Oil prices keep Brunei's economic outlook bright

Jan 09, 2003 01:00 AM

Brunei's economy for the fourth quarter of 2002 remained favourable despite the current global uncertainty. This was mainly due to the current upsurge in oil price averaging $ 28 per barrel and at the same time the expected slight oil production increases during the period.
The performance of the non-oil sector for fourth quarter improved further. This was mainly due to projects under the $ 1 bn National Development Plan, three-month Brunei Grand Sale and the festive season providing a strong impetus to the wholesale and retail sector and the continuous diversification efforts.

Meanwhile, performance in oil and gas sector in the third quarter improved while non-oil and gas sector's performance showed an upward trend even though there were varied performances in activities in the sub-sectors.
The performance of the oil and gas sector in the third quarter 2002 improved compared to the second quarter. The oil and gas production index (OGPI) increased by 12.2 % to 107.0 compared to 95.4 during the previous period. The OGPI for the third quarter last year increased by 7.2 % to 107.0 compared to 99.8 during the same period last year.
Compared to the same month in 2001, the OGPI in September 2002 decreased by 1.7 % from 102.6 to 100.9 and when compared to the previous month the OGPI decreased by 10.1 %.

Similarly the performance in non-oil and gas sector showed an upward trend although activities in the sub-sectors showed varied performances. Activities in the construction and supply-related industries have shown mixed signals in the third quarter relative to the second quarter.
Total revenue collection from calibration on construction related activities declined by 6.1 % from $ 45,821 in second quarter to $ 43,010.3 in third quarter. Importation of all construction materials decreased by 12.1 % from $ 5,299,702 in second quarter 2002 to $ 4,659,111 in the third quarter.

On the other hand, importation of cement jumped by 183.8 % from $ 336,567 to $ 955,042 during the same period. The production of local cement for third quarter last year increased by 4.7 % to 61,888 tons compared to 59,126 tons in the second quarter last year. Compared to the third quarter last year, cement production has increased by 8.1 % from 57,273 tons.
Activities in the fishery sector have slowed down in the third quarter compared to the second quarter. This was mainly due to the drop in the production of the capture fishery sector. The production of this sector decreased by 52 % from 5,076.8 tons in the second quarter to 2,343.9 tons in the third quarter. Unfavourable weather conditions were the main cause for the decline.

Meanwhile, the output in the aquaculture sector has improved by 25.9 % from 91.9 tons to 115.8 tons during the same period. Activities in the agricultural sector improved in the third quarter compared to the previous three months. Value of crop production including vegetables increased by 7.1 % from $ 7,693,815.9 in the second quarter to $ 8,237,989.3 in the third quarter.
However the livestock sector recorded a contraction of 0.9 % from $ 17,981,322.6 to $ 17,818,458.8 during the same period. Activities in the forestry sector has shown improvement in the third quarter compared to the previous period. Production of round timber increased by 12.7 % from 27,0682.2 cm to 30,501 cm, whereas production of “Bakau” poles rose by 1.2 % from 25,885 pieces to 26,200 pieces during the period.

In the manufacturing/processing sector, production of garments expanded by 16.4 % from 843,978.3 dozens in the second quarter to 982,784.2 dozens in the third quarter. On a year-on-year basis, production decreased by 4.3 % compared to 1,026,616.87 dozens of garment produced in 2001.
Production of sawn timber increased by 2.5 % to 15,050.6 cm in the third quarter of last year compared to 14,678.0 cm in the second quarter. Meanwhile, production of mineral water declined by 11.8 % from 1,083,565.9 litres in the second quarter to 955,466.0 litres in the third quarter. Compared to the third quarter of 2001, the production rose by 2.7 % from 930,499.3 litres.

Processing industry in the fishery sector decreased by 11.6 % from 60.3 tons during the first two months of second quarter last year to 53.3 tons during the first two months of the third quarter 2002. In the transport and communication sector, sale of vehicles slowed down in the third quarter last year compared to the previous three months.
The total number of newly-registered vehicles declined by 4.2 % from a total of 3,178 units registered in the second quarter last year to 3,046 units in the third quarter of last year. Registration of private vehicles declined by 7.0 % from 3,134 units in second quarter of last to 2,916 units in the third quarter of 2002.

Source: Brudirect.com
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