Brunei’s economy shrank 3.6 percent year-on-year in the December quarter of 2016, the same pace as in the previous period. The contraction was mainly driven by manufacture of liquefied natural gas and methanol (-13.4 percent from -2 percent in Q3); wholesale and retail trade (-7 percent from -10.6); oil and gas mining (-3.9 percent from -4.3 percent) and construction (-1.6 percent from -6.7 percent). By contrast, output recovered for agriculture, forestry and fishery (1.6 percent from -5.1 percent) and government services (0.1 percent from -4 percent). Considering full 2016, economy contracted 2.5 percent compared with 0.4 fall in the previous year. GDP Annual Growth Rate in Brunei averaged 0.09 percent from 2004 until 2016, reaching an all time high of 6.60 percent in the second quarter of 2010 and a record low of -8.10 percent in the fourth quarter of 2013.
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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. This page provides – Brunei GDP Annual Growth Rate – actual values, historical data, forecast, chart, statistics, economic calendar and news. Brunei GDP Annual Growth Rate – actual data, historical chart and calendar of releases – was last updated on April of 2017.