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|Published Date: 07-11-2025
Business Sentiment Index (BSI) for Brunei Darussalam for September 2025
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Brunei Darussalam Central Bank (BDCB) today published Brunei Darussalam's Business Sentiment Index (BSI) for September 2025. The index is based on surveys conducted on about 500 micro, small, medium, and large businesses from 11 economic sectors across all districts in Brunei Darussalam.
The monthly index is designed to measure the level of business confidence/sentiment in the country, covering various aspects, including current and future business conditions, investment, employment of workers, as well as costs of running the business. With its forward-looking approach, the BSI could serve as a leading macroeconomic indicator for the country.
The BSI and sub-indices can be interpreted as below:
| BSI value | Interpretation |
| Above 50 | Expansion / Optimism compared to the previous month |
| 50 | Similar / No change compared to the previous month |
| Below 50 | Contraction / Less optimism compared to the previous month |
The main headline index, Current Business Conditions sub-index, was recorded at 49.9 in September 2025, indicating slightly pessimistic business conditions compared to the previous month. While sentiment showed a mild decline, most businesses that were surveyed reported similar conditions, suggesting a degree of overall business stability. The pessimistic sentiment was largely driven by weak customer demand, as many businesses reported quieter market conditions with lower sales. Some also noted a slowdown in business activity due to a lack of new projects following the completion of earlier ones. Nevertheless, there were also factors contributing to optimism, supported by seasonal factors such as the end of school holidays and the start of the examination period, which were expected to boost domestic spending. This was alongside an anticipated rise in walk-in customers, and continued progress in projects and operational improvements. Successful sales promotions, new product launches, and social media campaigns provided a further boost to certain businesses. The one-month-ahead (1M) index also stood at 49.9, suggesting that, overall, most businesses remain slightly pessimistic about their prospects in October 2025. This sentiment is underpinned by expectations of weak consumer spending and a deteriorating outlook as major contracts expire without renewal.
The Investment sub-index stood at 50.4 for the current month, 50.5 for one month (1M) ahead, and 50.6 for three months (3M) ahead, indicating expectations of increased investment compared to the previous month. A notable number of firms indicated plans to increase investment in the coming months, particularly in anticipation of year-end projects, festive season preparations, and infrastructure upgrades. Key factors driving this expectation include business expansion initiatives, the purchase of machinery and equipment, inventory restocking to meet seasonal demand, and renovation projects.
The Employment sub-index stood at 49.9 for the current month and 49.9 one month (1M) ahead. Overall employment levels in September 2025 remained broadly stable. Reductions were mainly due to the non-renewal of contracts, completion of short-term projects, and cost-cutting measures in response to weakened business performance. The outlook for October 2025 remained cautious, with anticipated reductions linked to retirement and resignations, as well as a prevailing “wait-and-see” approach among firms, reflecting continued prudence in operational and budget planning amid an uncertain demand environment.
The Costs sub-index was 50.1 for the current month and 50.3 for one month ahead, indicating a slight increase in costs in September 2025, with a further rise anticipated in the following month. Several companies cited salary adjustments, overtime payments, and other staff-related costs as the main contributors to higher costs. Businesses in the Manufacturing and Construction sectors also reported increased activities, driven by spending on materials. However, some cited higher costs related to maintenance and insurance premiums. Looking ahead, firms expect continued cost pressures driven by similar factors to those in September 2025.
BSI September 2025 | |
| Current Business Conditions | 49.9 |
| 1M Ahead Business Conditions | 49.9 |
| Current Investment | 50.4 |
| 1M Ahead Investment | 50.5 |
| 3M Ahead Investment | 50.6 |
| Current Employment | 49.9 |
| 1M Ahead Employment | 49.9 |
| Current Costs | 50.1 |
| 1M Ahead Costs | 50.3 |
Note: 1M – one month, 3M – three months
In terms of economic sectors:
| Sector | Index | Due to |
Optimistic Sentiment | Health & Education | 50.5 | More clients in the country compared to August, which has helped stabilise operations and increase customer footfall. |
| Agriculture, Forestry, Fisheries & Livestock | 50.5 | Higher production yields, such as fish and eggs, and domestic demand. | |
| Construction | 50.2 | Strong optimism among companies that have secured new projects, either commencing or progressing. | |
| Hotels & Restaurants | 50.1 | Strong demand for events and wedding bookings, supported by the successful rollout of major promotional campaigns. | |
| Finance & Insurance | 50.1 | New campaigns, product launches, and large loan drawdowns. | |
No Change | Other Private Services | 50.0 | A mix of pessimism and optimism. Pessimism due to a lack of new projects and a slow market, while some optimism owing to new contracts and travel fair participation. |
| Real Estate & Ownership of Dwellings | 50.0 | Largely neutral sentiment across businesses in the sector. | |
| Manufacturing | 50.0 | A quiet market, low orders, and completed projects. However, this pessimism was offset by several firms acquiring new projects, the end of school holidays boosting demand, and successful social media promotions. | |
Less Optimistic Sentiment | Wholesale & Retail Trade | 49.9 | Weak consumer spending, a quiet local market, and competition from cross-border and online shopping platforms. |
| Oil & Gas Related | 49.8 | Concerns of a crude oil oversupply and softening margins outweigh the positive impact of higher sales from improved efficiency. | |
| Transport & Communication | 49.1 | Weak seasonal demand, vessels undergoing maintenance, and non-renewal of major contracts. |
In terms of business size:
| Size | Index | Due to |
Optimistic Sentiment | Medium | 50.1 | The commencement of new projects and successful promotional activities that have strengthened business performance. |
No change | Micro | 50.0 | Micro and small enterprises reporting “business as usual’, with no significant new projects or noticeable changes to the subdued market conditions. |
Small | 50.0 | ||
Less Optimistic Sentiment | Large | 49.9 | The expiry of major contracts and weak consumer spending. |
The time-series charts for the BSI and its sub-indices since August 2020 can be found in ANNEX 1. For more information on the BSI, members of the public can refer to the technical notes on the methodology and statistics on the BDCB website at www.bdcb.gov.bn and follow updates on the BSI through future press releases and BDCB’s Instagram account @centralbank.brunei.
