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

Real GDP growth rate

-1.59% (2021 est.)

1.13% (2020 est.)

3.87% (2019 est.)

Real GDP per capita

$60,100 (2021 est.)

$61,600 (2020 est.)

$61,400 (2019 est.)

note: data are in 2017 dollars

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.)

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.)

Labor force

219,800 (2021 est.)

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.)

Youth unemployment rate (ages 15-24)

total: 23.4%

male: 20.7%

female: 27.6% (2021 est.)

Population below poverty line

N/A

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.)

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

$1.57 billion (2021 est.)

$513.713 million (2020 est.)

$893.759 million (2019 est.)

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.

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.)

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.)

Debt - external

$0 (2014)

$0 (2013)

note: public external debt only; private external debt unavailable

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.)