Brunei Economy - 2023

Economic overview

almost exclusively an oil and gas economy; high income country; expansive and robust welfare system; the majority of the population works for the government; promulgating a nationalized halal brand; considering establishment of a bond market and stock exchange

Real GDP (purchasing power parity)

$26.779 billion (2021 est.)

$27.212 billion (2020 est.)

$26.907 billion (2019 est.)

note: data are in 2017 dollars

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Real GDP growth rate

-1.59% (2021 est.)

1.13% (2020 est.)

3.87% (2019 est.)

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Real GDP per capita

$60,100 (2021 est.)

$61,600 (2020 est.)

$61,400 (2019 est.)

note: data are in 2017 dollars

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GDP (official exchange rate)

$12.13 billion (2017 est.)

Inflation rate (consumer prices)

1.73% (2021 est.)

1.94% (2020 est.)

-0.39% (2019 est.)

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GDP - composition, by sector of origin

agriculture: 1.2% (2017 est.)

industry: 56.6% (2017 est.)

services: 42.3% (2017 est.)

GDP - composition, by end use

household consumption: 25% (2017 est.)

government consumption: 24.8% (2017 est.)

investment in fixed capital: 32.6% (2017 est.)

investment in inventories: 8.5% (2017 est.)

exports of goods and services: 45.9% (2017 est.)

imports of goods and services: -36.8% (2017 est.)

Agricultural products

poultry, eggs, fruit, cassava, bananas, legumes, cucumbers, rice, pineapples, beef

Industries

petroleum, petroleum refining, liquefied natural gas, construction, agriculture, aquaculture, transportation

Industrial production growth rate

-4.17% (2021 est.)

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Labor force

219,800 (2021 est.)

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Labor force - by occupation

agriculture: 4.2%

industry: 62.8%

services: 33% (2008 est.)

Unemployment rate

7.65% (2021 est.)

7.68% (2020 est.)

6.92% (2019 est.)

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Youth unemployment rate (ages 15-24)

total: 23.4%

male: 20.7%

female: 27.6% (2021 est.)

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Population below poverty line

NA

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: $1.058 billion (2020 est.)

expenditures: $3.189 billion (2020 est.)

Budget surplus (+) or deficit (-)

-17.3% (of GDP) (2017 est.)

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Public debt

2.8% of GDP (2017 est.)

3% of GDP (2016 est.)

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Taxes and other revenues

18.5% (of GDP) (2017 est.)

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Fiscal year

1 April - 31 March

Current account balance

$1.57 billion (2021 est.)

$513.713 million (2020 est.)

$893.759 million (2019 est.)

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Exports

$11.202 billion (2021 est.)

$6.886 billion (2020 est.)

$7.828 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

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Exports - partners

Japan 34%, Australia 12%, Singapore 10%, India 8%, Malaysia 8%, Thailand 7%, China 6%, South Korea 5% (2019)

Exports - commodities

refined petroleum, natural gas, crude petroleum, industrial hydrocarbons, industrial alcohols  (2021)

Imports

$9.219 billion (2021 est.) note: data are in current year dollars

$6.382 billion (2020 est.) note: data are in current year dollars

$6.806 billion (2019 est.)

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Imports - partners

Singapore 18%, China 14%, Malaysia 12%, Nigeria 5%, United Arab Emirates 5%, United States 5% (2019)

Imports - commodities

crude petroleum, refined petroleum, cars, tug boats, valves (2019)

Reserves of foreign exchange and gold

$3.997 billion (31 December 2020 est.)

$4.273 billion (31 December 2019 est.)

$3.407 billion (31 December 2018 est.)

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Debt - external

$0 (2014)

$0 (2013)

note: public external debt only; private external debt unavailable

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Exchange rates

Bruneian dollars (BND) per US dollar -

1.344 (2021 est.)

1.38 (2020 est.)

1.364 (2019 est.)

1.349 (2018 est.)

1.381 (2017 est.)

NOTE: The information regarding Brunei on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Brunei 2023 information contained here. All suggestions for corrections of any errors about Brunei 2023 should be addressed to the CIA or the source cited on each page.