Brunei economy grows 1.3pc in 2017

BANDAR SERI BEGAWAN, Apr 30 (Xinhua): Brunei's economy posted a positive 1.3 per cent growth in the year of 2017, backed by rebounding international energy prices compared with negative growth in 2016.

According to the latest statistics released by the country's Department of Economic Planning and Development at the Prime Minister's Office on Sunday, Brunei's Gross Domestic Product maintained positive growth for three consecutive quarters in 2017.

In the fourth quarter of 2017, Brunei posted a growth of 5.2 per cent year-on-year at constant prices. The oil and gas sector has expanded by 9.1 per cent at constant prices year-on-year in Q4 2017. The expansion was mainly associated with the high increase of production of methanol by 41.8 per cent and manufacture of liquefied natural gas by 30.6 percent.

The average oil price in Q4 2017 has expanded by 26.2 per cent from 50.3 U.S. dollars per barrel in Q4 2016 to 63.5 U.S. dollars per barrel in Q4 2017. This sector's contribution to the total Gross Value Added was about 53.3 per cent in Q4 2017.