BANDAR SERI BEGAWAN – Brunei has recorded its fastest annual gross domestic product (GDP) growth in 25 years, outperforming expectations with an expansion of 4.2% in 2024 despite ending the year with a quarterly contraction.
Buoyed by robust growth in the downstream oil and gas sector, the Brunei economy delivered its best performance since 1999 when real GDP grew 4.3%.
This also marks the second consecutive year of positive growth, following a 1.4% increase in 2023.
The Brunei economy had suffered a two-year recession from 2021 amid the COVID-19 pandemic, before rebounding in 2023.
In the annual GDP 2024 report released earlier this week, the Department of Economic Planning and Statistics (DEPS) said the oil and gas sector and non-oil and gas sector climbed 5.5% and 3.1% year-on-year, respectively.
Source: The Scoop
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March 17, 2025
