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Brunei Economy Profile 2018

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Economy - overviewBrunei is an energy-rich sultanate on the northern coast of Borneo in Southeast Asia. Brunei boasts a well-educated, largely English-speaking population; excellent infrastructure; and a stable government intent on attracting foreign investment. Crude oil and natural gas production account for approximately 65% of GDP and 95% of exports, with Japan as the primary export market.

Per capita GDP is among the highest in the world, and substantial income from overseas investment supplements income from domestic hydrocarbon production. Bruneian citizens pay no personal income taxes, and the government provides free medical services and free education through the university level.

The Bruneian Government wants to diversify its economy away from hydrocarbon exports to other industries such as information and communications technology and halal manufacturing, permissible under Islamic law. Brunei’s trade increased in 2016 and 2017, following its regional economic integration in the ASEAN Economic Community, and the expected ratification of the Trans-Pacific Partnership trade agreement.
GDP (purchasing power parity)$32.91 billion (2017 est.)
$33.33 billion (2016 est.)
$34.18 billion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$11.96 billion (2016 est.)
GDP - real growth rate-1.3% (2017 est.)
-2.5% (2016 est.)
-0.4% (2015 est.)
GDP - per capita (PPP)$76,700 (2017 est.)
$78,800 (2016 est.)
$82,000 (2015 est.)
note: data are in 2017 dollars
Gross national saving48.8% of GDP (2017 est.)
43.5% of GDP (2016 est.)
51.3% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 23%
government consumption: 26.7%
investment in fixed capital: 36.1%
investment in inventories: 0%
exports of goods and services: 54.9%
imports of goods and services: -40.7% (2017 est.)
GDP - composition by sectoragriculture: 1.2%
industry: 56.5%
services: 42.3% (2017 est.)
Population below poverty lineNA%
Labor force203,600 (2014 est.)
Labor force - by occupationagriculture: 4.2%
industry: 62.8%
services: 33% (2008 est.)
Unemployment rate6.9% (2017 est.)
6.9% (2016 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $1.435 billion
expenditures: $4.017 billion (2017 est.)
Taxes and other revenues12% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-21.6% of GDP (2017 est.)
Public debt3.1% of GDP (2016 est.)
3% of GDP (2015 est.)
Inflation rate (consumer prices)-0.2% (2017 est.)
-0.7% (2016 est.)
Commercial bank prime lending rate5.5% (31 December 2017 est.)
5.5% (31 December 2016 est.)
Stock of narrow money$3.359 billion (31 December 2017 est.)
$3.232 billion (31 December 2016 est.)
Stock of broad money$10.49 billion (31 December 2017 est.)
$10.08 billion (31 December 2016 est.)
Stock of domestic credit$4.701 billion (31 December 2017 est.)
$4.066 billion (31 December 2016 est.)
Market value of publicly traded shares$NA
Agriculture - productsrice, vegetables, fruits; chickens, water buffalo, cattle, goats, eggs
Industriespetroleum, petroleum refining, liquefied natural gas, construction, agriculture, transportation
Industrial production growth rate0.5% (2017 est.)
Current Account Balance$580 million (2017 est.)
$1.091 billion (2016 est.)
Exports$5.776 billion (2017 est.)
$5.023 billion (2016 est.)
Exports - commoditiesmineral fuels, organic chemicals
Exports - partnersJapan 36.5%, South Korea 16.8%, Thailand 10.6%, India 9.8%, Malaysia 6.6%, China 4.6% (2016)
Imports$3.275 billion (2017 est.)
$3.119 billion (2016 est.)
Imports - commoditiesmachinery and mechanical appliance parts, mineral fuels, motor vehicles, electric machinery
Imports - partnersUS 28.4%, Malaysia 24%, Singapore 7.1%, Indonesia 5.7%, Japan 5.3%, China 4.9%, Australia 4.3% (2016)
Debt - external$0 (2014)
$0 (2013)
note: public external debt only; private external debt unavailable
Exchange ratesBruneian dollars (BND) per US dollar -
1.394 (2017 est.)
1.3814 (2016 est.)
1.3814 (2015 est.)
1.3749 (2014 est.)
1.267 (2013 est.)
Fiscal year1 April - 31 March

Source: CIA World Factbook
This page was last updated on January 20, 2018

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