Brunei: Economy#
Brunei 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 do not pay 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. Brunei’s trade in 2016 is set to increase following its regional economic integration in the ASEAN Economic Community, and the expected ratification of the Trans-Pacific Partnership trade agreement.
Economic Facts#
| GDP (purchasing power parity) | $33.73 billion (2016 est.) $33.61 billion (2015 est.) $33.79 billion (2014 est.) note: data are in 2016 dollars |
|---|---|
| GDP (official exchange rate) | $10.46 billion (2015 est.) |
| GDP - real growth rate | 0.4% (2016 est.) -0.6% (2015 est.) -2.3% (2014 est.) |
| GDP - per capita (PPP) | $79,700 (2016 est.) $80,600 (2015 est.) $82,000 (2014 est.) note: data are in 2016 dollars |
| Gross national saving | 44.2% of GDP (2015 est.) 55.1% of GDP (2014 est.) 60.5% of GDP (2013 est.) |
| GDP - composition, by end use | household consumption: 21.7% government consumption: 23.6% investment in fixed capital: 37.6% investment in inventories: 0% exports of goods and services: 50.8% imports of goods and services: -33.7% (2016 est.) |
| GDP - composition, by sector of origin | agriculture: 1.1% industry: 60.4% services: 38.5% (2016 est.) |
| Agriculture - products | rice, vegetables, fruits; chickens, water buffalo, cattle, goats, eggs |
| Industries | petroleum, petroleum refining, liquefied natural gas, construction, agriculture, transportation |
| Industrial production growth rate | 1% (2016 est.) |
| Labor force | 203,600 (2014 est.) |
| Labor force - by occupation | agriculture: 4.2% industry: 62.8% services: 33% (2008 est.) |
| Unemployment rate | 6.9% (2014 est.) 9.3% (2011 est.) |
| Population below poverty line | NA% |
| Household income or consumption by percentage share | lowest 10%: NA% highest 10%: NA% |
| Budget | revenues: $2.958 billion expenditures: $4.618 billion (2016 est.) |
| Taxes and other revenues | 28.3% of GDP (2016 est.) |
| Budget surplus (+) or deficit (-) | -15.9% of GDP (2016 est.) |
| Fiscal year | 1 April - 31 March |
| Inflation rate (consumer prices) | -0.2% (2016 est.) -0.4% (2015 est.) |
| Commercial bank prime lending rate | 5.5% (31 December 2016 est.) 5.5% (31 December 2015 est.) |
| Stock of narrow money | $3.467 billion (31 December 2016 est.) $3.31 billion (31 December 2015 est.) |
| Stock of broad money | $10.29 billion (31 December 2016 est.) $10.16 billion (31 December 2015 est.) |
| Stock of domestic credit | $6.909 billion (31 December 2016 est.) $5.323 billion (31 December 2015 est.) |
| Market value of publicly traded shares | $NA |
| Current account balance | $452 million (2016 est.) $1.556 billion (2015 est.) |
| Exports | $5.315 billion (2016 est.) $7.235 billion (2015 est.) |
| Exports - commodities | mineral fuels, organic chemicals |
| Exports - partners | Japan 35.9%, South Korea 14.8%, Thailand 10.8%, India 9.8%, NZ 5.6%, Australia 5% (2015) |
| Imports | $3.648 billion (2016 est.) $3.359 billion (2015 est.) |
| Imports - commodities | machinery and mechanical appliance parts, mineral fuels, motor vehicles, electric machinery |
| Imports - partners | Singapore 27.9%, China 25.3%, Malaysia 12.4%, UK 10.6%, South Korea 4.9% (2015) |
| Debt - external | $0 (2014) $0 (2013) note: public external debt only; private external debt unavailable |
| Exchange rates | Bruneian dollars (BND) per US dollar - 1.386 (2016 est.) 1.3749 (2015 est.) 1.3749 (2014 est.) 1.267 (2013 est.) 1.25 (2012 est.) |