BRUNEI

 

 

 

 

The Sultanate of Brunei’s influence peaked between the 15th and 17th centuries when its control extended over coastal areas of northwest Borneo and the southern Philippines. Brunei subsequently entered a period of decline brought on by internal strife over royal succession, colonial expansion of European powers, and piracy. In 1888, Brunei became a British protectorate; independence was achieved in 1984. The same family has ruled Brunei for over six centuries. Brunei benefits from extensive petroleum and natural gas fields, the source of one of the highest per capita GDPs in Asia.

 

Brunei map

 

Capital: Bandar Seri Begawan

Area: 5,765 km2 (water: 500 km2)

Population: 429,646 (July 2015 est.)

Currency: Brunei dollar (BND)

Languages: Malay (official), English, Chinese dialects

Brunei has a small well-to-do economy that depends on revenue from natural resource extraction but encompasses a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures, and village tradition. Crude oil and natural gas production account for 60% of GDP and more than 90% of exports. Per capita GDP is among the highest in Asia, and substantial income from overseas investment supplements income from domestic production.

For Bruneian citizens 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 it strong desire to diversity its economy both within the oil and gas sector and to new sectors.


GDP (purchasing power parity):

$22.25 billion (2013 est.)

country comparison to the world: 128

$21.93 billion (2012 est.)

$21.73 billion (2011 est.)

note: data are in 2013 US dollars


GDP (official exchange rate):

$16.56 billion (2013 est.)


GDP – real growth rate:

1.4% (2013 est.)

country comparison to the world: 162

0.9% (2012 est.)

3.4% (2011 est.)


GDP – per capita (PPP):

$54,800 (2013 est.)

country comparison to the world: 11

$54,900 (2012 est.)

$55,200 (2011 est.)

note: data are in 2013 US dollars


GDP – composition, by end use:

household consumption: 22.1%

government consumption: 18.2%

investment in fixed capital: 14.6%

investment in inventories: 0%

exports of goods and services: 78.4%

imports of goods and services: -33.3%

(2013 est.)


GDP – composition, by sector of origin:

agriculture: 0.7%

industry: 70.9%

services: 28.4% (2013 est.)


Agriculture – products:

rice, vegetables, fruits; chickens, water buffalo, cattle, goats, eggs


Industries:

petroleum, petroleum refining, liquefied natural gas, construction, agriculture, transportation


Industrial production growth rate:

1.5% (2013 est.)

country comparison to the world: 13


Labor force:

205,800 (2011 est.)

country comparison to the world: 169


Labor force – by occupation:

agriculture: 4.2%

industry: 62.8%

services: 33% (2008 est.)


Unemployment rate:

2.6% (2011)

country comparison to the world: 21

2.7% (2010)


Population below poverty line:

NA%


Household income or consumption by percentage share:

lowest 10%: NA%

highest 10%: NA%


Budget:

revenues: $6.992 billion

expenditures: $5.366 billion (2013 est.)


Taxes and other revenues:

42.2% of GDP (2013 est.)

country comparison to the world: 28


Budget surplus (+) or deficit (-):

9.8% of GDP (2013 est.)

country comparison to the world: 5


Fiscal year:

1 April – 31 March


Inflation rate (consumer prices):

1% (2013 est.)

country comparison to the world: 21

0.5% (2012 est.)


Commercial bank prime lending rate:

5.5% (31 December 2013 est.)

country comparison to the world: 147

5.5% (31 December 2012 est.)


Stock of narrow money:

$3.472 billion (31 December 2013 est.)

country comparison to the world: 115

$3.509 billion (31 December 2012 est.)


Stock of broad money:

$11.92 billion (31 December 2013 est.)

country comparison to the world: 98

$11.41 billion (31 December 2012 est.)


Stock of domestic credit:

$2.846 billion (31 December 2013 est.)

country comparison to the world: 129

$2.351 billion (31 December 2012 est.)


Market value of publicly traded shares:

$NA


Current account balance:

$3.977 billion (2009 est.)

country comparison to the world: 31


Exports:

$12.75 billion (2011)

country comparison to the world: 86

$9.88 billion (2010)


Exports – commodities:

crude oil, natural gas, garments


Exports – partners:

Japan 45.7%, South Korea 15.1%, Australia 9.1%, NZ 6.6%, India 5.8%, Vietnam 4.7% (2012)


Imports:

$3.02 billion (2011 est.)

country comparison to the world: 147

$2.73 billion (2010 est.)


Imports – commodities:

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


Imports – partners:

Singapore 26.3%, China 21.3%, UK 21.3%, Malaysia 11.8% (2012)


Debt – external:

$0 (2005)

country comparison to the world: 203


Exchange rates:

Bruneian dollars (BND) per US dollar –

1.23 (2013 est.)

1.2496 (2012 est.)

1.3635 (2010 est.)

1.45 (2009)

AGENCIES & ORGANIZATIONS


Brunei Economic Development Board

Tel: (+673) 2230111
Email: etas.secretariat@bedb.com.bn
Website: www.bedb.com.bn

 

Department of Economic Planning and Development (JPKE)

Tel: (+673) 2233344
Email: info.jpke@jpke.gov.bn
Website: www.depd.gov.bn

 

Entrepreneurial Development Centre

Ministry of Industry and Primary Resources (MIPR)
Tel: (+673) 2333964/ 2334172
Email: edc.mipr@industry.gov.bn
Website: www.bruneimipr.gov.bn

 

BANKING


Baidri Bank Berhad

Block A, Units 1-4, Kiarong Complex Lebuhraya
Sultan Hassanal Bolkiah Bandar Seri Begawan BE1318
Brunei Darussalam
Website: www.baiduri.com.bn
Year Established: 1993

Hongkong and Shanghai Banking Corporation Limited (HSBC)

Corner of Jalan Sultan/Jalan Pemancha Bandar Seri Begawan BS 8811
Brunei Darussalam
Website: www.hsbc.com.bn
Year Established: 1947

Citibank

Darussalam Complex 12-15 Jalan Sultan
Bandar Seri Begawan BS 8811
Brunei Darussalam
Year Established: 1972

Malayan Banking Berhad (Maybank)

No.1, Jalan Mc Arthur Bandar Seri Begawan BS 8711
Brunei Darussalam
Year Established: 1960

Bank Islam Brunei Darussalam (BIBD)

Berhad Bangunan BIBD Jalan Pemancha
Bandar Seri Begawan BS 8711
Brunei Darussalam
Website: www.bibd.com.bn
Year Established: 2005

Standard Chartered Bank

51-55, Jalan Sultan Bandar Seri Begawan BS 8811
Brunei Darussalam
Website: www.standardchartered.com.bn
Year Established: 1958

United Overseas Bank Limited

Unit No. 10 & 11 Bangunan D’Amin Jaya
Lot 54989 Kampong Kiarong Mukim Gadong
Brunei Darussalam
Year Established: 1974

RHB Bank Berhad

Unit G.02, Ground Floor, Block D Kompleks Yayasan SHHB
Jalan Pretty, BSB BS8711
Brunei Darussalam
Year Established: 1964

Perbadanan Tabung Amanah Islam Brunei berhad (TAIB)

Bangunan Ibu Pejabat Perbadanan TAIB
Jalan Sultan
Bandar Seri Begawan BS8811
Brunei Darussalam
Website: www.taib.com.bn
Year Established: 1991