Brunei: Country and Foreign Investment
Economy and Currency
Brunei has for many years been a significant player in the ASEAN region. Its very strong ties with the United Kingdom, Singapore and regional countries have led to the build-up of considerable commercial activity. The economy has been dominated by the oil and liquefied natural gas industries and Government expenditure patterns. Crude oil and natural gas production account for nearly half of GDP.
Brunei Darussalam's exports consist of three major commodities, namely: crude oil, petroleum products and liquefied natural gas. Exports are destined mainly for Japan, Korea and ASEAN countries.
GDP at purchasing power parity was USD21.03bn (2011 est.), and per capita in the same year, was estimated at USD49,500. Unemployment in 2010 was 2.7%.
Revenues in 2011 were $7.234 billion against expenditure of $4.929 billion.
The currency is the Bruneian dollar, whose value has held steady against the US dollar in recent years.
In June 2009, the International Monetary Fund said that high oil prices and prudent policies have contributed to significant fiscal and current account surpluses in Brunei. That year's fiscal surplus was estimated at close to 30% of GDP and the current account surplus for 2008 at about 51% of GDP. According to the IMF the main longer-term challenges for Brunei are to expand oil and gas reserves, diversify the production base by boosting private sector activity, and enhance fiscal management.