Thursday, October 01, 2015

Brunei's Economy Rebounds Q2 2015


Brunei economy rebounds
Posted date: September 30, 2015

| Azlan Othman |

SECTORS across the board turned around in the second quarter of 2015 (Q2 2015) presenting a rosy outlook for the economy in the days to come.

Oil & gas, non-oil & gas, agriculture, forestry & fishery, industry, construction and services sectors all performed well in the quarter, brightening the economic situation.

In the second quarter of 2015, Gross Do­mes­­­tic Product (GDP) at current prices was es­­timated at $4,540.1 million compared to $4,585.4 million in Q1 2015, the Department of Economic Planning and Development said.

In terms of GDP growth at constant prices, Q2 2015 recorded a positive growth of 1.5 per cent year-on-year. This was mainly attributed to the increase of both oil & gas sector and non-oil & gas sector by 0.8 per cent and 2.5 per cent respectively.

The increase in the oil & gas sector was spurred by the positive growth of oil & gas mining by 0.2 per cent and manufacturing of liquefied natural gas (LNG) and methanol by three per cent.

In Q2 2015, the agriculture, forestry & fishery sector grew by 7.7 per cent due to the increase in fishery by 29.8 per cent and production of vegetable, fruits and other agriculture produces by 10.2 per cent.

The industrial sector increased by 1.7 per cent after a decrease of 7.2 per cent in Q1 2015. This was mainly driven by the increase in the oil & gas mining by 0.2 per cent and manufacturing of LNG and methanol by three per cent. Construction posted the highest increase of 27.1 per cent followed by manufacturing of food and beverages at 7.2 per cent.

The services sector also posted an increase of 1.1 after a decrease of 5.9 per cent in Q1 2015.

Air transport recorded the highest growth of 8.5 per cent, followed by wholesale and retail trade by six per cent and finance by 5.8 per cent.

GDP by expenditure approach also posted an increase. Government Final Consumption Expenditure (GFCE) grew by 0.1 per cent, Household Final Consumption Expenditure (HFCE) increased by 9.4 per cent and Gross Capital Formation (GCF) rose by 8.8 per cent.

However, exports and imports of goods and services posted a decline of 9.6 per cent and 6.2 per cent respectively.

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 GDP full report for the Q2 2015 is available from JPKE’s website, www.depd.gov.bn.

Courtesy of Borneo Bulletin

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