Brunei Economy Grows 0.3%
By Yulz. Friday, 28. December 2007, 06:12:50
Bandar Seri Begawan - Brunei's economy grew 0.3 per cent in the second quarter of 2007, a reversal from a 3.6 per cent contraction in the first quarter, owing to the double-digit growth of the non oil and gas sector, government statistics showed.
The sector's expansion, however, could not offset the negative growth in the oil and gas and the agriculture sectors, according to the Department of Economic Planning and Development data.
The 0.3 per cent second-quarter rise in gross domestic product (GDP) - the total sum of the country's goods and services, minus income from abroad represents a big fall from the 4.9 per cent expansion in the same period last year, the data showed.
Based on the income accounts, output from the oil and gas sector contracted 9.1 per cent in the second quarter.
The oil and gas sector, according to an International Monetary Fund public information notice in December last year, accounts for about half of Brunei's real GDP.
It also generates more than 90 per cent of total export earnings and, government revenues.
Of the three major sectors, the services sector alone posted a double-digit growth of 15.3 per cent in the second quarter from 4.3 per cent in the first quarter.
This sector includes the transport and communication, trade, finance, real estate and ownership of dwellings, private and government services sub-sectors.
Of the sub-sectors, government services posted the highest at expansion at 20.3 per cent in the second quarter from a mere 4.3 per cent in the first quarter and one per cent in the same period last year.
Trade activities' contribution to the GDP grew at 20 per cent, followed by transport and communications, with a 14.6 per cent rise, the finance sector at 10.6 per cent and real estate and ownership dwellings at 2.3 per cent.
As a whole, the 8.7 per cent contraction in the industry sector's output was due to the negative growth in output of all sub-sectors except for electricity and water. The industrial sector includes mining, manufacturing, construction and the electricity and water sub-sectors.
Mining, which covers most of the oil and gas activities, posted a negative growth of 11.3 per cent against a 10.3 per cent contraction in the first quarter.
Manufacturing showed a recovery in the second quarter, with only 1.5 per cent negative growth compared to 5.1 per contraction in the first quarter.
But the construction sector's output worsened, showing a 10.4 per cent contraction against 3.7 per cent in the first quarter.
Electricity and water services' output, however, grew by 4.1 per cent in the second quarter from a 0.2 per cent contraction in the first quarter.
Meanwhile, the agriculture, forestry and fishery sector showed some improvement from the first quarter albeit still registering a contraction in output of 4.9 per cent versus a 10.1 per cent contraction in the first quarter. In the same quarter last year, the sector showed a positive growth of 8.2 per cent.-- Courtesy of The Brunei Times
The sector's expansion, however, could not offset the negative growth in the oil and gas and the agriculture sectors, according to the Department of Economic Planning and Development data.
The 0.3 per cent second-quarter rise in gross domestic product (GDP) - the total sum of the country's goods and services, minus income from abroad represents a big fall from the 4.9 per cent expansion in the same period last year, the data showed.
Based on the income accounts, output from the oil and gas sector contracted 9.1 per cent in the second quarter.
The oil and gas sector, according to an International Monetary Fund public information notice in December last year, accounts for about half of Brunei's real GDP.
It also generates more than 90 per cent of total export earnings and, government revenues.
Of the three major sectors, the services sector alone posted a double-digit growth of 15.3 per cent in the second quarter from 4.3 per cent in the first quarter.
This sector includes the transport and communication, trade, finance, real estate and ownership of dwellings, private and government services sub-sectors.
Of the sub-sectors, government services posted the highest at expansion at 20.3 per cent in the second quarter from a mere 4.3 per cent in the first quarter and one per cent in the same period last year.
Trade activities' contribution to the GDP grew at 20 per cent, followed by transport and communications, with a 14.6 per cent rise, the finance sector at 10.6 per cent and real estate and ownership dwellings at 2.3 per cent.
As a whole, the 8.7 per cent contraction in the industry sector's output was due to the negative growth in output of all sub-sectors except for electricity and water. The industrial sector includes mining, manufacturing, construction and the electricity and water sub-sectors.
Mining, which covers most of the oil and gas activities, posted a negative growth of 11.3 per cent against a 10.3 per cent contraction in the first quarter.
Manufacturing showed a recovery in the second quarter, with only 1.5 per cent negative growth compared to 5.1 per contraction in the first quarter.
But the construction sector's output worsened, showing a 10.4 per cent contraction against 3.7 per cent in the first quarter.
Electricity and water services' output, however, grew by 4.1 per cent in the second quarter from a 0.2 per cent contraction in the first quarter.
Meanwhile, the agriculture, forestry and fishery sector showed some improvement from the first quarter albeit still registering a contraction in output of 4.9 per cent versus a 10.1 per cent contraction in the first quarter. In the same quarter last year, the sector showed a positive growth of 8.2 per cent.-- Courtesy of The Brunei Times
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