'brunei economy' Stories

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How Brunei can reduce its fiscal dependence on oil With the economy vulnerable to energy price shocks, more FDI and a broad tax base is needed to boost the government's fiscal sustainability

May 12, 2023

Brunei Darussalam has benefited from an abundance of hydrocarbon resources, which has contributed to the nation’s wealth and economic prosperity. The dependence on…

Gov’t tables $5.96 billion budget, remains cautious on economic outlook With oil and gas revenue providing a boost to state earnings, the government will record a marginal budget surplus for the first time in 4 years

March 7, 2023

BANDAR SERI BEGAWAN – The government has tabled a supply bill of $5.96 billion for the 2023/2024 financial year, seizing on the momentum…

Government budget on track for first surplus in 7 years, says CSPS Higher oil and gas earnings improve Brunei's fiscal position in 2022

March 1, 2023

BANDAR SERI BEGAWAN – Brunei is on course to record a budget surplus for the first time in seven years despite increased government…

Economic recovery on the cards in 2023: CSPS projections Brunei ends recession in Q3 2022 as downstream oil and gas sector is set to continue stimulating economic growth

February 28, 2023

BANDAR SERI BEGAWAN – The Brunei economy is projected to end its prolonged downturn and post a 2.6% growth this year owing to…

Record-low oil output drags Brunei economy deeper into recession The sultanate posts largest quarterly GDP contraction in six years

October 24, 2022

BANDAR SERI BEGAWAN – Brunei is still struggling to get out of a deep recession after record-low oil production in the second quarter…

Brunei economy likely to see modest gains in 2022: CSPS The sultanate is on track to cut fiscal deficit on the back of high oil prices

October 17, 2022

BANDAR SERI BEGAWAN – The Brunei economy is still expected to stage a modest rebound in 2022 despite a sharp contraction of 4.2…

Brunei must accelerate economic diversification, says HM In a titah to mark his 76th birthday, the monarch said government must devise new economic strategies for a post-pandemic world

July 16, 2022

BANDAR SERI BEGAWAN – Efforts to diversify the economy have boosted growth in the non-oil and gas sector at an average annual rate…

Oman eyes more aquaculture investment in Brunei Three-day dialogue aims to identify more investment, education opportunities

July 6, 2022

BANDAR SERI BEGAWAN – The Oman Brunei Investment Company (OBIC) is exploring more investment opportunities in aquaculture, particularly in salmon farming in Brunei,…

Brunei’s 2021 GDP falls at fastest pace in five years Recession deepens as declining oil and gas output continues to hamper economic recovery

May 29, 2022

BANDAR SERI BEGAWAN – The Brunei economy suffered its biggest contraction in five years, closing out 2021 with a 1.6 percent annual negative…

Development spending down by 42% as another fiscal deficit looms Higher oil and gas revenue eases fiscal deficit in FY 2021/22, but budget shortfall projected to widen in next financial year

February 27, 2022

This story was updated on Feb 28, 2022 to include additional comments from the Second Minister of Finance and Economy. BANDAR SERI BEGAWAN…

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