In 2023, Brunei Darussalam’s economy grew by 1.4 per cent following a continuous increase in the non-oil and gas sector of 4.5 per cent. Meanwhile, the oil and gas sector saw a decrease of 2 per cent.

The increase in the Non-Oil and Gas sector was driven by the improvement in subsectors such as air transport, finance, and construction. However, the contraction of the oil and gas sector was due to a decline in the production of crude oil, natural gas and Liquefied Natural Gas (LNG).

In the fourth quarter (Q4) of 2023, Gross Domestic Product (GDP) at constant prices, recorded a positive growth of 6.8 per cent following an increase in the oil and gas sector by and the non-oil and gas sector. 

The expansion in the oil and gas sector was due to a rise in the production of crude oil, natural gas and LNG. The increase in the production of crude oil and natural gas was in line with the production from a new oil and gas field. Meanwhile, the increase in LNG production was due to higher gas supply.

In terms of GDP contribution by economic activity in Q4 of 2023, the industry sector contributed 60.8 per cent, followed by the services sector with 38.3 per cent and the agriculture, forestry and fishery sector with 0.9 per cent.

Brunei Darussalam’s GDP at current prices in Q4 2023 was valued at $5.5 billion compared to $5.7 billion in Q4 2022. From the total GDP, oil and gas sector accounted for 47.0 per cent. Meanwhile, the non-oil and gas sector, which includes downstream activities such as the manufacture of petroleum and chemical products, contributed 53.0 per cent.
 

The non-oil and gas sector continued its positive performance with an improvement in subsectors such as air transport by, finance, and manufacture of petroleum and chemical products.