to the previous year. However, the Non-Oil & Gas Sector remained positive with an increase in the Subsectors such as Downstream, Air Transport, Communication, and Fishery.
While, by expenditure approach, a decline in GDP growth in Second quarter of 2022 was mainly due to a decrease in the Exports of Goods and Services by 7.9 percent year-on-year. This was followed by a reduction in the Private and Government Gross Capital Formation and the Government Final Consumption Expenditure. However, this growth was moderated by an increase in the Household Final Consumption Expenditure by 3.8 percent.
GDP’s full report for the second quarter of 2022 can be obtained at ‘deps.mofe.gov.bn’.
Source: Radio Television Brunei