Brunei Economy Profile 2002

Economy - overview

This small, wealthy economy is 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)

purchasing power parity - $6.2 billion (2001 est.)

GDP - real growth rate

3% (2001 est.)

GDP - per capita (PPP)

purchasing power parity - $18,000 (2001 est.)

GDP - composition by sector

agriculture: 5%
industry: 45%
services: 50% (2001 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

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

Inflation rate (consumer prices)

1% (1999 est.)

Labor force

143,400 (1999 est.); note - includes foreign workers and military personnel
note: temporary residents make up 41% of labor force (1991) (1999 est.)

Labor force - by occupation

government 48%, production of oil, natural gas, services, and construction 42%, agriculture, forestry, and fishing 10% (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.)

Industries

petroleum, petroleum refining, liquefied natural gas, construction

Industrial production growth rate

4% (1997 est.)

Electricity - production

2.22 billion kWh (2000)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2000)

Electricity - consumption

2.065 billion kWh (2000)

Electricity - exports

0 kWh (2000)

Electricity - imports

0 kWh (2000)

Agriculture - products

rice, vegetables, fruits, chickens, water buffalo

Exports

$3 billion f.o.b. (2000 est.)

Exports - commodities

crude oil, natural gas, refined products

Exports - partners

Japan 42%, US 17%, South Korea 14%, Thailand 3% (1999)

Imports

$1.4 billion c.i.f. (2000 est.)

Imports - commodities

machinery and transport equipment, manufactured goods, food, chemicals

Imports - partners

Singapore 34%, UK 15%, Malaysia 15%, US 5% (1999)

Debt - external

$0

Economic aid - recipient

$4.3 million (1995) (1995)

Currency

Bruneian dollar (BND)

Currency (code)

BND

Exchange rates

Bruneian dollars per US dollar - 1.8388 (January 2002), 1.8917 (2001), 1.7240 (2000), 1.6950 (1999), 1.6736 (1998), 1.4848 (1997); note - the Bruneian dollar is at par with the Singapore dollar

Fiscal year

calendar year