About Brunai Darussalam & Key Financial Statistics

About Brunai and Key Financial Statistics

Overview of Economy:

Brunei has a small well-to-do economy that depends on revenue from natural resource extraction but is also characterized by a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures, and village tradition. Crude oil and natural gas production account for 70% of GDP and more than 90% of exports, with Japan and Korea as the primary export markets. Per capita GDP is among the highest in the world, and substantial income from overseas investment supplements income from domestic hydrocarbon production. For Bruneian citizens, who pay no taxes, the government provides for all medical services and free education through the university level. The government of Brunei has been emphasizing through policy and resource investments its strong desire to diversify its economy both within the oil and gas sector and to new sectors. Brunei is a founding member of the 12-nation Trans-Pacific Partnership (TPP) free trade agreement negotiations as well as the Regional Comprehensive Economic Partnership (RCEP) and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

Gross Domestic Product (In USD):

$32.96 billion (2014 est.)

$33.75 billion (2013 est.)

$34.48 billion (2012 est.)

Composition of Gross Domestic Product:

% Agricuture: 0.8

% Industry: 66.8

% Services: 32.4

Composition of Labor Force by Occupation:

% Agriculture: 4.2

% Industry: 62.8

% Services: 33

Per Capita Income:

$79,900 (2014 est.)

$81,800 (2013 est.)

$83,600 (2012 est.)

Exports:

$10.65 billion (2014 est.)

$11.36 billion (2013 est.)

Key Export Commodities:

crude oil, natural gas, garments

Export Partners:

Japan 39%, South Korea 12.5%, Australia 9.7%, India 9.2%, Thailand 6.4%, Indonesia 5.8% (2014)

Imports:

$4.231 billion (2014 est.)

$4.175 billion (2013 est.)

Key Import Commodities:

iron and steel, motor vehicles, machinery and transport equipment, manufactured goods, food, chemicals

Import Partners:

Singapore 29.2%, China 26.9%, Malaysia 13.2%, US 8.5%, South Korea 4.5%, UK 4.1% (2014)

Inflation Rate (Consumer Price Index):

-0.2% (2014 est.)

0.4% (2013 est.)

Exchange Rate to USD:

Bruneian dollars (BND) per US dollar -

1.267 (2014 est.)

1.267 (2013 est.)

1.25 (2012 est.)

1.2579 (2011 est.)

1.3635 (2010 est.)

Unemployment Rate:

2.7% (2014 est.)

2.7% (2013 est.)

S&P Rating:

Standard & Poor's Ratings:

    • AAA: The best quality borrowers, reliable and stable

    • AA: Quality borrowers, a bit higher risk than AAA

    • A: Economic situation can affect finance

    • BBB: Medium class borrowers, which are satisfactory at the moment

    • BB: More prone to changes in the economy

    • B: Financial situation varies noticeably

    • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.

Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings