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ECONOMICS - History


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Brunei


Brunei is an energy-rich sultanate on the northern coast of Borneo in Southeast Asia. Brunei boasts a well-educated, largely English-speaking population; excellent infrastructure; and a stable government intent on attracting foreign investment. Crude oil and natural gas production account for approximately 65% of GDP and 95% of exports, with Japan as the primary export market.
Per capita GDP is among the highest in the world, and substantial income from overseas investment supplements income from domestic hydrocarbon production. Bruneian citizens pay no personal income taxes, and the government provides free medical services and free education through the university level.
The Bruneian Government wants to diversify its economy away from hydrocarbon exports to other industries such as information and communications technology and halal manufacturing, permissible under Islamic law. Brunei’s trade increased in 2016 and 2017, following its regional economic integration in the ASEAN Economic Community, and the expected ratification of the Trans-Pacific Partnership trade agreement.

1990200020102016
GNI, Atlas method (current US$) (billions)3.224.8912.9413.92
GNI per capita, Atlas method (current US$)12,46014,68033,30032,890
GNI, PPP (current international $) (billions)14.1621.6730.4535.16
GNI per capita, PPP (current international $)54,73065,03078,34083,090
GDP (current US$) (billions)3.52613.7111.4
GDP growth (annual %)1.12.82.6-2.5
Inflation, GDP deflator (annual %)8.42916.7-9.2
Agriculture, forestry, and fishing, value added (% of GDP)1111
Industry (including construction), value added (% of GDP)62646957
Exports of goods and services (% of GDP)62676750
Imports of goods and services (% of GDP)37362838
Gross capital formation (% of GDP)19132435
Revenue, excluding grants (% of GDP)........
Net lending (+) / net borrowing (-) (% of GDP)........
States and markets
Time required to start a business (days)....10915
Domestic credit provided by financial sector (% of GDP)..38.622.735.5
Tax revenue (% of GDP)........
Military expenditure (% of GDP)6.44.12.93.5
Mobile cellular subscriptions (per 100 people)0.728.5111.9123.7
Individuals using the Internet (% of population)095390
High-technology exports (% of manufactured exports)..01318
Statistical Capacity score (Overall average)........
Global links
Merchandise trade (% of GDP)91838369
Net barter terms of trade index (2000 = 100)..100181104
External debt stocks, total (DOD, current US$) (millions)........
Total debt service (% of exports of goods, services and primary income)........
Net migration (thousands)4322
Personal remittances, received (current US$) (millions)........
Foreign direct investment, net inflows (BoP, current US$) (millions)..61481-151
Net official development assistance received (current US$) (millions)3.9......


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