I. Impact o Recent cRIses and the GoveRnment’s Response
ei i Bri dr i i 2008, wi -rg r ri ig i r r i g r, ri r 2009 r w grw (0.2 r Gdp). RGdp grw i 2008 i i b -1.5 r, fr i ri i Bri dri 2000.
While growth in both the energy sector and non-energy sector slowed down, the overall economiccontraction is largely due to the plummeting revenues rom the oil and energy sector, which accounts or two- thirds o the country’s total GDP and which declined by -5.1 percent in 2008 (IMF, 2009). The non-energy sector hasbeen growing aster than the energy sector during most o the past seven years. From 2002 to 2007, the averagereal growth rate o the non-energy sector was 4.3 percent, which was 4.7 percentage points higher than the energysector. In 2008, the real growth rate o the non-energy sector was 2.1 percent. Projections or 2009 are o 0.2percent GDP growth (IMF, 2009).
t i gb fi rii b xri i xr r Bridr’ xr, rir i rg r.
In the third quarter o 2008, exports o crude oil and gasaccounted or 98 percent o total export value. However, Brunei Darussalam’s economy has always been vulnerable to fuctuations in oil prices, and despite the noticeable slowdown, Brunei Darussalam has not allen into a ull-fedged crisis.
i r i x r ri, b r r r r.
For 2009, total revenue is estimated to be B$8.7 billion, 26 percent lower than in 2008 (IMF, 2009)due to lower global oil prices. As a result, the government is expecting to have a rare budget decit in scalyear 2009/10 (April-March). However, revenue surpluses rom when the price o oil was high have enabled thegovernment to maintain the previously allocated development budget. The budget allocated to the social servicessector represents the largest share (30.2 percent) o the 2009/2010 development budget.