Brunei Economy - 2005

Economy - overview:
This small, well-to-do 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 free education through the university level 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.

GDP:
purchasing power parity - $6.842 billion (2003 est.)

GDP - real growth rate:
3.2% (2003 est.)

GDP - per capita:
purchasing power parity - $23,600 (2003 est.)

GDP - composition by sector:
agriculture: 5%
industry: 45%
services: 50% (2001 est.)

Labor force:
158,000
note: includes foreign workers and military personnel; temporary residents make up about 40% of labor force (2002 est.)

Labor force - by occupation:
agriculture, forestry, and fishing 10%, production of oil, natural gas, services, and construction 42%, government 48% (1999 est.)

Unemployment rate:
3.2% (2002 est.)

Population below poverty line:
NA

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

Inflation rate (consumer prices):
0.3% (2003 est.)

Budget:
revenues: $4.9 billion
expenditures: $4.2 billion, including capital expenditures of $1.35 billion (2003 est.)

Agriculture - products:
rice, vegetables, fruits, chickens, water buffalo

Industries:
petroleum, petroleum refining, liquefied natural gas, construction

Industrial production growth rate:
5% (2002 est.)

Electricity - production:
2.458 billion kWh (2002)

Electricity - consumption:
2.286 billion kWh (2002)

Electricity - exports:
0 kWh (2002)

Electricity - imports:
0 kWh (2002)

Oil - production:
204,000 bbl/day (2003 est.)

Oil - consumption:
13,000 bbl/day (2001 est.)

Oil - exports:
199,000 bbl/day (2003)

Oil - imports:
NA

Oil - proved reserves:
1.255 billion bbl (1 January 2002)

Natural gas - production:
10.35 billion cu m (2001 est.)

Natural gas - consumption:
1.35 billion cu m (2001 est.)

Natural gas - exports:
9 billion cu m (2001 est.)

Natural gas - imports:
0 cu m (2001 est.)

Natural gas - proved reserves:
315 billion cu m (1 January 2002)

Exports:
$7.7 billion f.o.b. (2003 est.)

Exports - commodities:
crude oil, natural gas, refined products

Exports - partners:
Japan 37.8%, South Korea 13.6%, Australia 11.1%, US 9%, Thailand 7.9%, China 5.9% (2004)

Imports:
$5.2 billion c.i.f. (2003)

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

Imports - partners:
Singapore 33.1%, Malaysia 21.5%, Japan 7.3%, UK 6.8% (2004)

Debt - external:
$0

Economic aid - recipient:
NA

Currency (code):
Bruneian dollar (BND)

Exchange rates:
Bruneian dollars per US dollar - 1.6902 (2004), 1.7422 (2003), 1.7906 (2002), 1.7917 (2001), 1.724 (2000)