Brunei's economy records 0.8 per cent growth in first quarter of 2023

BANDAR SERI BEGAWAN (Bernama-Xinhua): Brunei's gross domestic product (GDP) increased by 0.8 per cent at constant prices year-on-year in the first quarter of 2023, the latest statistical figures released this week.

According to the Department of Economic Planning and Statistics at the Ministry of Finance and Economy, an increase in the non-oil and gas sector by 6.2 per cent led to the rise in the Southeast Asian country's economy in the quarter.

The increase was driven by the rise in subsectors such as air transport by 285.1 per cent, followed by finance (71.7 per cent) and other transport services (33.1 per cent).

Meanwhile, the oil and gas sector fell by 5 per cent, due to a decrease in crude oil, natural gas and liquefied natural gas production following the impact of the Covid-19 pandemic that caused delays in exploration, development, production and rejuvenation work.

Valued at current prices, Brunei's GDP in Q1 2023 was 4.9 billion Brunei dollars (US$3.6 billion). - Bernama-Xinhua

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