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Brunei Economy

    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 over 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. Because of low world oil prices and the Asian crisis, growth in 1999 is expected to be moderate.

    GDP: purchasing power parity—$5.4 billion (1998 est.)

    GDP—real growth rate: -1% (1998 est.)

    GDP—per capita: purchasing power parity—$17,000 (1998 est.)

    GDP—composition by sector:
    agriculture: 5%
    industry: 46%
    services: 49% (1996 est.)

    Population below poverty line: NA%

    Household income or consumption by percentage share:
    lowest 10%: NA%
    highest 10%: NA%

    Inflation rate (consumer prices): 2% (1997 est.)

    Labor force: 144,000 (1995 est.); note—includes foreign workers and military personnel
    note: temporary residents make up 41% of labor force (1991)

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

    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—production: 1.48 billion kWh (1996)

    Electricity—production by source:
    fossil fuel: 100%
    hydro: 0%
    nuclear: 0%
    other: 0% (1996)

    Electricity—consumption: 1.48 billion kWh (1996)

    Electricity—exports: 0 kWh (1996)

    Electricity—imports: 0 kWh (1996)

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

    Exports: $2.62 billion (f.o.b., 1996 est.)

    Exports—commodities: crude oil, liquefied natural gas, petroleum products

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

    Imports: $2.65 billion (c.i.f., 1996 est.)

    Imports—commodities: machinery and transport equipment, manufactured goods, food, chemicals

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

    Debt—external: $0

    Economic aid—recipient: $4.3 million (1995)

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

    Exchange rates: Bruneian dollars (B$) per US$1—1.6781 (January 1999), 1.6736 (1998), 1.4848 (1997), 1.4100 (1996), 1.4174 (1995), 1.5274 (1994); note—the Bruneian dollar is at par with the Singapore dollar

    Fiscal year: calendar year

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)