Activities in Brunei's upstream oil and gas sector recovered strongly, benefiting from the accelerated production from newly developed oil wells. - Bloomberg
BANDAR SERI BEGAWAN: Brunei's economic growth is forecast at 2.6 per cent in both 2025 and 2026, according to the Asean+3 Macroeconomic Research Office (AMRO), reported Xinhua.
AMRO's regional economic outlook published last week said Brunei's economy experienced broad-based growth marking its strongest expansion in decades whereby real gross domestic product expanded by 4.2 per cent in 2024.
Activities in the upstream oil and gas sector recovered strongly, benefiting from the accelerated production from newly developed oil wells which came on stream earlier than expected in October 2023, the report said.
The completion of major post-pandemic rejuvenation works further supported growth in the sector, it added. Similarly, in the non-oil and gas sector, growth was driven by downstream activities, and continued expansion of the services sector.
The report also said structural transformation to achieve a more diversified inclusive economic structure remains a key long term challenge.
To achieve sustained and well-balanced economic growth that is inclusive, the government has identified five priority areas for targeted development, namely in downstream oil and gas, food, tourism, information and communications technology, and services. - Bernama/Xinhua
