Economy - overview:
This small, well-to-do 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 and more than 90% of government revenues. 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 free education through the university level 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.
GDP (purchasing power parity):
$6.842 billion (2003 est.)
GDP (official exchange rate):
$5.486 billion
GDP - real growth rate:
1.7% (2004 est.)
GDP - per capita (PPP):
$23,600 (2003 est.)
GDP - composition by sector:
agriculture: 3.6%
industry: 56.1%
services: 40.3% (2004 est.)
Labor force:
146,300
note: includes foreign workers and military personnel; temporary
residents make up about 40% of labor force (2003 est.)
Labor force - by occupation:
agriculture: 2.9%
industry: 61.1%
services: 36% (2003 est.)
Unemployment rate:
4.8% (2004)
Population below poverty line:
NA%