BRUNEI

 

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Brunei, two small disconnected enclaves surrounded by the Malaysian state of Sarawak, lies on the northern coast of Borneo. The Sultan serves as his own prime minister, minister of defense, foreign minister, and minister of finance. He is advised by several councils, including a Legislative Council and Privy Council, which he appoints. The oil and gas industry accounts for over half of GDP and 90 percent of government revenues. However, it generates only a small fraction of employment, and most of the population works directly for the government. Brunei has extremely low manufacturing capacity and imports most of its manufactured goods and food.
 

Oil and gas revenue have helped to make Brunei one of the world’s richest economies, but long-standing efforts to modernize the economic structure have met with only limited success. Recently, a higher priority has been placed on measures to diversify the economy and attract more foreign investment, and the corporate tax rate has been cut to 18.5 percent.

At a glance

 

Country Name

 

 

Brunei Darussalam

 

 

Area

 

 

5,765 sq.km

 

 

Capital

 

 

Bandar Seri Begawan

 

 

Government type

 

 

absolute Monarchy or Sultanate

 

 

Administrative divisions

 

 

4 districts (daerah-daerah, singular - daerah); Belait, Brunei-Muara, Temburong, Tutong

 

 

National Holidays

 

 

National Day- 23rd February

 

 

Fiscal year

 

 

1st April – 31st March

 

 

Currency

 

 

Bruneian Dollar (BND)

 

 

Sultan and Prime Minister

 

 

Sir Hassanal Bolkiah (since 5th October 1967)

 

 

Population

 

 

443,593 (July 2017 est.)

 

 

Net migration rate

 

 

2.4 migrant(s)/1,000 populations (2017 est.)

 

GDP (purchasing power parity)

 

 

$33.73 billion (2016 est.)

 

GDP- composition by sector

 

 

Agriculture: 1.1%

 

Industry: 60.4%

 

Services: 38.5% (2016 est.)

 

 

Agriculture- Products

 

 

Rice, vegetables, fruits, chickens, water buffalo, cattle, goats, eggs

 

 

Industries

 

 

Petroleum, petroleum refining, liquefied natural gas, construction, agriculture, transportation

 

 

Major Exports

 

 

mineral fuels, organic chemicals

 

 

Major Exports - Partners

 

 

Japan 36.1%, South Korea 14.9%, Thailand 10.9%, India 9.3%, NZ 5.6%, Australia 5% (2015)

 

 

Major Imports

 

 

machinery and mechanical appliance parts, mineral fuels, motor vehicles, electric machinery

 

 

Major Importers Partners

 

 

Singapore 27.9%, China 25.3%, Malaysia 12.3%, UK 10.6%, South Korea 4.9% (2015)

 

 

Natural resources

 

 

Petroleum, natural gas, timber

 

 

Languages

 

 

Malay (official), English, Chinese

 

 

Ethnic groups

 

 

Malay 65.7%, Chinese 10.3%, other indigenous 3.4%, other 20.6% (2011 est.)

 

 

Climate

 

 

Tropical hot, humid, rainy

 

 

Location

 

 

Southeastern Asia, along the northern coast of the island of Borneo, bordering the South China Sea and Malaysia