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Brunei Darussalam: Economic Outline

Economic Indicators

Brunei showed moderate growth during the mid 2000s, due to high oil and gas prices. Recently, growth has plummeted suddenly to the point of being negative in 2008-2009. With a GDP growth of around 0.5% in 2010, the country shows the lowest growth rate in the ASEAN and the 2011 outlook is hardly more optimistic.

The production of crude oil and natural gas are the most important sectors of the country’s economy. They contribute to more than 50% of the GDP and to 90% of the exports. The country, which shows limited production of non-petroleum products, is very depend on imports. The economy diversification policy that it followed has produced very limited results. The government has been seeking, from 2002, to make Brunei an international financial offshore center as well as the Islamic banking center. Ecotourism and information technologies are also promoted. In order to stimulate growth, the government has increased spending on development and social programs support. The bank sector monitoring, reform of the financial system and support for small and medium-sized companies are also among the governement's priorities.

GDP per inhabitant of the Brunei Sultanate is amongst the highest in Asia, and the living conditions there are very good. The government ensures the provision of all medical services, free education up to University level and subsidizes housing and rice. Life expectancy is of more than 75 years and the literacy level is 95%.

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Last Updates: February 2012