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Brunei Economy 1996

Overview:

The economy is a mixture of foreign and domestic entrepreneurship, government regulation and welfare measures, and village tradition. It is almost totally supported by exports of crude oil and natural gas, with revenues from the petroleum sector accounting for more than 40% of GDP. Per capita GDP is among the highest in the Third World, and substantial income from overseas investment supplements domestic production. The government provides for all medical services and subsidizes food and housing.

National product:

GDP - purchasing power parity - $4.43 billion (1993 est.)

National product real growth rate:

-4% (1993 est.)

National product per capita:

$16,000 (1993 est.)

Inflation rate (consumer prices):

2.5% (1993 est.)

Unemployment rate:

5% (1993 est.)

Budget:

revenues:

$1.5 billion

expenditures:

$1.5 billion, including capital expenditures of $255 million (1990 est.)

Exports:

$2.2 billion (f.o.b., 1993 est.)

commodities:

crude oil, liquefied natural gas, petroleum products

partners:

Japan 52%, South Korea 10%, UK 9%, Thailand 7%, Singapore 6% (1991)

Imports:

$1.2 billion (c.i.f., 1993 est.)

commodities:

machinery and transport equipment, manufactured goods, food, chemicals

partners:

Singapore 34%, UK 23%, US 10%, Japan 8%, Malaysia 7%, Switzerland 4% (1991)

External debt:

Industrial production:

growth rate 12.9% (1987); accounts for 41.6% of GDP (1990), includes mining, quarrying, and manufacturing

Electricity:

capacity:

380,000 kW

production:

1.2 billion kWh

consumption per capita:

3,971 kWh (1993)

Industries:

petroleum, petroleum refining, liquefied natural gas, construction

Agriculture:

imports about 80% of its food needs; principal crops and livestock include rice, cassava, bananas, buffaloes, and pigs

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-87), $20.6 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $153 million

Currency:

1 Bruneian dollar (B$) = 100 cents

Exchange rates:

Bruneian dollars (B$) per US$1 - 1.4524 (January 1995), 1.5274 (1994), 1.6158 (1993), 1.6290 (1992), 1.7276 (1991), 1.8125 (1990); note - the Bruneian dollar is at par with the Singapore dollar

Fiscal year:

calendar year

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