The gross domestic product (GDP) for Brunei Darussalam for the Fourth Quarter (Q4) of 2015 was BND$4.3 billion - around 17 per cent lower than the BND$5.2 billion from the same period in 2014 - with the Oil and Gas Industry accounting for 53 per cent of the total GDP.

This was revealed in a press statement on the Quarterly GDP, Fourth Quarter 2015, which was issued by the Department of Economic Planning and Development (JPKE), Prime Minister's Office.

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. Brunei's GDP at current prices in Q4 of 2015 was estimated at BND$4.3 billion, compared to BND$5.2 billion in Q4 of 2014.

It was found that the oil and gas Industry was valued at BND$2.3 billion, accounting for 53 per cent of the total GDP. Meanwhile, Services were attributed with 42 per cent of the total GDP, four per cent was the non-oil and gas industry, while agriculture, forestry and fishery accounted for one per cent.

In terms of GDP growth at constant prices, Q4 of 2015 recorded a 0.5 per cent decline year-on-year after having grown 2.4 per cent in the previous quarter. This decline has been attributed to the decrease of the non-oil and gas industrial sector, services sector and oil and gas industrial sector by 4.8 per cent, 0.4 per cent and 0.2 per cent respectively.

For the whole year of 2015, GDP at constant prices continued to decline by 0.6 per cent after a decrease of 2.3 per cent in the previous year, which is mainly due to the services sector having posted a decline of 1.6 per cent.

Q4 of 2015 also saw the agriculture, forestry and fishery sector grow by 2.5 per cent due to a 15.5 per cent increase in fishery.

As for the oil and gas industrial sector,-a decline of 0.2 per cent was noted due to a fall of 1.2 per cent in oil and gas mining in Q4 2015. Despite an increase in the crude oil and gas production volumes, other mining including services to mining was the major reason for the fall.

The final quarter of 2015 also saw the non-oil and gas industrial sector decrease by 4.8 per cent, mainly due to decreases of construction by 7.4 per cent and other manufacturing by 12.6 per cent.

The services sector declined by 0.4 per cent in Q4 2015, and this has mainly been attributed to the decrease of finance by 12.3 per cent, due to a slowdown in the banking activities based on contribution to growth rate. Government services / public administration posted a fall of 2.1 per cent, which also contributed to the decline of the services sector.

The GDP by expenditure approach posted an increase to Household Final Consumption Expenditure (HFCE) by 4.2 per cent, followed by Exports of goods and services by 1.2 per cent.

However, Gross Capital Formation (GCF) posted a 21.3 per cent decline, followed by Government Final Consumption Expenditure (GFCE) by 5.8 per cent and Imports of goods and services by 21.5 per cent.

For more information, the full GDP report for Q4 2015 is available from JPKE's website, www.depd.gov.bn.

Source:
@BRUDIRECT.COM

by BruDirect.com

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