May 2, 2025
The non-oil and gas sector accounted for over 50 per-cent of Brunei’s gross domestic product (GDP) since 2024.
This shift signals Brunei’s ongoing structural transformation and the effectiveness of its economic diversification agenda.
Non-oil and gas exports have also grown substantially, now representing nearly 70 per cent of total exports, up from less than 10 per cent in 2019, driven largely by petrochemical products and other downstream industries.
The milestone of non-oil and gas sector continue to be the key driver in Brunei’s economic landscape was shared by Centre for Strategic and Policy Studies (CSPS), Brunei’s premier public policy think tank in their Brunei Economic Outlook 2025 publication.
The Sultanate recorded a strong economic growth of 4.2 per cent in 2024, positioning the country among the fastest-growing economies in ASEAN for the year.
According to CSPS, Brunei’s economic recovery was driven by the resurgence of the oil and gas sector, following the completion of rejuvenation works and the commencement of new production from the Salman oilfield. This marked a key point after several years of contraction in the sector since 2020.
Complementing these developments, continued government efforts to strengthen infrastructure, logistics and industrial capacity have played a critical role in supporting job creation.
The report notes that the majority of new employment is now concentrated in non-oil and gas sectors such as services, construction and manufacturing. These investments, along with increased private sector participation, have helped stabilise unemployment at 4.8 per cent in 2024, down from peaks of over nine per cent in earlier years. CSPS forecasts Brunei’s economy to grow at a more moderate rate of around two per cent in 2025.
Growth will continue to be supported by the downstream oil and gas sector, especially with the possible full operationalisation of Hengyi Phase II, as well as increased foreign and domestic investments in logistics, aviation, manufacturing and other industries. – James Kon