Economy of Brunei

Mother Earth Travel > Country Index > Brunei > Map Economy History

Economy - overview: This small, wealthy economy is a mixture of foreign and domestic entrepreneurship, government regulation and welfare measures, and village tradition. Exports of crude oil and natural gas account 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 rice and housing. Brunei's leaders are concerned that steadily increased integration in the world economy will undermine internal social cohesion although it became a more prominent player by serving as chairman for the 2000 APEC (Asian Pacific Economic Cooperation) forum. Plans for the future include upgrading the labor force, reducing unemployment, strengthening the banking and tourist sectors, and, in general, a further widening of the economic base beyond oil and gas.

GDP: purchasing power parity - $5.9 billion (2000 est.)
GDP - real growth rate: 2.5% (1999 est.), 3% (2000 est.)
GDP - per capita: purchasing power parity - $17,600 (2000 est.)
GDP - composition by sector:
agriculture: 5%
industry: 46%
services: 49% (1996 est.)
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 $1.35 billion (1997 est.)
Industries: petroleum, petroleum refining, liquefied natural gas, construction
Industrial production growth rate: 4% (1997 est.)
Electricity - production: 2.445 billion kWh (1999)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1999)
Electricity - consumption: 2.274 billion kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 0 kWh (1999)
Agriculture - products: rice, cassava (tapioca), bananas; water buffalo
Exports: $2.55 billion (f.o.b., 1999 est.)
Exports - commodities: crude oil, natural gas, refined products
Exports - partners: Japan 42%, United States 17%, South Korea 14%, Thailand 3% (1999)
Imports: $1.3 billion (c.i.f., 1999 est.)
Imports - commodities: machinery and transport equipment, manufactured goods, food, chemicals
Imports - partners: Singapore 34%, United Kingdom 15%, Malaysia 15%, United States 5% (1999)
Debt - external: $0
Economic aid - recipient: $4.3 million (1995)
Currency: 1 Bruneian dollar (B$) = 100 cents

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Brunei > Map Economy History