Brunei Registers Promising Economic Growth On Second Quarter
By Azian Othman

Bandar Seri Begawan - A rise in oil price, Asean's bouyant economic growth and upbeat performance in the manufacturing, wholesale and retail trade and other factors have become an indication that the country's economic growth is encouraging for the second quarter of this year.

Other factors include an increase in job vacancies and advertisements in the print media.

Economic growth is expected to be encouraging in second quarter this year for both the oil and gas sector and the non-oil and gas sector.

This positive growth will be contributed to some extent by the non-oil private sector, which has shown commendable expansion during fourth quarter of 2003 and first quarter of this year.

Regional economies, East Asia and Asean's buoyant growth during first quarter 2004 will instill optimism in the business community in Brunei.

This was highlighted in the latest edition of the Brunei Economic Bulletin, issued by the Department of Economic Planning and Development.

On its part, the oil and gas sector's growth is dependent on Brunei Shell Petroleum's planned production to capitalize on the projected higher oil price in the next quarter.

The non-oil private sector is anticipated to grow further during second quarter this year has posted affirmative growth rate during the previous two quarters.

This has been brought about by upbeat performance of the manufacturing sector, namely, the production of garments and construction-related materials.

The wholesale and retail trade activities have also shown optimistic performance during the first quarter of this year and this is likely to continue in second quarter.

Other sectors such as fishery activities in the primary sector and banking and finance will also contribute to the growth.

The government fiscal position is expected to turn around from its deficit in first quarter this year to surplus during this quarter. -- Courtesy of Borneo Bulletin

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