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    Brunei Economy 2000

      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 has shown progress in 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 although it has taken steps to become a more prominent player by serving as chairman for the 2000 APEC (Asian Pacific Economic Cooperation) forum. Growth in 1999 is estimated at 2.5% due to higher oil prices in the second half.

      GDP: purchasing power parity - $5.6 billion (1999 est.)

      GDP - real growth rate: 2.5% (1999 est.)

      GDP - per capita: purchasing power parity - $17,400 (1999 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): 1% (1999 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 10% (1999 est.)

      Unemployment rate: 4.9% (1995 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: 2.56 billion kWh (1998)

      Electricity - production by source:
      fossil fuel: 100%
      hydro: 0%
      nuclear: 0%
      other: 0% (1998)

      Electricity - consumption: 2.381 billion kWh (1998)

      Electricity - exports: 0 kWh (1998)

      Electricity - imports: 0 kWh (1998)

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

      Exports: $2.04 billion (f.o.b., 1998 est.)

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

      Exports - partners: Japan 51%, UK 14%, US 10%, Singapore 8%, Thailand 3% (1998)

      Imports: $1.38 billion (c.i.f., 1998 est.)

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

      Imports - partners: Singapore 32%, UK 17%, Malaysia 12%, France 12%, US 5% (1998)

      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 - 1.6733 (January 2000), 1.6950 (1999), 1.6736 (1998), 1.4848 (1997), 1.4100 (1996), 1.4174 (1995); note - the Bruneian dollar is at par with the Singapore dollar

      Fiscal year: calendar year

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    Revised 01-Nov-00
    Copyright © 2000 Photius Coutsoukis (all rights reserved)


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