Press Releases
|Published Date: 31-12-2025
Business Sentiment Index (BSI) for November 2025
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Brunei Darussalam Central Bank (BDCB) today published Brunei Darussalam's Business Sentiment Index (BSI) for November 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 / Pessimism compared to the previous month |
The main headline index, Current Business Conditions sub-index, was recorded at 50.0 in November 2025, indicating similar overall business conditions compared to the previous month. Most companies reported business as usual, with no significant change from October 2025 contributing to the neutral sentiment. Meanwhile, other companies reported a mix of optimistic and pessimistic views. Optimism revolved around new projects, promotional campaigns, higher demand linked to festivals/events and post-exam activities; while pessimism was also contributed by increased cross-border travel which had led to reduced consumer traffic within the country. The one month ahead (1M) index stood at 50.1, suggesting that most businesses are slightly optimistic about their prospects in December 2025. Bonus payments, year-end sales, back-to-school shopping and festive celebrations are expected to boost consumer spending in December 2025. Additionally, these companies anticipate new projects and awards in the upcoming month, while some may experience weather-related disruptions and contract closures.
The Investment sub-index stood at 50.5 for the current month, 50.4 for one month (1M) ahead and 50.7 for three months (3M) ahead, reflecting expectations that investment levels will increase in the current month and continue to increase steadily in the next few months. In November and December 2025, the majority of businesses foresee higher investments due to plans tied to year-end project completions, including machinery purchases, equipment upgrades and renovation activities. Looking ahead in the next few months, businesses expect their investments to rise further, mainly as preparations for festive demands such as Chinese New Year and Hari Raya Aidilfitri celebrations, as well as new project commencements, tender awards, purchases of more machinery, renovations and opening of new branches.
The Employment sub-index stood at 49.9 for the current month and one month (1M) ahead. Both sub-indices presented mild pessimism, indicating a slight decline in employee headcounts mainly due to workforce reductions linked to the conclusion of major projects, reduced scope of work or downsizing, resignations and the end of contracts without immediate replacements. At the same time, these declines may be temporary as many businesses have indicated plans to hire replacement staff and retain workforce.
The Costs sub-index was 49.6 for the current month and 50.6 for one month ahead, indicating that costs were expected to decrease in November 2025, and then increase in December 2025. For November 2025, several companies cited lower costs relating to the conclusion of major projects and seasonal slowdown. Some respondents also noted decreased spending on raw materials, machinery rentals, and vehicle maintenance. Many businesses generally anticipate higher costs in December 2025 primarily due to annual bonuses and project-related spending. Additionally, increased spending on roadshows, advertising, events tied to holiday sales and year-end campaigns are expected to contribute to higher costs during the month.
BSI November 2025 | |
| Current Business Conditions | 50.0 |
| 1M Ahead Business Conditions | 50.1 |
| Current Investment | 50.5 |
| 1M Ahead Investment | 50.4 |
| 3M Ahead Investment | 50.7 |
| Current Employment | 49.9 |
| 1M Ahead Employment | 49.9 |
| Current Costs | 49.6 |
| 1M Ahead Costs | 50.6 |
Note: 1M – one month, 3M – three months
In terms of economic sectors:
| Sector | Index | Factors |
Optimistic Sentiment | Finance & Insurance | 50.1 | Slight optimism due to expected increases in loan drawdowns and takaful contributions. |
| Real Estate & Ownership of Dwellings | 50.1 | Slight optimism due to higher property sales in certain areas despite tenant turnover, with majority reporting stable occupancy rates. | |
| Manufacturing | 50.1 | Slight optimism on new orders, new projects and the restoration of gas supply which may boost production. | |
No Change
| Agriculture, Forestry, Fisheries & Livestock | 50.0 | Generally neutral sentiment on reports of stable ongoing operations, although there were some concerns regarding delayed client payments. |
| Hotels & Restaurants | 50.0 | Mild optimism due to promotions and event catering – which may boost performance – was balanced out by pessimism from companies impacted by the Havoc Food Festival and early holiday travel that reduced customer traffic. | |
| Oil & Gas Related | 50.0 | Neutral sentiment with stable activity despite some market concerns over supply and demand. | |
| Other Private Services | 50.0 | Generally neutral sentiment as optimism related to new projects and contract renewals was offset by potential completions of major contracts, weather concerns and seasonal slowdowns in client activity. | |
Pessimistic Sentiment | Health & Education | 49.9 | While some clinics were optimistic of higher demand for certain services, overall sentiment was dampened by seasonal-related challenges i.e. post-exam slowdown and reduced customer traffic. |
| Wholesale & Retail Trade | 49.9 | Retail sentiment was dampened by the Siuk, Havoc Food Festival and early holiday travel, contributing to a quieter market. | |
| Construction | 49.8 | Sentiment leaned negative due to the following factors: completed projects, delayed tenders, and weather disruptions which affected their activity. | |
| Transport & Communication | 49.7 | Several large companies expected to experience lower activity attributed to completed contracts or typical pre-holiday quiet periods. |
In terms of business size:
| Size | Index | Factors |
Optimistic Sentiment | Medium | 50.1 | Medium-sized businesses reported optimistic sentiment primarily due to new projects and seasonal promotions. |
No change | Micro | 50.0 | Many micro- and small-sized companies reported business as usual operations, with several comments on reduced customer traffic and seasonal weather disruptions. However, the majority remained neutral, noting steady, unchanged activity compared to the previous month. |
Small | 50.0 | ||
Large | 50.0 | Neutral sentiment recorded for large companies for this month as major contracts have been completed for some sectors while long-term projects were still ongoing. |
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.
