Brunei's Economy Grew 2nd Quarter 2014

Koo Jin Shen
BANDAR SERI BEGAWAN

Sunday, October 5, 2014 - BRUNEI recorded a 0.8 per cent economic growth in the second quarter compared to the previous year, the Department of Economic Planning and Development (JPKE) said.

The department attributed the gross domestic product increase to the non-oil and gas sector, which grew 2.5 per cent. However, the oil and gas sector decreased by 1.5 per cent in the second quarter of 2014.

JPKE said GDP for Brunei at current prices stood at $4.944 billion.

It noted that the agriculture, forestry and fishery sectors had increased by seven per cent year-on-year. This growth was due to increased production of livestock and poultry and vegetables by 12.6 per cent.

Fruits and other agriculture products had also increased by 4.7 per cent.

JPKE further noted the decline of the industrial sector by 0.9 per cent, noting this was due to negative growth of the mining sector by 3.2 per cent. However, the construction sector had increased by 2.8 per cent followed by manufacturing with 2.1 per cent.

The department stated that the services sector continued to grow with 2.3 per cent. In this sector, trade had increased by 2.9 per cent followed by 2.4 per cent growth of private services.

Government services expanded by 2.3 per cent, transport, communications and finance grew by 2.2 per cent while real estate and ownership of dwellings increased by 1.9 per cent.

By the expenditure approach, GDP growth was due to the increase in exports of goods and services by 2.7 per cent, followed by personal consumption expenditure of 2.3 per cent and government consumption expenditure by 2.1 per cent.

The Brunei Times

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