Brunei Darussalam's economy in the third quarter of 2018 recorded a decline. Brunei Darussalam's gross domestic product (GDP) at current prices was estimated at 4.5 billion dollars compared to 4.0 billion dollars in the third quarter of 2017.
In a media statement by the Department Of Economic Planning And Development, Ministry Of Finance And Economy, the Oil & Gas sector was valued at 2.6 billion dollars accounting for 57.3 per cent of the total gross value added. At constant prices, GDP recorded a contraction of 1.2 per cent year-on-year, which was mainly associated with the 75.2 per cent decrease in net exports of goods and services. Meanwhile, domestic demand, specifically capital expenditure of the private sector, continued to grow by 33.1 per cent year-on-year after recording 32.8 per cent growth in the previous quarter.
On the supply side, the negative performance of the economy in the third quarter was due to a decline in the Industry Sector by 2.2 per cent. This was mainly due to a contraction in the Manufacture of Liquefied Natural Gas (LNG) and Methanol Subsector by 7.4 per cent attributed to LNG production decreasing in the same period compared to the previous year. This followed by a decrease in the Oil and Gas Mining Subsector by point 7 per cent in line with the decrease in natural gas production by 7.5 per cent during the same period from 34.0 million cubic metres per day to 31.4 million cubic metres per day.
The Agriculture, Forestry & Fishery Sectors also recorded negative growth, declining by 1.2 per cent due to a fall in the output of Vegetables, Fruits & Other Agriculture Subsector and Fishery Subsector. A decline in the production of vegetables was the main contributor to the decrease in the Vegetables, Fruits & Other Agriculture Subsector. On the positive side, the Forestry Subsector and Livestock and Poultry Subsector expanded by 10.7 per cent and 0.5 per cent, respectively.
Meanwhile, the Services Sector showed an increase of point 5 per cent. This positive growth was mainly due to increases in both the Government Services Subsector and the Real Estate and Ownership of Dwellings Subsector by 4.2 per cent and 2.4 per cent, respectively. The GDP full report for the Third Quarter of 2018 is available from DEPD's website at www.depd.gov.bn .
Source: Radio Television Brunei