Brunei’s GDP up 0.7pc in Q2 2017
BANDAR SERI BEGAWAN (Borneo Bulletin/ANN) - Brunei Darussalam’s economy expanded by 0.7 per cent year-on-year in the second quarter of 2017 (Q2 2017), driven by stronger domestic demand, particularly in the capital expenditure of the private sector as well as government consumption expenditure which grew by 28.5 per cent and 23.5 per cent, respectively.
On the supply side, the positive growth was contributed primarily by the industrial sector which recorded a growth of 1.1 per cent year-on-year.
According to a press release, this performance was supported mainly by the manufacturing of liquefied natural gas (LNG) which expanded by 11.4 per cent in terms of its gross value added (GVA).
This was due to the increase of LNG production by 3.1 per cent (28.9 thousand MMbtu per day) which is 965.2 thousand MMBtu per day in Q2 2017 against 936.3 thousand MMBtu per day in Q2 2016.
The services sector increased by 0.1 per cent year-on-year in the second quarter, extending the 1.7 per cent growth in the previous quarter. Growth was largely supported by the hotel activity which recorded higher occupancy rate compared to the same quarter last year, followed by restaurants due to active business activity during the fasting month of Ramadhan.
Meanwhile, the agriculture, forestry and fishery sector recorded a 4.5 per cent contraction due to decreases in the production of forestry, vegetables, fruits and other agriculture, as well as livestock and poultry activities.
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 GDP full report for the Q2 2017 is available from JPKE’s website: www.depd.gov.bn.