Brunei –Economy
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 do not pay 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. Brunei’s trade in 2016 is
set to increase following its regional economic integration in the ASEAN
Economic Community, and the expected ratification of the Trans-Pacific
Partnership trade agreement.
Brunei Economy Data
Overview
|
2012
|
2013
|
2014
|
2015
|
2016
|
|
Population
(million)
|
0.4
|
0.4
|
0.4
|
0.4
|
0.4
|
|
GDP per
capita (USD)
|
47,620
|
44,567
|
41,561
|
31,007
|
26,958
|
|
GDP (USD
bn)
|
19.0
|
18.1
|
17.1
|
12.9
|
11.4
|
|
Economic
Growth (GDP, annual variation in %)
|
0.9
|
-2.1
|
-2.4
|
-0.6
|
-2.5
|
|
Unemployment
Rate
|
1.7
|
1.7
|
1.7
|
1.9
|
2.0
|
|
Fiscal
Balance (% of GDP)
|
15.7
|
13.0
|
3.6
|
-14.5
|
-
|
|
Public
Debt (% of GDP)
|
2.1
|
2.2
|
3.2
|
3.0
|
-
|
|
Inflation
Rate (CPI, annual variation in %)
|
0.1
|
0.4
|
-0.2
|
-0.4
|
-0.7
|
|
Policy
Interest Rate (%)
|
5.50
|
5.50
|
5.50
|
5.50
|
5.50
|
|
Exchange
Rate (vs USD)
|
1.61
|
1.66
|
1.68
|
1.53
|
1.53
|
|
Exchange
Rate (vs USD, aop)
|
1.61
|
1.74
|
1.60
|
1.54
|
1.52
|
|
Current
Account (% of GDP)
|
29.8
|
20.9
|
30.7
|
16.0
|
-
|
|
Current
Account Balance (USD bn)
|
5.7
|
3.8
|
5.3
|
2.1
|
-
|
|
Trade
Balance (USD billion)
|
9.4
|
7.8
|
6.9
|
3.1
|
2.2
|
|
Exports
(USD billion)
|
13.0
|
11.4
|
10.5
|
6.3
|
4.9
|
|
Imports
(USD billion)
|
3.6
|
3.6
|
3.6
|
3.2
|
2.7
|
|
Exports
(annual variation in %)
|
4.3
|
-12.0
|
-8.2
|
-39.7
|
-23.0
|
|
Imports
(annual variation in %)
|
-1.6
|
1.1
|
-0.4
|
-10.1
|
-17.4
|
|
International
Reserves (USD)
|
3.3
|
3.4
|
3.5
|
3.2
|
3.3
|
|
External
Debt (% of GDP)
|
10.7
|
-
|
-
|
-
|
-
|