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Brunei Darussalam - Monthly Inflation, Share of oil and non-oil sectors in the economy
Encouragingly, economic activity unconnected with energy grew by 3.4%, indicating progress in the government’s drive to diversify the economy before hydrocarbon reserves dwindle. The sector has grad... ually increased its share of real GDP to 54.4% over recent years (Figure 3.22.3). Services grew by 3.3% and agriculture by nearly 9%. Manufacturing and construction recorded only slight growth. In a further positive sign, the privately owned part of the economy outside the energy sector grew by a healthy 4.6% in the third quarter. Merchandise exports, mostly oil and liquefied natural gas, increased by 9.4% to $9.9 billion on a customs basis in January–September, supported by higher prices. Exports of methanol were interrupted in April 2012 when production was shut down temporarily for maintenance. Imports rose much more quickly than exports, by 21.8% to $2.7 billion, on the back of firm domestic demand. Most capital and consumer goods are imported, as is most food. A substantial trade surplus produced another large current account surplus, estimated at 47% of GDP in 2012. International reserves rose by a third to $3.3 billion, cover for 11.9 months of imports of goods.Inflation decelerated from 1.2% year on year at the start of 2012 to 0.4% in December (Figure 3.22.4). Prices of food, particularly meat and cooking oil, rose but this was mostly countered by lower prices for clothing, education, and transport. Price controls and subsidies help to keep inflation low. A firm exchange rate contributed by dampening imported inflation. The Brunei dollar, which is pegged to the Singapore dollar through a currency board arrangement, appreciated by 6.3% against the US dollar in 2012. Income taxes, dividends, and royalties from hydrocarbons provide the government with substantial revenue to fund the large public sector, invest in public infrastructure, and provide a range of services and subsidies. Revenue in FY2011 (ended 31 March 2012) increased by 7.0% and government spending by only 1.4%, with the fiscal surplus remaining at over 20% of GDP.Source : Asian Development Outlook 2013 - http://www.adb.org/sites/default/files/ado2013-brunei-darussalam.pdf , CEIC Data Company (accessed 16 March 2013).
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