Brunei Economy

Brunei Economy  | read this item

Brunei’s economy is making a great progress. It represents a combination of agriculture domestic and foreign companies, village tradition, regulation from the government’s side and steps taken to ensure welfare of the country. The major role in the country’s economy is played by oil and natural gas sector. It provides 90% of exports. GDP per capita is estimated as the highest among Asian nations.

Brunei Darussalam represents one of the major oil producers in Southeast Asia. The production speed equals to around 163,000 barrels per day. In addition, Brunei comes fourth in the list of the world’s top liquefied natural gas producers. GDP of the country amounts to $19.64 billion, as of 2007. Inflation rate in the same year was estimated at 0.4%. As far as unemployment rate is concerned, it made up 0.4% in the year 2006. Industrial growth rate is calculated at 1.8%. The population of the country has free education and subsidized housing ensured by the government.

The main goods being exported are liquefied natural gas, petroleum products and crude oil. Brunei’s major importers are the ASEAN nations, Japan and United States. In particular, Brunei provides 80% of petro products imported by Japan.

Agriculture’s share in Brunei’s economy is of minor significance. The country produces only 1% of rice needed to satisfy the demand of the country. There are 613 hectares of rice fields in Brunei that are scattered across the country. The sector is controlled by the government departments: the agriculture department and the public works department.

The country provides about 1,000 head of cattle for meeting the demand of its population. However, it makes up only 6% of the necessary amount. Brunei consumes around 5,000 tons of meat a year. Live cattle are mainly received from Australia.

Topics: Brunei Economy, economy, gdp per capita, petroleum products, population, unemployment rate