Brunei economy expected to slow down

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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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...

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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Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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