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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
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Country Name
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Brunei Darussalam
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Area
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5,765 sq.km
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Capital
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Bandar Seri Begawan
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Government type
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absolute Monarchy or Sultanate
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Administrative divisions
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4 districts (daerah-daerah, singular - daerah); Belait, Brunei-Muara, Temburong, Tutong
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National Holidays
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National Day- 23rd February
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Fiscal year
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1st April – 31st March
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Currency
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Bruneian Dollar (BND)
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Sultan and Prime Minister
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Sir Hassanal Bolkiah (since 5th October 1967)
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Population
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443,593 (July 2017 est.)
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Net migration rate
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2.4 migrant(s)/1,000 populations (2017 est.) |
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GDP (purchasing power parity)
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$33.73 billion (2016 est.) |
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GDP- composition by sector
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Agriculture: 1.1%
Industry: 60.4%
Services: 38.5% (2016 est.)
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Agriculture- Products
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Rice, vegetables, fruits, chickens, water buffalo, cattle, goats, eggs
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Industries
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Petroleum, petroleum refining, liquefied natural gas, construction, agriculture, transportation
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Major Exports
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mineral fuels, organic chemicals
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Major Exports - Partners
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Japan 36.1%, South Korea 14.9%, Thailand 10.9%, India 9.3%, NZ 5.6%, Australia 5% (2015)
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Major Imports
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machinery and mechanical appliance parts, mineral fuels, motor vehicles, electric machinery
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Major Importers Partners
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Singapore 27.9%, China 25.3%, Malaysia 12.3%, UK 10.6%, South Korea 4.9% (2015)
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Natural resources
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Petroleum, natural gas, timber
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Languages
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Malay (official), English, Chinese
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Ethnic groups
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Malay 65.7%, Chinese 10.3%, other indigenous 3.4%, other 20.6% (2011 est.)
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Climate
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Tropical hot, humid, rainy
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Location
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Southeastern Asia, along the northern coast of the island of Borneo, bordering the South China Sea and Malaysia
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