Brunei Economy Profile 2013

Economy - overview

Brunei has a small well-to-do economy that depends on revenue from natural resource extraction but 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. A new monetary authority was established in January 2011 with responsibilities that include monetary policy, monitoring of financial institutions, and currency trading activities.

GDP (purchasing power parity)

$21.94 billion (2012 est.)
$21.38 billion (2011 est.)
$20.91 billion (2010 est.)
note: data are in 2012 US dollars

GDP (official exchange rate)

$16.85 billion (2012 est.)

GDP - real growth rate

2.7% (2012 est.)
2.2% (2011 est.)
2.6% (2010 est.)

GDP - per capita (PPP)

$50,500 (2012 est.)
$50,300 (2011 est.)
$50,500 (2010 est.)
note: data are in 2012 US dollars

GDP - composition by sector

agriculture: 0.8%
industry: 66.6%
services: 32.6% (2012 est.)

Population below poverty line

NA%

Labor force

198,800 (2010 est.)

Labor force - by occupation

agriculture: 4.2%
industry: 62.8%
services: 33% (2008 est.)

Unemployment rate

2.7% (2010)
3.7% (2008)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Budget

revenues: $8.24 billion
expenditures: $5.52 billion (2012 est.)

Taxes and other revenues

48.9% of GDP (2012 est.)

Budget surplus (+) or deficit (-)

16.1% of GDP (2012 est.)

Inflation rate (consumer prices)

1.2% (2012 est.)
2% (2011 est.)

Commercial bank prime lending rate

5.5% (31 December 2012 est.)
5.5% (31 December 2011 est.)

Stock of narrow money

$3.594 billion (31 December 2012 est.)
$3.254 billion (31 December 2011 est.)

Stock of money

$3.374 billion (30 March 2009)
$3.046 billion (31 December 2008)

Stock of broad money

$11.62 billion (31 December 2012 est.)
$10.64 billion (31 December 2011 est.)

Stock of quasi money

$8.151 billion (30 March 2009)
$4.551 billion (31 December 2008)

Stock of domestic credit

$4.032 billion (31 December 2011 est.)
$3.019 billion (31 December 2010 est.)

Market value of publicly traded shares

$NA

Agriculture - products

rice, vegetables, fruits; chickens, water buffalo, cattle, goats, eggs

Industries

petroleum, petroleum refining, liquefied natural gas, construction

Industrial production growth rate

-5.4% (2008 est.)

Current Account Balance

$3.977 billion (2009 est.)
$3.977 billion (2009 est.)

Exports

$10.67 billion (2008)
$8.25 billion (2007)

Exports - commodities

crude oil, natural gas, garments

Exports - partners

Japan 45.2%, South Korea 15.9%, Australia 11.4%, Indonesia 8.1%, India 5.7%, China 4.4% (2011)

Imports

$2.61 billion (2008 est.)
$2.055 billion (2007 est.)

Imports - commodities

machinery and transport equipment, manufactured goods, food, chemicals

Imports - partners

Singapore 27.4%, India 15.4%, China 12.8%, South Korea 10.1%, Malaysia 9.4%, Germany 7.9% (2011)

Debt - external

$0 (2005)

Exchange rates

Bruneian dollars (BND) per US dollar -
1.25 (2012 est.)
1.2579 (2011 est.)
1.3635 (2010 est.)
1.45 (2009)

Fiscal year

1 April - 31 March