Is Brunei a wealthy country?
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.
What is the GDP of Brunei?
|Currency Name and Code||Bruneian dollars (BND)|
|GDP - Gross Domestic Product (PPP)||$27,230,000,000 (USD)|
|GDP - official exchange rate||$10,460,000,000 (USD)|
|GDP - real growth rate||0.4%|
|GDP Per Capita||$79,700.00 (USD)|
|GDP by Sector- agriculture||1.1%|
|GDP by Sector- Industry||60.4%|
|GDP by Sector- services||38.5%|
|GDP - composition, by end use||
Household Consumption: 21.7%
Government Consumption: 23.6%
Investment in Fixed Capital: 37.6%
Investment in Inventories: 0%
Exports of Goods and Services: 50.8%
Imports of Goods and Services: -33.7%
|Labor Force By Occupation- agriculture||4.2%|
|Labor Force By Occupation- industry||62.8%|
|Labor Force By Occupation- services||33%|
|Fiscal Year||1 April - 31 March|
|Annual Budget||$2,958,000,000 (USD)|
|Budget Surplus or Deficit - percent of GDP||-15.9%|
|Taxes and other revenues - percent of GDP||28.3%|
|Major Industries||Petroleum, petroleum refining, liquefied natural gas, construction, agriculture, transportation|
|Industrial Growth Rate||1%|
|Agriculture Products||Rice, vegetables, fruits; chickens, water buffalo, cattle, goats, eggs|
|Exchange Rate per US Dollar||1.386|
|Commercial Bank Prime Lending Rate||5.5%|