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The Economy of Brunei

Bruneian Economy

Brunei's map

Economy - overview: Brunei has a small well-to-do economy that encompasses a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures, and village tradition. Crude oil and natural gas production account for just over half of GDP and more than 90% of exports. Per capita GDP is among the highest in Asia, and substantial income from overseas investment supplements income from domestic production. The government provides for all medical services and free education through the university level and subsidizes rice and housing. Brunei's leaders are concerned that steadily increased integration into the world economy will undermine internal social cohesion. Plans for the future include upgrading the labor force, reducing unemployment, strengthening the banking and tourist sectors, increasing agricultural production, and, in general, further widening the economic base beyond oil and gas.

GDP:

GDP - real growth rate: 0.4% (2008 est.) 0.6% (2007 est.) 5.1% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 0.7% industry: 75% services: 25% (2005 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 188,800 (2008 est.)

Labor force - by occupation: agriculture: 4.5% industry: 63.1% services: 32.4% (2003 est.)

Unemployment rate: 3.7% (2008)

Budget: revenues: $6.889 billion expenditures: $4 billion (2008 est.)

Industries: petroleum, petroleum refining, liquefied natural gas, construction

Industrial production growth rate: 1.8% (2006 est.)

Electricity - production: 3.145 billion kWh (2007 est.)

Electricity - production by source:

Electricity - consumption: 2.758 billion kWh (2007 est.)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 192,600 bbl/day (1st quarter 2008 est.)

Oil - consumption: 13,200 bbl/day (2006 est.)

Oil - exports: 200,000 bbl/day (2005)

Oil - imports: 304 bbl/day (2005)

Oil - proved reserves: 1.1 billion bbl (1 January 2008 est.)

Natural gas - production: 13.8 billion cu m (2006 est.)

Natural gas - consumption: 3.99 billion cu m (2006 est.)

Natural gas - exports: 9.4 billion cu m (2007 est.)

Natural gas - imports: 0 cu m (2007 est.)

Natural gas - proved reserves: 390.8 billion cu m (1 January 2008 est.)

Agriculture - products: rice, vegetables, fruits; chickens, water buffalo, cattle, goats, eggs

Exports: $8.25 billion f.o.b. (2007)

Exports - commodities: crude oil, natural gas, garments

Exports - partners: Japan 32.8%, Indonesia 24.4%, Australia 13.4%, South Korea 12.2%, US 5.5% (2007)

Imports: $2.055 billion c.i.f. (2007 est.)

Imports - commodities: machinery and transport equipment, manufactured goods, food, chemicals

Imports - partners: UK 46.4%, Singapore 19.5%, Malaysia 11.3% (2007)

Debt - external: $0 (2005)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Bruneian dollars (BND) per US dollar - NA (2007), 1.5886 (2006), 1.6644 (2005), 1.6902 (2004), 1.7422 (2003)

Fiscal year: