Brunei Economy - 2022

GEOGRAPHICAL NAMES 

Economic overview

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 pay no 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, permissible under Islamic law. Brunei’s trade increased in 2016 and 2017, following its regional economic integration in the ASEAN Economic Community, and the expected ratification of the Trans-Pacific Partnership trade agreement.

Real GDP (purchasing power parity)

$27.23 billion (2020 est.)

$26.91 billion (2019 est.)

$25.9 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

1.3% (2017 est.)

-2.5% (2016 est.)

-0.4% (2015 est.)

Real GDP per capita

$62,200 (2020 est.)

$62,100 (2019 est.)

$60,400 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$12.13 billion (2017 est.)

Inflation rate (consumer prices)

-0.2% (2017 est.)

-0.7% (2016 est.)

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

1.5% (2017 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% (2017 est.)

6.9% (2016 est.)

Youth unemployment rate (ages 15-24)

total: 26.4%

male: 22.7%

female: 32.4% (2020 est.)

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 2.245 billion (2017 est.)

expenditures: 4.345 billion (2017 est.)

Budget surplus (+) or deficit (-)

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

Public debt

2.8% of GDP (2017 est.)

3% of GDP (2016 est.)

Taxes and other revenues

18.5% (of GDP) (2017 est.)

Fiscal year

1 April - 31 March

Current account balance

$2.021 billion (2017 est.)

$1.47 billion (2016 est.)

Exports

$7.83 billion (2019 est.)

$7.04 billion (2018 est.)

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

Exports - partners

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

Exports - commodities

natural gas, crude petroleum, refined petroleum, industrial alcohols, industrial hydrocarbons (2019)

Imports

$6.81 billion (2019 est.) note: data are in current year dollars

$5.68 billion (2018 est.) note: data are in current year dollars

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

$3.488 billion (31 December 2017 est.)

$3.366 billion (31 December 2015 est.)

Debt - external

$0 (2014)

$0 (2013)

note: public external debt only; private external debt unavailable

Exchange rates

Bruneian dollars (BND) per US dollar -

1.33685 (2020 est.)

1.35945 (2019 est.)

1.3699 (2018 est.)

1.3749 (2014 est.)

1.267 (2013 est.)

NOTE: The information regarding Brunei on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Brunei 2022 information contained here. All suggestions for corrections of any errors about Brunei 2022 should be addressed to the CIA or the source cited on each page.