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Economic
(as per Brunei Department of Economic Planning and Development)
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Economy
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Gross National Per Capita Income: BND 45,680.5 approx. US$ 34,013.7 million* [2023]
Based on oil & natural gas revenues; low inflation; no personal taxes; limited non-oil industrial sector; over 30% of the workforce comprises non-nationals and expatriates; nationals mostly in government employment.
Previously, Brunei Darussalam is overwhelmingly dependent on the oil and gas industry, but now Brunei is slowly supported by robust activities in the non-oil & gas sector. The downstream O&G industry is expected to remain supportive of growth, given the planned diversification into new products.
The largest expected contributor to GDP growth in 2024 remains to be the oil and gas sector and the downstream segments which contributes 46.9% of its GDP (Q1 2024), and 53.1% in the non-Oil and Gas Sector. Exports of goods and services has recorded an increase of 14.5% due to the increase in both Exports of goods by 14.6% and Exports of services by 10.3% (Q1 2024). The Total Brunei’s government revenue as of 2023/2024 is at BND 3,533 mil around USD 2,631 mil. - As per Department of Economic, Planning and Development, Brunei Darussalam. *Converted at prevailing exchange rate BND to US$
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Natural Resources
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Brunei Darussalam has been endowed with significant energy resources and has benefited for almost a century after the first commercial oil production in Brunei in 1929. Since then, the energy sector, which includes oil and gas exploration and production, petrochemicals and refineries, has become the backbone of its economic and social wellbeing and has spurred development in other sectors of the economy, including infrastructure and services sector, etc.
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Currency
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Brunei Dollar - pegged with Singapore Dollar; Current exchange rate: US$ 1 = B$ 1.3092 approx.; B$ 1 = INR 62.89 (as of August 2023)
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Total GDP
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USD 3.7 million (as of Q1 2024)
– As per Department of Economic, Planning and Development, Brunei Darussalam
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Total Trade
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USD billion 18.9 (2023), USD 24 billion (2022), USD 17.7 billion (2021), USD 11.9 billion (2020), USD 12.3 billion (2019)
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India-Brunei Darussalam Trade
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USD 195 million (2023), USD 382 (2022), USD 523 million (2021), USD 425 million (2020), USD 705 (2019)
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India’s Imports
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USD 128 million (2023), USD 314 million (2022), USD 474 (2021), USD 350 million (2020), USD 603 million (2019)
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India’s Exports
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USD 67 million (2023), USD 69 million (2022), USD 49 million (2021), USD 75 million (2020), USD 102 (2019)
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Import Commodities
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Manufactured Goods, Machinery and Transport Equipment, Food & Processed Food Products, Chemicals
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Main import partners
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Malaysia, Russia, Australia, China and UAE
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Export Commodities
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Mineral Fuels, Chemicals and Manufactured Goods
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Main export partners
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Australia, Singapore, China, Japan and Malaysia
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Main industries (sources)
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Oil & Gas Industries
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Agriculture Products
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Paddy, Poultry, Fisheries and Aquaculture
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GDP Per Capita
(PPP)
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USD 33,583.0 [2023] - As per Department of Economic, Planning and Development, Brunei Darussalam
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GDP at constant prices
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BND 19.3 billion approx. US$ 14.01 billion* [2020]
BND 19.0 billion approx. US$ 14.10 billion* [2021]
BND 18.7 billion approx. US$ 13.57 billion* [2022]
BND 18.9 billion approx. US$ 14.1 billion* [2023]
BND 4,973.1 million approx. US$ 3,700.5 million* [Q1 2024]
- As per Department of Economic, Planning and Development, Brunei Darussalam. *Converted at prevailing exchange rate BND to US$
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GDP at current prices
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BND 16.9 billion approx. US$ 12.02 billion* [2020]
BND 18.8 billion approx. US$ 13.99 billion* [2021]
BND 23.0 billion approx. US$ 16.69 billion* [2022]
BND 20.3 billion approx. US$ 15.11 billion* [2023]
BND 5,020.5 million approx. US$ 3,735.8 million* [Q1 2024]
- As per Department of Economic, Planning and Development, Brunei Darussalam. *Converted at prevailing exchange rate BND to US$.
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GDP Growth
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1.1% [2020]
-1.6% [2021]
-1.6% [2022]
1.4% [2023]
6.8% [Q1 2024]
- As per Department of Economic, Planning and Development, Brunei Darussalam. *Converted at prevailing exchange rate BND to US$
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Gross National Income per annum
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US$ 12,367 million* [2020]
US$ 14,101 million* [2021]
US$ 16,323 million* [2022]
US$ 15,323 million* [2023]
- As per Department of Economic, Planning and Development, Brunei Darussalam *Converted at prevailing exchange rate BND to US$
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Inflation
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1.9% [2020]
1.7% [2021]
3.7% [2022]
0.4% [2023]
- As per Department of Economic, Planning and Development, Brunei Darussalam
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Unemployment Rate (%)
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5.1% [2023] - As per Department of Economic, Planning and Development, Brunei Darussalam
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Reserves of Forex Exc. Gold
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USD 4.53 billion (As of Q3 2023) –As per Trading Economics
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