Brunei GDP Annual Growth Rate

Last Release

Sep 30, 2022

Actual

0.9

Units In

-4.4

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
7.1 Dec 2019	-8.1 Dec 2013	0.22 %	2004-2022	N/A

Brunei is the fourth-largest oil producer in Southeast Asia. Oil accounts for around 62 percent of GDP and is the source of 90 percent of government revenues. Yet, in recent years, oil production has declined and, as a result, growth has slowed down. In order to strengthen Brunei’s long-term prospects, the government has been trying to diversify the economy by using oil revenues to invest in non-oil industries like Islamic banking and by attracting foreign direct investments. Focus on eco-tourism has also been high, given that 70 percent of the country’ is covered by tropical forest.

Latest Updates

Brunei’s economy shrank 1.8% yoy in Q1 of 2025, deepening from a 1.3% fall in the prior period and marking the sharpest yearly contraction since Q2 2023. The services sector fell (-0.6% vs 4.8% in Q4), ending a three-quarter expansion streak due to declines in health, land, and other transport services. Further, agricultural output plunged (-11.7% vs 3.6%), hit by weakness in forestry, fisheries, and various crops. Meanwhile, industrial output continued to drop, albeit at a slower rate (-2.5% vs -5.2%), led by falls in other manufacturing, utilities, and LNG and petroleum production. On the expenditure side, fixed investment decreased sharply (-13.3% vs -4.4%) amid a steep deterioration in household spending (-3.0% vs 1.0%) and steady growth in government spending (at 0.8%). On the trade front, exports fell 10.4%, with imports slipping 11.6%. On a quarterly basis, GDP shrank 5.1%, reversing a 5.9% increase in Q4. In 2024, the economy grew 4.2%, up sharply from 1.1% in a year before.