Category: Local Written by Borneo Bulletin Hits: 311
Bandar Seri Begawan - In the first quarter of 2013 (Q12013), the Gross Domestic Product (GDP) for Brunei Darussalam at current prices was estimated at B$5,360.9 million, compared to B$5,363.5 million in Q1 2012, the Department of Economic Planning and Development (JPKE) revealed yesterday.
In terms of GDP growth at constant prices, Q1 2013 recorded a growth of 0.9 per cent year-on-year (y-o-y). This was mainly attributed to the growth of both the non-Oil and Gas Sector, and the Oil and Gas Sector by 0.9 per cent (y-o-y) and 0.8 per cent (y-o-y) respectively.
In Q1 2013, the Agriculture, Forestry & Fishery Sector declined by 8.3 per cent (y-o-y) due to the decrease in production of Forestry by 68.0 per cent (y-o-y), Vegetables, Fruits and Other Agriculture by 9.8 per cent (y-o-y), Fishery by 4.2 per cent (y-o-y), and Livestock and Poultry by 2.5 per cent (y-o-y).
The Industrial Sector increased by 1.2 per cent (y-o-y) in Q1 2013, compared after a positive growth of 2.8 per cent (y-o-y) in Q4 2012. This was due to a positive growth in the Construction Sector by 4.7 percent (y-o-y) and Mining by 1.5 per cent (y-o-y). Meanwhile, the Manufacturing Sector and Electricity & Water have declined by 0.4 per cent (y-o-y) and 1.8 per cent (y-o-y) respectively.
The Services Sector grew by 0.7 per cent (y-o-y) in Q1 2013. Finance recorded the highest growth of 2.7 per cent (y-o-y), followed by Private Services at 1.9 per cent (y-o-y), Transport & Communication at 1.4 per cent (y-o-y), Real Estate & Ownership of Dwellings at 0.9 per cent (y-o-y) and Trade at 0.2 per cent (y-o-y). Government services recorded a negative growth of 0.2 per cent (y-o-y).
By the expenditure approach, GDP growth was due to the Capital Formation which recorded the highest growth of 2.3 per cent (y-o-y), followed by Personal Consumption Expenditure at 1.8 per cent (y-o-y), and Exports of Goods and Services 1.0 per cent (y-o-y).
Meanwhile, Government Consumption Expenditure and Imports of Goods and Services have declined by 0.9 per cent (y-o-y) and 16.9 per cent (y-o-y) respectively.
Gross Domestic Product (GDP) is a measure of the total value of goods and services produced in a particular period after deducting the costs of goods and services used up in the process of production.
The full GDP reports for Q1 2013 are available from JPKE's website www.depd.gov.bn.
Courtesy of Borneo Bulletin
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