
Brunei Economy
Brunei Economy: A summary of information about Brunei Economy, from government research data as well as independent research and other sources.
Brunei: Economy
Economy - overview
This small, wealthy economy is a mixture of foreign and domestic entrepreneurship, government regulation and welfare measures, and village tradition. It is almost totally supported by exports of crude oil and natural gas, with revenues from the petroleum sector accounting for over half of GDP. Per capita GDP is far above most other Third World countries, and substantial income from overseas investment supplements income from domestic production. The government provides for all medical services and subsidizes food and housing. The government has shown progress in its basic policy of diversifying the economy away from oil and gas. Brunei's leaders are concerned that steadily increased integration in the world economy will undermine internal social cohesion although it has taken steps to become a more prominent player by serving as chairman for the 2000 APEC (Asian Pacific Economic Cooperation) forum. Growth in 1999 is estimated at 2.5% due to higher oil prices in the second half.
GDP
purchasing power parity - $5.6 billion (1999 est.)
GDP - real growth rate
2.5% (1999 est.)
GDP - per capita
purchasing power parity - $17,400 (1999 est.)
GDP - composition by sector
agriculture: 5% industry: 46% services: 49% (1996 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)
1% (1999 est.)
Labor force
144,000 (1995 est.); note - includes foreign workers and military personnel note: temporary residents make up 41% of labor force (1991)
Labor force - by occupation
government 48%, production of oil, natural gas, services, and construction 42%, agriculture, forestry, and fishing 10% (1999 est.)
Unemployment rate
4.9% (1995 est.)
Budget
revenues: $2.5 billion expenditures: $2.6 billion, including capital expenditures of $768 million (1995 est.)
Industries
petroleum, petroleum refining, liquefied natural gas, construction
Industrial production growth rate
4% (1997 est.)
Electricity - production
2.56 billion kWh (1998)
Electricity - production by source
fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (1998)
Electricity - consumption
2.381 billion kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
rice, cassava (tapioca), bananas; water buffalo
Exports
$2.04 billion (f.o.b., 1998 est.)
Exports - commodities
crude oil, liquefied natural gas, petroleum products
Exports - partners
Japan 51%, UK 14%, US 10%, Singapore 8%, Thailand 3% (1998)
Imports
$1.38 billion (c.i.f., 1998 est.)
Imports - commodities
machinery and transport equipment, manufactured goods, food, chemicals
Imports - partners
Singapore 32%, UK 17%, Malaysia 12%, France 12%, US 5% (1998)
Debt - external
$0
Economic aid - recipient
$4.3 million (1995)
Currency
1 Bruneian dollar (B$) = 100 cents
Exchange rates
Bruneian dollars (B$) per US$1 - 1.6733 (January 2000), 1.6950 (1999), 1.6736 (1998), 1.4848 (1997), 1.4100 (1996), 1.4174 (1995); note - the Bruneian dollar is at par with the Singapore dollar
Fiscal year
calendar year