Brunei Economy Profile 2008

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 in 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, and, in general, further widening the economic base beyond oil and gas.

GDP (purchasing power parity)

$9.557 billion (2006 est.)

GDP (official exchange rate)

$12.52 billion (2007 est.)

GDP - real growth rate

0.4% (2005 est.)

GDP - per capita (PPP)

$33,600 (2005 est.)

GDP - composition by sector

agriculture: 0.9%
industry: 71.6%
services: 27.5% (2005 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

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

Inflation rate (consumer prices)

1.1% (2005)

Labor force

180,400 (2006 est.)

Labor force - by occupation

agriculture: 2.9%
industry: 61.1%
services: 36% (2003 est.)

Unemployment rate

4% (2006)

Budget

revenues: $3.765 billion
expenditures: $4.815 billion (2004 est.)

Industries

petroleum, petroleum refining, liquefied natural gas, construction

Industrial production growth rate

1.8% (2005 est.)

Electricity - production

2.735 billion kWh (2005)

Electricity - consumption

2.625 billion kWh (2005 est.)

Electricity - exports

0 kWh (2005)

Electricity - imports

0 kWh (2005)

Oil - production

219,300 bbl/day (2006)

Oil - consumption

14,900 bbl/day (2006 est.)

Oil - imports

660.1 bbl/day (2004)

Oil - exports

205,600 bbl/day (2006)

Oil - proved reserves

1.35 billion bbl (1 January 2006 est.)

Natural gas - production

11.03 billion cu m (2005 est.)

Natural gas - consumption

2.254 billion cu m (2005 est.)

Natural gas - exports

8.776 billion cu m (2005 est.)

Natural gas - imports

0 cu m (2005)

Natural gas - proved reserves

374.8 billion cu m (1 January 2006 est.)

Agriculture - products

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

Exports

$6.767 billion f.o.b. (2006)

Exports - commodities

crude oil, natural gas, refined products, clothing

Exports - partners

Japan 30.5%, Indonesia 19.9%, South Korea 14.9%, Australia 11.5%, US 7.7% (2006)

Imports

$2 billion c.i.f. (2006)

Imports - commodities

machinery and transport equipment, manufactured goods, food, chemicals

Imports - partners

Singapore 31.4%, Malaysia 18.9%, UK 8%, Japan 5.5%, China 5.4%, Thailand 4.5% (2006)

Debt - external

$0 (2005)

Market value of publicly traded shares

$NA

Economic aid - recipient

$770,000 (2004)

Currency (code)

Bruneian dollar (BND)

Exchange rates

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

Fiscal year

1 April - 31 March