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Within the third quarter (Q3) of 2022, Brunei Darussalam’s gross home product (GDP) by financial exercise was primarily contributed by the trade sector which was about 66.4 per cent. This was adopted by companies sector by 32.5 per cent and agriculture, forestry and fishery sector by 1.1 per cent.
The Sultanate’s GDP at present costs in Q3 2022 was valued at BND5.8 billion in comparison with BND4.7 billion in Q3 2021. The oil and fuel sector, comprising of oil and fuel mining and manufacture of liquefied pure fuel (LNG), accounted for 51.7 per cent of the overall gross worth added (GVA). In the meantime, the non-oil and fuel sector, which incorporates downstream actions such because the manufacture of petroleum and chemical merchandise, contributed 48.3 per cent of GDP.
In the meantime, GDP worth at fixed costs recorded a development of 0.9 per cent year-on-year.
This was on account of a rise within the non-oil and fuel sector by 4.6 per cent. Alternatively, the oil and fuel sector decreased by 2.7 per cent.
The non-oil and fuel sector remained constructive with a rise within the subsectors reminiscent of downstream, finance, air transport, wholesale and retail commerce, and fishery.
A rise within the downstream actions was on account of elevated methanol manufacturing by 16.1 per cent, from 129,778 metric tonnes in Q3 2021 to 150,674 metric tonnes in Q3 2022 in addition to the brand new manufacturing of the chemical product, particularly urea fertiliser.
In the meantime, the rise within the finance subsector was according to a rise within the earnings of economic and banking actions.
The rise in transport subsector was primarily contributed by the rise in air transport. The rise in air transport exercise was according to the rise in passenger air arrivals, from 4,494 in Q3 2021 to 79,730 in Q3 2022; and air departures, from 8,140 in Q3 2021 to 71,595 in Q3 2022, which corresponded to permission to enter and exit the nation.
The rise within the wholesale and retail commerce subsector was as a result of rise in home demand according to the discount in management measures following the cessation of the COVID-19 Early Endemic Part versus the third quarter (Q3) within the earlier 12 months, through which most motion restrictions had been reinstated to regulate the unfold of COVID-19. The rise on this subsector was additionally according to the rise in retail gross sales primarily pushed by a rise in gross sales of textiles, sporting attire and footwear cent, gross sales of {hardware}, paints and glass in specialised shops and gross sales at petrol station.
Moreover, the rise within the fisheries subsector resulted from the growth of the seize and aquaculture industries. The expansion of the seize trade was primarily attributable to small-scale fishermen’s actions. In the meantime, farm prawn was the primary contributor to the aquaculture trade.
Nevertheless, the decline within the oil and fuel sector was on account of a lower within the manufacturing of crude oil from 97.1 thousand barrels per day in Q3 2021 to 86.2 thousand barrels per day in Q3 2022. Pure fuel manufacturing additionally recorded a lower from 28.7 million cubic metres per day in Q3 2021 to twenty-eight million cubic metres per day in Q3 2022. The discount in crude oil and pure fuel manufacturing was on account of schedule and unscheduled upkeep and rejuvenation actions for the offshore platform. This has restricted the pure fuel provide to the Liquefied Pure Gasoline (LNG) plant and induced low fuel consumption for the aim of LNG manufacturing. As well as, upkeep actions had been additionally carried out on the LNG plant, thus, LNG manufacturing has declined from 750,944 MMBtu per day in Q3 2021 to 731,975 MMBtu per day in Q3 2022.
By expenditure strategy, a rise in GDP development in Q3 2022 was on account of an increase within the exports of products and companies by 14.3 per cent, primarily the export of mineral gas items. This was adopted by a rise within the family remaining consumption expenditure (12.2 per cent), non-public gross capital formation (2.4 per cent), and authorities remaining consumption expenditure (0.4 per cent).
The total report is on the market from deps.mofe.gov.bn.
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