| Economy - overview | Brunei is an energy-rich sultanate on the northern coast of Borneo in Southeast Asia. Brunei boasts a well-educated, largely English-speaking population; excellent infrastructure; and a stable government intent on attracting foreign investment. Crude oil and natural gas production account for approximately 65% of GDP and 95% of exports, with Japan as the primary export market. Per capita GDP is among the highest in the world, and substantial income from overseas investment supplements income from domestic hydrocarbon production. Bruneian citizens pay no personal income taxes, and the government provides free medical services and free education through the university level. The Bruneian Government wants to diversify its economy away from hydrocarbon exports to other industries such as information and communications technology and halal manufacturing, permissible under Islamic law. Brunei’s trade increased in 2016 and 2017, following its regional economic integration in the ASEAN Economic Community, and the expected ratification of the Trans-Pacific Partnership trade agreement. |
| GDP (purchasing power parity) | $26.906 billion (2019 est.) $25.904 billion (2018 est.) $25.891 billion (2017 est.) note: data are in 2017 dollars |
| GDP (official exchange rate) | $12.13 billion (2017 est.) |
| GDP - real growth rate | 1.3% (2017 est.) -2.5% (2016 est.) -0.4% (2015 est.) |
| GDP - per capita (PPP) | $62,100 (2019 est.) $60,389 (2018 est.) $60,996 (2017 est.) note: data are in 2017 dollars |
| Gross national saving | 53.6% of GDP (2019 est.) 53.2% of GDP (2018 est.) 55.3% of GDP (2017 est.) |
| GDP - composition, by end use | household consumption: 25% (2017 est.) government consumption: 24.8% (2017 est.) investment in fixed capital: 32.6% (2017 est.) investment in inventories: 8.5% (2017 est.) exports of goods and services: 45.9% (2017 est.) imports of goods and services: -36.8% (2017 est.) |
| GDP - composition by sector | agriculture: 1.2% (2017 est.) industry: 56.6% (2017 est.) services: 42.3% (2017 est.) |
| Ease of Doing Business Index scores | Overall score: 70.1 (2020) Starting a Business score: 94.9 (2020) Trading score: 58.7 (2020) Enforcement score: 62.8 (2020) |
| Population below poverty line | NA |
| Labor force | 203,600 (2014 est.) |
| Labor force - by occupation | agriculture: 4.2% industry: 62.8% services: 33% (2008 est.) |
| Unemployment rate | 6.9% (2017 est.) 6.9% (2016 est.) |
| Unemployment, youth ages 15-24 | total: 21.4% male: 19% female: 25.8% (2019 est.) |
| Household income or consumption by percentage share | lowest 10%: NA highest 10%: NA |
| Budget | revenues: 2.245 billion (2017 est.) expenditures: 4.345 billion (2017 est.) |
| Taxes and other revenues | 18.5% (of GDP) (2017 est.) |
| Budget surplus (+) or deficit (-) | -17.3% (of GDP) (2017 est.) |
| Public debt | 2.8% of GDP (2017 est.) 3% of GDP (2016 est.) |
| Inflation rate (consumer prices) | -0.2% (2017 est.) -0.7% (2016 est.) |
| Agriculture - products | poultry, eggs, fruit, cassava, bananas, legumes, cucumbers, rice, pineapples, beef |
| Industries | petroleum, petroleum refining, liquefied natural gas, construction, agriculture, aquaculture, transportation |
| Industrial production growth rate | 1.5% (2017 est.) |
| Current Account Balance | $2.021 billion (2017 est.) $1.47 billion (2016 est.) |
| Exports | $5.885 billion (2017 est.) $5.023 billion (2016 est.) |
| Exports - commodities | natural gas, crude petroleum, refined petroleum, industrial alcohols, industrial hydrocarbons (2019) |
| Exports - partners | Japan 34%, Australia 12%, Singapore 10%, India 8%, Malaysia 8%, Thailand 7%, China 6%, South Korea 5% (2019) |
| Imports | $2.998 billion (2017 est.) $2.658 billion (2016 est.) |
| Imports - commodities | crude petroleum, refined petroleum, cars, tug boats, valves (2019) |
| Imports - partners | Singapore 18%, China 14%, Malaysia 12%, Nigeria 5%, United Arab Emirates 5%, United States 5% (2019) |
| Reserves of foreign exchange and gold | $3.488 billion (31 December 2017 est.) $3.366 billion (31 December 2015 est.) |
| Debt - external | $0 (2014) $0 (2013) note: public external debt only; private external debt unavailable |
| Exchange rates | Bruneian dollars (BND) per US dollar - 1.33685 (2020 est.) 1.35945 (2019 est.) 1.3699 (2018 est.) 1.3749 (2014 est.) 1.267 (2013 est.) |
| Fiscal year | 1 April - 31 March |
Source: CIA World Factbook
This page was last updated on September 18, 2021
