| Economy - overview: This small, wealthy economy is a mixture of
foreign and domestic entrepreneurship, government regulation and welfare
measures, and village tradition. Exports of crude oil and natural gas
account 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 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, a further widening of the economic base beyond
oil and gas.
GDP: purchasing power parity - $5.9 billion (2000 est.)
GDP - real growth rate: 2.5% (1999 est.), 3% (2000 est.)
GDP - per capita: purchasing power parity - $17,600 (2000 est.)
GDP - composition by sector:
agriculture: 5%
industry: 46%
services: 49% (1996 est.)
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
$1.35 billion (1997 est.)
Industries: petroleum, petroleum refining, liquefied natural
gas, construction
Industrial production growth rate: 4% (1997 est.)
Electricity - production: 2.445 billion kWh (1999)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1999)
Electricity - consumption: 2.274 billion kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 0 kWh (1999)
Agriculture - products: rice, cassava (tapioca), bananas; water
buffalo
Exports: $2.55 billion (f.o.b., 1999 est.)
Exports - commodities: crude oil, natural gas, refined products
Exports - partners: Japan
42%, United
States 17%, South Korea 14%,
Thailand 3% (1999)
Imports: $1.3 billion (c.i.f., 1999 est.)
Imports - commodities: machinery and transport equipment,
manufactured goods, food, chemicals
Imports - partners: Singapore 34%, United Kingdom 15%, Malaysia
15%, United States 5% (1999)
Debt - external: $0
Economic aid - recipient: $4.3 million (1995)
Currency: 1 Bruneian dollar (B$) = 100 cents
SOURCE: The World Factbook |