Economy Of Brunei
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Economy overview
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This small, wealthy economy encompasses a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures, and village tradition. Crude oil and natural gas production account for nearly 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, further widening the economic base beyond oil and gas.
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GDP
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purchasing power parity - $6.5 billion (2002 est.)
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GDP - real growth rate
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3% (2002 est.)
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GDP - per capita
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purchasing power parity - $18,600 (2002 est.)
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GDP - composition by sector
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agriculture: 5%
industry: 45%
services: 50% (2001 est.)
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Investment gross fixed
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Population below poverty line
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NA (1992 est.)
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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-2% (2002 est.)
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Labor force
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143,400
note: includes foreign workers and military personnel; temporary residents make up about 40% of labor force (1999 est.)
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Labor force by occupation
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agriculture, forestry, and fishing 10%, production of oil, natural gas, services, and construction 42%, government 48% (1999 est.)
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Unemployment rate
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10% (2001 est.)
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Budget
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revenues: $2.5 billion
expenditures: $2.6 billion, including capital expenditures of $1.35 billion (1997 est.)
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Public debt
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Agriculture products
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rice, vegetables, fruits, chickens, water buffalo
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Industries
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petroleum, petroleum refining, liquefied natural gas, construction
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Industrial production growth rate
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5% (2002 est.)
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Electricity production
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2.497 billion kWh (2001)
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Electricity production by source
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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2.322 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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217,200 bbl/day (2003 est.)
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Oil consumption
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13,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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1.255 billion bbl (1 January 2002)
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Natural gas production
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10.35 billion cu m (2001 est.)
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Natural gas consumption
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1.35 billion cu m (2001 est.)
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Natural gas exports
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9 billion cu m (2001 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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315 billion cu m (1 January 2002)
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Current account balance
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Exports
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$3.439 billion f.o.b. (2002 est.)
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Exports commodities
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crude oil, natural gas, refined products
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Exports partners
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Japan 41%, South Korea 11.2%, Thailand 9.4%, Australia 8.4%, US 7.8%, China 6.7%, Singapore 4.5% (2003)
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Imports
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$1.63 billion c.i.f. (2002 est.)
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Imports commodities
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machinery and transport equipment, manufactured goods, food, chemicals
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Imports partners
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Singapore 19.9%, Malaysia 19.8%, US 11.4%, Japan 9.9%, Hong Kong 6.5%, China 4.8%, Australia 4.3%, Thailand 4% (2003)
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Reserves of foreign exchange gold
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Debt external
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$0
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Economic aid recipient
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$4.3 million (1995)
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Currency
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Bruneian dollar (BND)
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Currency code
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BND
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Exchange rates
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Bruneian dollars per US dollar - 1.7422 (2003), 1.7906 (2002), 1.7917 (2001), 1.724 (2000), 1.695 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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