Brunei economy expected to slow down

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Brunei’s economy is expected to slow down this year due to a contraction in the oil and gas sector, according to the Department of Economic Planning and Development (JPKE).

“Brunei’s economic growth in 2012 is projected to increase at a modest rate of 1.6 per cent compared to 2.2 per cent in 2011. This is due to the expected contraction in the oil and gas sector by 1.2 per cent,” a JPKE statement issued yesterday read.

The statement explained that the anticipated contraction in the oil and gas sector is due to the expected decline in two sub-sectors, namely oil and gas mining, and liquefied natural gas.

Brunei is the third-largest oil producer in Southeast Asia, averaging about 180,000 barrels per day. It also is the fourth-largest producer of liquefied natural gas in the world. However, the country’s economy is almost totally supported by exports of crude oil and natural gas, with revenues from the petroleum sector accounting for over half of GDP.

Apart from the petroleum industry, Brunei is focusing of the food sector and has created its own halal brand. Eggs and chicken are largely produced locally, but most of Brunei’s other food needs must be imported. Agriculture and fisheries are among the industrial sectors that the government has selected for highest priority in its efforts to diversify the economy.

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Reading Time: 1 minute

Brunei’s economy is expected to slow down this year due to a contraction in the oil and gas sector, according to the Department of Economic Planning and Development (JPKE).

Reading Time: 1 minute

Brunei’s economy is expected to slow down this year due to a contraction in the oil and gas sector, according to the Department of Economic Planning and Development (JPKE).

“Brunei’s economic growth in 2012 is projected to increase at a modest rate of 1.6 per cent compared to 2.2 per cent in 2011. This is due to the expected contraction in the oil and gas sector by 1.2 per cent,” a JPKE statement issued yesterday read.

The statement explained that the anticipated contraction in the oil and gas sector is due to the expected decline in two sub-sectors, namely oil and gas mining, and liquefied natural gas.

Brunei is the third-largest oil producer in Southeast Asia, averaging about 180,000 barrels per day. It also is the fourth-largest producer of liquefied natural gas in the world. However, the country’s economy is almost totally supported by exports of crude oil and natural gas, with revenues from the petroleum sector accounting for over half of GDP.

Apart from the petroleum industry, Brunei is focusing of the food sector and has created its own halal brand. Eggs and chicken are largely produced locally, but most of Brunei’s other food needs must be imported. Agriculture and fisheries are among the industrial sectors that the government has selected for highest priority in its efforts to diversify the economy.

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