Department of Economic Planning and Statistics - Economic Overview

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National Development Plan

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Brunei Darussalam's Economic Blueprint
RKN 11
Brunei Darussalam Key Economic Developments (BKED) Q4 & Annual 2023

ECONOMIC OVERVIEW
Brunei Darussalam Key Economic Developments (BKED) Q4 and Ammual 2023

	Brunei Darussalam’s economy grew in Q4 2023, underpinned by improvements in the Oil and Gas Sector and the Non-Oil and Gas Sector. The Oil and Gas Sector expanded on the back of higher production of crude oil, natural gas and liquefied natural gas (LNG). Meanwhile, the progress of the Non-Oil and Gas Sector was supported by positive growth recorded in several subsectors, notably Finance, Manufacture of Petroleum and Chemical Products as well as Wholesale and Retail Trade. For the whole year of 2023, the economy expanded 1.4 per cent.
	The Consumer Price Index (CPI) rose marginally in Q4 2023, mainly driven by higher food prices whilst non-food prices fell. The increase in food prices was mainly observed in commodities such as Non-Alcoholic Beverages; Rice & Cereals; and Vegetables. Meanwhile, non-food prices fell, mainly associated with the fall in several commodities, notably Transport; Communication; and Housing, Water, Electricity, Gas, and Other Fuels. For the whole year of 2023, CPI rose 0.4 per cent.
	Trade balance remained surplus in Q4 2023 despite a decline in exports, though imports also fell. The decline in exports was largely caused by a fall in exports of oil and gas particularly LNG. The petrochemical industry, on the other hand, saw higher export values, mainly attributed to higher export values of petroleum products, methanol, and urea. Meanwhile, the decline in imports was primarily due to machinery and transport equipment, particularly various aircraft parts, as well as various motor vehicles. For the whole year of 2023, trade balance registered a surplus of BND5.0 billion.
	Fiscal balance recorded a deficit in Q4 2023 as government revenue declined and expenditure increased. The decline in government revenue corresponded with a fall in oil and gas revenue in line with lower prices of crude oil. Meanwhile, the increase in government expenditure was primarily due to an increase in both ordinary and development expenditure. For the whole year of 2023, a fiscal deficit of BND2,228.0 million was recorded.

English

KEY ECONOMIC INDICATORS

GROSS DOMESTIC
PRODUCT

INFLATION

INTERNATIONAL

MERCHANDISE TRADE

UNEMPLOYMENT
RATE

-1.6%

3.7%

BND 7.0 BILLION

(SURPLUS)

4.9%

2022

2022

2022

2021