Answer to Oral Question PL179
📖 Reading time: 3 minutes
📊 Word count: 442 words
YANG BERHORMAT PEHIN ORANG KAYA INDERA PAHLAWAN DATO SERI SETIA AWANG HAJI SUYOI BIN HAJI OSMAN​
QUESTION:
Yang Berhormat Pehin Orang Kaya Indera Pahlawan Dato Seri Setia Awang Haji Suyoi bin Haji Osman asked the MINISTER AT THE PRIME MINISTER'S DEPARTMENT AND THE MINISTER OF FINANCE AND ECONOMY II to state the current economic situation of Negara Brunei Darussalam? What steps are the Ministry of Finance and Economy taking to enhance the country's economic growth through economic diversification and foreign investment, where success in both is expected to have a significant impact on the country's economy.
YANG BERHORMAT MINISTER AT THE PRIME MINISTER'S DEPARTMENT AND MINISTER OF FINANCE AND ECONOMY II​
ANSWER:
Thank you Yang Berhormat Pehin Yang Di-Pertua,
Touching on the current state of Negara Brunei Darussalam's economy, Kaola would like to summarize the latest developments especially concerning the level of Gross Domestic Product or GDP achievement, inflation rate, foreign trade performance, as well as the country's energy market.
As Kaola shared previously, during the First Legislative Assembly Session of the 21st Legislative Year, 2025, the country's Gross Domestic Product (GDP) in 2024 recorded the highest growth in recent years, with the growth rate updated to 4.1 percent in June 2025. At the same time, the national unemployment rate recorded its lowest level since 1991. In terms of contribution to the economy:
- Non-oil and gas exports have exceeded 50 percent of total exports since 2021, compared to 11 percent in 2017.
- The contribution of the non-oil and gas sector to GDP has also exceeded 50 percent since 2022 compared to 31 percent in 2017.
This trend reflects the positive progress of the country's economy towards a dynamic and resilient economic structure. However, this positive progress does not necessarily occur every year given that the oil and gas sector significantly contributes to the country's economy and is also exposed to external challenges and uncertainties.
The current global environment influenced by tariff increases, supply chain disruptions, technological advancements, and geopolitical uncertainties also affects the strategies or efforts planned to enhance investment and economic growth.
Nevertheless, the country's efforts to strengthen foreign direct investment (FDI) will continue to be fortified and further enhanced as in previous years as a strategy to broaden the economic base and support job creation and sector diversification.
To date, progress efforts in key sectors are actively being conducted. According to the Herfindahl-Hirschman Index (HHI), the country has transitioned from an oil and gas-dependent economy to a moderately diversified economy. This is part of the structural economic transformation that is actively being implemented. However, this change indeed will take time and does not necessarily guarantee consistent positive growth due to external challenges and uncertainties as Kaola mentioned earlier.
Thank you Yang Berhormat Pehin Yang Di-Pertua.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website, you may be able to link to other websites which are not under our control. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, we take no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.