Economy of Brunei

Economy of Brunei
	Champion Oil Field off the Bruneian coast
Currency	Brunei dollar (BND, B$)
Fixed exchange rates	1 Brunei dollar = 1 Singapore dollar
Fiscal year	1 April – 31 March (from April 2009)
Trade organisations	APEC, ASEAN, WTO, CPTPP, RCEP, BIMP-EAGA
Country group	Developing/Emerging; High-income economy;
Statistics
Population	460,346 (2022)
GDP	$15.988 billion (nominal, 2023); $33.387 billion (PPP, 2023);
GDP rank	136th (nominal, 2023); 142th (PPP, 2023);
GDP growth	1.3% (2017); 0.1% (2018); 3.9% (2019); 1.1% (2020); -1.6% (2021);
GDP per capita	$35,103 (nominal, 2023); $75,583 (PPP, 2023);
GDP per capita rank	29th (nominal, 2023); 10th (PPP, 2023);
GDP by sector	agriculture: 1.2%; industry: 56.6%; services: 42.3%; (2017 est.);
Inflation (CPI)	0.149% (2018)
Population below poverty line	NA
Gini coefficient	NA
Human Development Index	0.823 very high (2022) (55th); N/A IHDI (2021);
Labour force	218,000 (2019); 56.9% employment rate (2017);
Labour force by occupation	agriculture: 4.2%; industry: 62.8%; services: 33%; (2008 est.);
Unemployment	4.2% (2021)
Main industries	petroleum, petroleum refining, liquefied natural gas, construction, agriculture, aquaculture, transportation
External
Exports	$5.885 billion (2017 est.)
Export goods	mineral fuels, organic chemicals
Main export partners	Japan(+) 27.8%; South Korea(+) 12.4%; Thailand(+) 11.5%; Malaysia(+) 11.3%; Pakistan(+) 9.3%; Singapore(+) 7.7%; Switzerland(+) 5%; China(-) 4.7%; (2017);
Imports	$2.998 billion (2017 est.)
Main import partners	China(-) 19.6%; Singapore(+) 19%; Italy(+) 18.8%; United States(+) 9.2%; Germany(+) 5.9%; Japan(+) 4.1%; United Kingdom(+) 4%; (2017);
Current account	$2.021 billion (2017 est.)
Gross external debt	$0 (2014)
Public finances
Government debt	2.8% of GDP (2017 est.)
Budget balance	−17.3% (of GDP) (2017 est.)
Revenues	2.245 billion (2017 est.)
Expenses	4.345 billion (2017 est.)
Credit rating	Not rated
Foreign reserves	$3.488 billion (31 December 2017 est.)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Brunei, a small and wealthy country, is a mixture of foreign and domestic entrepreneurship, government regulation and welfare measures, and village traditions. It is almost entirely supported by exports of crude oil and natural gas, with revenues from the petroleum sector accounting for over half of GDP. Per capita GDP is high, and substantial income from overseas investment supplements income from domestic production. The government provides for all medical services and subsidizes food and housing. The government has shown progress in its basic policy of diversifying the economy away from oil and gas. Brunei's leaders are concerned that steadily increased integration in the world economy will undermine internal social cohesion although it has taken steps to become a more prominent player by serving as chairman for the 2000 APEC (Asia-Pacific Economic Cooperation) forum. Growth in 1999 was estimated at 2.5% due to higher oil prices in the second half.

Brunei is the third-largest oil producer in Southeast Asia, averaging about 180,000 barrels per day (29,000 m³/d). It also is the ninth-largest producer of liquefied natural gas in the world.

This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.