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Economy - overview:
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This small, wealthy economy encompasses a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures, and village tradition. Crude oil and natural gas production account for nearly 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 rice and housing. Brunei's leaders are concerned that steadily increased integration in the world economy will undermine internal social cohesion, although it became a more prominent player by serving as chairman for the 2000 APEC (Asian Pacific Economic Cooperation) forum. Plans for the future include upgrading the labor force, reducing unemployment, strengthening the banking and tourist sectors, and, in general, further widening the economic base beyond oil and gas.
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GDP:
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purchasing power parity - $6.5 billion (2002 est.)
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GDP - real growth rate:
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3% (2002 est.)
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GDP - per capita:
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purchasing power parity - $18,600 (2002 est.)
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GDP - composition by sector:
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agriculture: 5%
industry: 45%
services: 50% (2001 est.)
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Population below poverty line:
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NA (1992 est.)
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Household income or consumption by percentage share:
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lowest 10%: NA
highest 10%: NA
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Inflation rate (consumer prices):
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-2% (2002 est.)
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Labor force:
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143,400
note: includes foreign workers and military personnel; temporary residents make up about 40% of labor force (1999 est.)
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Labor force - by occupation:
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agriculture, forestry, and fishing 10%, production of oil, natural gas, services, and construction 42%, government 48% (1999 est.)
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Unemployment rate:
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10% (2001 est.)
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Budget:
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revenues: $2.5 billion
expenditures: $2.6 billion, including capital expenditures of $1.35 billion (1997 est.)
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Industries:
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petroleum, petroleum refining, liquefied natural gas, construction
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Industrial production growth rate:
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5% (2002 est.)
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Electricity - production:
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2.497 billion kWh (2001)
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Electricity - production by source:
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity - consumption:
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2.322 billion kWh (2001)
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Electricity - exports:
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0 kWh (2001)
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Electricity - imports:
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0 kWh (2001)
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Oil - production:
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217,200 bbl/day (2001 est.)
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Oil - consumption:
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13,000 bbl/day (2001 est.)
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Oil - exports:
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NA (2001)
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Oil - imports:
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NA (2001)
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Oil - proved reserves:
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1.255 billion bbl (1 January 2002)
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Natural gas - production:
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10.35 billion cu m (2001 est.)
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Natural gas - consumption:
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1.35 billion cu m (2001 est.)
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Natural gas - exports:
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9 billion cu m (2001 est.)
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Natural gas - imports:
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0 cu m (2001 est.)
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Natural gas - proved reserves:
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315 billion cu m (1 January 2002)
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Agriculture - products:
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rice, vegetables, fruits, chickens, water buffalo
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Exports:
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$3.439 billion f.o.b. (2002 est.)
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Exports - commodities:
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crude oil, natural gas, refined products
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Exports - partners:
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Japan 40.8%, South Korea 13.1%, US 10%, Australia 9%, Thailand 7.2%, China 7% (2003 est.)
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Imports:
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$1.63 billion c.i.f. (2002 est.)
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Imports - commodities:
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machinery and transport equipment, manufactured goods, food, chemicals
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Imports - partners:
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Singapore 27.4%, Malaysia 18.5%, UK 12.5%, Germany 7.2%, France 7%, Japan 5.7% (2003 est.)
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Debt - external:
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$0
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Economic aid - recipient:
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$4.3 million (1995)
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Currency code:
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BND
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Fiscal year:
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calendar year
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