Brunei records positive economic growth of 1.4 per cent in 2023

BANDAR SERI BEGAWAN (Xinhua): Brunei's economy in 2023 expanded by 1.4 per cent, which was attributed to an increase in the non-oil and gas sector by 4.5 per cent, according to the latest official report released by the country's finance ministry.

At current prices, the annual gross domestic product (GDP) in 2023 was valued at 20.3 billion Brunei dollars (US$15 billion) according to the report.

The non-oil and gas sector has been a crucial factor in Brunei's achievement of positive economic indicators in 2023, said the report from the Department of Economic Planning and Statistics at the Ministry of Finance and Economy of Brunei.

The non-oil and gas sector was driven by the increase in subsectors such as air transport by 75.8 percent year-on-year, finance by 37.4 percent, and construction by 7.5 percent.

Meanwhile, the oil and gas sector recorded a decrease of 2.0 percent in 2023, comprising the oil and gas mining and manufacture of liquefied natural gas (LNG) subsectors. - Xinhua