Increasing Value of Gross Domestic Product

A small local market is not an excuse that should be a hinder to output growth. Every company, whether it be private or government-owned, is capable of targeting the sale of their products and services outside the country as exports. The matter was stated by the Minister of Primary Resources and Tourism in his adjournment speech. Yang Berhormat Dato Seri Setia Awang Haji Ali bin Apong also voiced his Ministry's determination to increase the value of the country's Gross Domestic Product, GDP in the agriculture, fisheries and forestry sectors to around 1 billion dollars by 2020, compared to only 200 million dollars in 2015.

Citing the annual report by JPKE for 2016, Yang Berhormat said that output from the agriculture and fisheries sectors only contributed around 1.1 percent to GDP, and pledged to increase this figure to 5 percent by 2020. Yang Berhormat also shared the figures for several other non-oil and gas sectors, namely Manufacturing - 1.2 percent of GDP; Finance - 6.3 percent; Construction - 2.5 percent; Transportation and Communication - 3.5 percent; Health and Education services - 5.5 percent; Business Services - 2.4 percent; Real Estate - 4.1 percent; and Hotels and Restaurant - 1.1 percent. Yang Berhormat said output from these sectors are also vital contributors to GDP growth and therefore should be given encouragement so they can grow significantly and contribute to GDP growth achieve, adding that the impact of output increase from all these sectors as a whole will be able to raise GDP significantly and continuously to help achieve Wawasan Negara 2035.

Source: Radio Television Brunei

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