Oil and Gas Sector Weighs Down on Brunei’s 3Q 2020 Economic Growth Performance

Brunei recorded economic growth of 0.5% year-on-year (YoY) in the third quarter of 2020 (3Q 2020), buoyed by top-line performance in the non-oil and gas sector. Data from Brunei’s Department of Economic Planning and Statistics (DEPS) revealed that the 3Q 2020 economic performance was largely attributed to 8.0% YoY growth from the downstream hydrocarbon sector, which has remained strong since Hengyi Industries commenced operations in November 2019.

According to the DEPS, the agriculture, forestry and fishery sector recorded the largest growth amongst all economic sectors, increasing 15.6% YoY in 3Q 2020. This growth came from a 7.8% YoY increase in poultry production and livestock, with output from fisheries up 59.1% YoY.

This performance was off-set by a 5.7% Yo...