​QUARTERLY GROSS DOMESTIC PRODUCT THIRD QUARTER 2024

BRUNEI DARUSSALAM

​

24 December 2024 

Brunei Darussalam’s Gross Domestic Product (GDP) at constant prices, grew at 6.0 per cent year-on-year in the third quarter (Q3) of 2024. This growth was driven by a 12.9 per cent expansion in the Oil and Gas Sector, while the Non-Oil and Gas Sector saw a growth of 0.3 per cent.

The growth of the Oil and Gas Sector was driven by higher production of crude oil, natural gas, and liquefied natural gas (LNG). The increase in crude oil and natural gas production was driven by new oil and gas wells, while the increase in LNG production was attributed to a higher gas supply. 

The Non-Oil and Gas Sector showed moderate growth in the third quarter, supported by expansions in subsectors such as Fishery (25.5 per cent), Electricity and Water (15.0 per cent), Water Transport (10.2 per cent), and Education (3.3 per cent).

The growth in the Fishery Subsector was mainly contributed by increased production in capture fisheries. Growth in the Electricity and Water subsector was supported by increase in electricity production and expanded waste management activities. The expansion in the Water Transport subsector was linked to higher LNG exports. Meanwhile, the Education subsector grew in tandem with increased activities in tertiary education. 

In terms of GDP contribution by economic activity, the Industry Sector contributed 60.1 per cent, followed by the Services Sector at 38.6 per cent and the Agriculture, Forestry and Fishery Sector at 1.3 per cent. 

Brunei Darussalam’s GDP at current prices stood at BND5.03 billion in Q3 2024, up from BND4.98 billion in Q3 2023. The Oil and Gas Sector accounted for 46.4 per cent, comprising oil and gas mining and manufacture of LNG. The Non-Oil and Gas Sector contributed 53.6 per cent of GDP, mainly comprising downstream activities such as the manufacture of petroleum and chemical products.

By the expenditure approach, the increase in GDP growth in Q3 2024 was primarily driven by a 6.2 per cent increase in Household Final Consumption Expenditure, followed by a 1.5 per cent rise in Government Final Consumption. However, Gross Capital Formation contracted by 3.9 per cent and Exports of Goods and Services also declined by 12.5 per cent.

Gross Domestic Product (GDP) is a measure of the total value of goods and services produced in a particular period after deducting the cost of goods and services used up in the process of production. The full report for the GDP Q3 2024 is available from DEPS’s website at deps.mofe.gov.bn 

Full Report: Press Release 24.12.2024 [English - Malay] - Quarterly GDP Third Quarter 2024 [FULL REPORT]