Economy - overviewBrunei 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.) GDP (official exchange rate)$16.85 billion (2012 est.) GDP - real growth rate2.7% (2012 est.) GDP - per capita (PPP)$50,500 (2012 est.) GDP - composition by sectoragriculture: 0.8% Population below poverty lineNA% Labor force198,800 (2010 est.) Labor force - by occupationagriculture: 4.2% Unemployment rate2.7% (2010) Household income or consumption by percentage sharelowest 10%: NA% Budgetrevenues: $8.24 billion Taxes and other revenues48.9% of GDP (2012 est.) Budget surplus (+) or deficit (-)16.1% of GDP (2012 est.) Inflation rate (consumer prices)1.2% (2012 est.) Commercial bank prime lending rate5.5% (31 December 2012 est.) Stock of narrow money$3.594 billion (31 December 2012 est.) Stock of money$3.374 billion (30 March 2009) Stock of broad money$11.62 billion (31 December 2012 est.) Stock of quasi money$8.151 billion (30 March 2009) Stock of domestic credit$4.032 billion (31 December 2011 est.) Market value of publicly traded shares$NA Agriculture - productsrice, vegetables, fruits; chickens, water buffalo, cattle, goats, eggs Industriespetroleum, petroleum refining, liquefied natural gas, construction Industrial production growth rate-5.4% (2008 est.) Current Account Balance$3.977 billion (2009 est.) Exports$10.67 billion (2008) Exports - commoditiescrude oil, natural gas, garments Exports - partnersJapan 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.) Imports - commoditiesmachinery and transport equipment, manufactured goods, food, chemicals Imports - partnersSingapore 27.4%, India 15.4%, China 12.8%, South Korea 10.1%, Malaysia 9.4%, Germany 7.9% (2011) Debt - external$0 (2005) Exchange ratesBruneian dollars (BND) per US dollar - Fiscal year1 April - 31 March |
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Source: CIA World Factbook | |