Brunei Economy
Economy - overviewThis small, wealthy economy encompasses a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures, and village tradition. Crude oil and natural gas production account for nearly 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, further widening the economic base beyond oil and gas.
GDP
purchasing power parity - $6.5 billion (2002 est.)
GDP - real growth rate
3% (2002 est.)
GDP - per capita
purchasing power parity - $18,600 (2002 est.)
GDP - composition by sector
agriculture: 5%
industry: 45%
services: 50% (2001 est.)
Population below poverty line
NA (1992 est.)
Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA
Inflation rate
-2% (2002 est.)
Labor force
143,400
note: includes foreign workers and military personnel; temporary residents make up about 40% of labor force (1999 est.)
Labor force - by occupation
agriculture, forestry, and fishing 10%, production of oil, natural gas, services, and construction 42%, government 48% (1999 est.)
Unemployment rate
10% (2001 est.)
Budget
revenues: $2.5 billion
expenditures: $2.6 billion, including capital expenditures of $1.35 billion (1997 est.)
Agriculture - products
rice, vegetables, fruits, chickens, water buffalo
Industries
petroleum, petroleum refining, liquefied natural gas, construction
Industrial production growth rate
5% (2002 est.)
Electricity - production
2.497 billion kWh (2001)
Electricity - consumption
2.322 billion kWh (2001)
Electricity - exports
0 kWh (2001)
Electricity - imports
0 kWh (2001)
Oil - production
217,200 bbl/day (2001 est.)
Oil - consumption
13,000 bbl/day (2001 est.)
Oil - exports
NA (2001)
Oil - imports
NA (2001)
Oil - proved reserves
1.255 billion bbl (1 January 2002)
Natural gas - production
10.35 billion cu m (2001 est.)
Natural gas - consumption
1.35 billion cu m (2001 est.)
Natural gas - exports
9 billion cu m (2001 est.)
Natural gas - imports
0 cu m (2001 est.)
Natural gas - proved reserves
315 billion cu m (1 January 2002)
Exports
$3.439 billion f.o.b. (2002 est.)
Exports - commodities
crude oil, natural gas, refined products
Exports - partners
Japan 41%, South Korea 11.2%, Thailand 9.4%, Australia 8.4%, US 7.8%, China 6.7%, Singapore 4.5% (2003)
Imports
$1.63 billion c.i.f. (2002 est.)
Imports - commodities
machinery and transport equipment, manufactured goods, food, chemicals
Imports - partners
Singapore 19.9%, Malaysia 19.8%, US 11.4%, Japan 9.9%, Hong Kong 6.5%, China 4.8%, Australia 4.3%, Thailand 4% (2003)
Debt - external
$0
Currency
Bruneian dollar (BND)
Currency code
BND
Exchange rates
Bruneian dollars per US dollar - 1.7422 (2003), 1.7906 (2002), 1.7917 (2001), 1.724 (2000), 1.695 (1999)
