In the second quarter of 2019, Brunei Darussalam’s gross domestic product (GDP) at current prices was valued at BND4.7 billion compared to BND4.6 billion in Q2 2018. The Oil and Gas sector was valued at BND2.9 billion accounting for 60.5 per cent of the total gross value added (GVA), according to the Department of Economic Planning and Development (JPKE).

At constant prices, GDP recorded positive growth of 6.7 per cent year-on-year in Q2 2019.

The growth was mainly associated by an increase in the Oil and Gas sector by 8.7 per cent.

On the other hand, the Non-Oil and Gas sector increased by 4.1 per cent.

The increase in the Oil and Gas sector was mainly due to an increase in production of crude oil from 97.6 thousand barrels per day in Q2 2018 to 115.0 thousand barrels per day in Q2 2019.

Natural gas production also recorded an increase from 32.0 million cubic metres per day to 34.3 million cubic metres per day in the same period of time. Liquefied natural gas (LNG) production also recorded an increase from 880,696 MMBtu per day in Q2 2018 to 984,284 MMBtu per day in Q2 2019.

The growth in the Non-Oil and Gas sector was mainly due to an increase in the Finance Subsector by 21.8 per cent attributed by an increase in investment income related to banking services’ activities.

By Kind of Economic Activity, the positive performance of the economy in the second quarter 2019 was due to an increase in the Industry Sector by 7.7 per cent. This was mainly due to the increase in production of crude oil, natural gas and LNG; and an increase in the Electricity and Water Subsector.

The Services sector recorded an increase of 5.1 per cent. This growth was due to the increases in the Finance subsector, Wholesale and Retail Trade subsector, and Education subsector. The Agriculture, Forestry & Fishery sector also recorded an increase of 0.3 per cent due to an increase in the output of the Forestry Subsector, Fishery subsector and Livestock & Poultry subsector. Higher production of sawn timber was the main contributor to the increase in the Forestry subsector. Meanwhile, the increase in the Fishery subsector was mainly contributed by an increase in the commercial scale capture industry.

The increase in the Livestock & Poultry subsector was in line with an increase in the production of buffaloes, cattle and goats and the production of eggs.

By expenditure approach, GDP recorded an increase mainly due to an increase in the external demand (exports of goods and services) by 35.1 per cent. On the other hand, domestic demand registered positive growth, particularly capital expenditure of the private sector private, which grew by 18.0 per cent, after a 9.3 per cent growth in Q1 2019. The GDP full report for the Second Quarter of 2019 is available from JPKE’s website: www.depd.gov.bn