Economy in Brunei

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Economy—overview: This small wealthy 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 perhaps half of GDP. 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 subsidizes food and housing. The government is beginning to show progress on its basic policy of diversifying the economy away from oil and gas. Brunei's leaders are concerned that steadily increased integration in the world economy will undermine internal social cohesion.

GDP: purchasing power parity—$5.4 billion (1997 est.)

GDP—real growth rate: 3.5% (1997 est.)

GDP—per capita: purchasing power parity—$18 000 (1997 est.)

GDP—composition by sector:

agriculture: 5%

industry: 46%

services: 49% (1996 est.)

Inflation rate—consumer price index: 2% (1997 est.)

Labor force:

total: 144 000 (1995 est.); note—includes foreign workers and military personnel

by occupation: government 48% production of oil natural gas services and construction 42% agriculture forestry and fishing 4% other 6% (1986 est.)

note: temporary residents make up 41% of labor force (1991)

Unemployment rate: 4.8% (1994 est.)

Budget:

revenues: $2.5 billion

expenditures: $2.6 billion including capital expenditures of $768 million (1995 est.)

Industries: petroleum petroleum refining liquefied natural gas construction

Industrial production growth rate: 4% (1997 est.)

Electricity—capacity: 646 000 kW (1997 est.)

Electricity—production: 1.26 billion kWh (1995)

Electricity—consumption per capita: 4 311 kWh (1995)

Agriculture—products: rice cassava (tapioca) bananas; water buffalo

Exports:

total value: $2.62 billion (f.o.b. 1996 est.)

commodities: crude oil liquefied natural gas petroleum products

partners: ASEAN 31% Japan 27% South Korea 26% UK Taiwan (1996 est.)

Imports:

total value: $2.65 billion (c.i.f. 1996 est.)

commodities: machinery and transport equipment manufactured goods food chemicals

partners: Singapore 29% UK 19% US 13% Malaysia 9% Japan 5% (1994 est.)

Debt—external: $0

Economic aid: $NA

Currency: 1 Bruneian dollar (B$) = 100 cents

Exchange rates: Bruneian dollars (B$) per US$1—1.7533 (January 1998) 1.4848 (1997) 1.4100 (1996) 1.4174 (1995) 1.5274 (1994) 1.6158 (1993); note—the Bruneian dollar is at par with the Singapore dollar

Fiscal year: calendar year

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