In the first quarter of 2016 (Q1 2016), Gross Domestic Product (GDP) for Brunei Darussalam at current prices was estimated at BND 3.9 billion compared to BND 4.6 billion in Q12015.

The Oil & Gas Industry was valued at 2.1 billion accounting to 53.2 per cent of the total Gross Value Added (GVA) in Ql2016 (Chart), a press release stated.

In terms of GDP growth at constant prices, Q1 2016 recorded an increase of 3.6 per cent year-onyear after a minimal growth of 0.1 per cent in the Q4 2015.

The increase was attributed to the increase of the Oil and Gas Industry sector by 7.6 per cent.

In Q1 2016, the Agriculture, Forestry & Fishery Sector declined by 15.1 per cent due to the decreases in Fishery and Vegetables, fruits & other agriculture by 21.5 per cent and 42.8 per cent, respectively.

In the first quarter 2016, the Oil & Gas Industry sector has recorded an increase of 7.6 per cent due to the increases in the Oil & Gas Mining and Manufacture of liquefied natural gas by 5.1 per cent and 15.6 per cent, respectively.

The growth was mainly attributed by the increase in the oil production volume to 135.2 thousand barrels per day in Q12016 from 124.5 thousand barrels per day in Q12015.

LNG production volume also recorded an increase from 914.3 thousand MMBtu per day in Q1 2015 to 1,037.7 thousand MMBtu per day in Q12016.

The Non-Oil & Gas Industry Sector has decreased by 1.9 per cent in Q12016, mainly driven by the decrease in Construction by 17.3 per cent.

The Services Sector also posted a decrease of 0.7 per cent in Q12016 due to the decreases in the Education Services, Government Services/Public Administration, and Business Services by 13.7 per cent, 3.8 per cent and 9.5 per cent, respectively.

GDP by expenditure approach posted a decline to the Government Final Consumption Expenditure (GFCE) by 11.4 per cent, followed by Gross Capital Formation (GCF) by 8.4 per cent and Exports of goods and services by 3.8 per cent.

However, Imports of goods and services posted a growth of 14.2 per cent, followed by Household Final Consumption Expenditure (HFCE) by 5.2 per cent.

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 Q1 2016 is available from JPKE's website: www.depd.gov.bn

Source:
@BRUDIRECT.COM

by BruDirect.com

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