Brunei Darussalam's economy in 2020 grew by 1.2 per cent, attributed to an increase in the Non-Oil and Gas sector, while the Oil and Gas sector recorded a decline of 4.9 per cent. The overall growth in 2020 was achieved after the gross domestic product, GDP, in the first nine months recorded a positive growth. In the fourth quarter of 2020, Brunei Darussalam's GDP at current prices was valued at 4.1 billion dollars compared to 4.8 billion dollars in the same period previous year.
The Oil and Gas Sector accounted for 44.8 per cent of the total gross value added or GVA, while the Non-Oil & Gas Sector contributed 55.2 per cent. At constant prices, GDP recorded a negative growth of 1.4 per cent year-on-year in the fourth quarter of 2020. This was due to a decrease in the Oil and Gas Sector by 8.6 per cent. The decline in the Oil & Gas Sector was mainly due to a decrease in the production of crude oil. Meanwhile, the Non-Oil and Gas Sector rose by 7.4 per cent. The growth was mainly due to the downstream activities following the increase in the production of petroleum and chemical products, with a GVA of 362.5 million dollars at constant prices. This was followed by an increase in the sub-sector of Wholesale and Retail Trade as well as the Agriculture, Forestry and Fishery sectors.
By expenditure approach, negative GDP growth was mainly due to a decrease in the external demand of goods and services export by 10.2 per cent. Domestic demand also recorded a decrease of 1.2 per cent due to decreases in the Government Final Consumption Expenditure by 5.4 per cent and Gross Capital Formation by 1.9 per cent particularly government investment. However the growth was moderated by an increase in the Household Final Consumption Expenditure by 5 per cent. The GDP full report for the Fourth Quarter of 2020 is available at DEPS's website: 'www.deps.gov.bn'.
Source: Radio Television Brunei