Brunei Economy - 2006

Economy - overview:
This small, well-to-do economy encompasses 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 and more than 90% of government revenues. 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 free education through the university level 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):
$6.842 billion (2003 est.)

GDP (official exchange rate):
NA

GDP - real growth rate:
1.7% (2004 est.)

GDP - per capita (PPP):
$23,600 (2003 est.)

GDP - composition by sector:
agriculture: 3.6%
industry: 56.1%
services: 40.3% (2004 est.)

Labor force:
146,300
note: includes foreign workers and military personnel; temporary residents make up about 40% of labor force (2003 est.)

Labor force - by occupation:
agriculture: 2.9%
industry: 61.1%
services: 36% (2003 est.)

Unemployment rate:
4.8% (2004)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
0.9% (2004)

Budget:
revenues: $3.765 billion
expenditures: $4.815 billion; including capital expenditures of $NA (2004 est.)

Agriculture - products:
rice, vegetables, fruits; chickens, water buffalo, eggs

Industries:
petroleum, petroleum refining, liquefied natural gas, construction

Industrial production growth rate:
7.3% (2003 est.)

Electricity - production:
2.906 billion kWh (2004)

Electricity - consumption:
2.726 billion kWh (2004)

Electricity - exports:
0 kWh (2004)

Electricity - imports:
0 kWh (2004)

Oil - production:
200,800 bbl/day (2005)

Oil - consumption:
10,770 bbl/day (2005 est.)

Oil - exports:
192,700 bbl/day (2005)

Oil - imports:
NA bbl/day

Oil - proved reserves:
1.255 billion bbl (1 January 2002)

Natural gas - production:
11.4 billion cu m (2003 est.)

Natural gas - consumption:
1.73 billion cu m (2003 est.)

Natural gas - exports:
9 billion cu m (2001 est.)

Natural gas - imports:
0 cu m (2001 est.)

Natural gas - proved reserves:
390.8 billion cu m (1 January 2002)

Exports:
$4.514 billion f.o.b. (2004 est.)

Exports - commodities:
crude oil, natural gas, refined products

Exports - partners:
Japan 38.1%, South Korea 14%, Australia 11.2%, US 8.6%, Thailand 7.9%, Indonesia 6%, China 4.5% (2004)

Imports:
$1.641 billion c.i.f. (2004 est.)

Imports - commodities:
machinery and transport equipment, manufactured goods, food, chemicals

Imports - partners:
Singapore 32.7%, Malaysia 21.2%, UK 8.3%, Japan 7.2% (2004)

Debt - external:
$NA

Economic aid - recipient:
$4.3 million (1995)

Currency (code):
Bruneian dollar (BND)

Exchange rates:
Bruneian dollars per US dollar - 1.6644 (2005), 1.6902 (2004), 1.7422 (2003), 1.7906 (2002), 1.7917 (2001)