Editing Economy of Brunei

{{Short description|none}}
{{Very long|date=November 2023}}
{{EngvarB|date=March 2022}}
{{Use dmy dates|date=March 2022}}
{{Infobox economy
| country = Brunei
| image = Champion Oil Field .jpg
| caption = [[Champion Oil Field]] off the Bruneian coast
| currency = [[Brunei dollar]] (BND, B$)
| fixed exchange = 1 Brunei dollar = 1 [[Singapore dollar]]
| year = 1 April &ndash; 31 March (from April 2009)
| organs = [[Asia-Pacific Economic Cooperation|APEC]], [[Association of Southeast Asian Nations|ASEAN]], [[World Trade Organization|WTO]], [[Comprehensive and Progressive Agreement for Trans-Pacific Partnership|CPTPP]], [[Regional Comprehensive Economic Partnership|RCEP]], [[BIMP-EAGA]]
| group = {{plainlist|
*[[Developing country|Developing/Emerging]]<ref>{{cite web |url=https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/weoselco.aspx?g=2200&sg=All+countries+%2f+Emerging+market+and+developing+economies |title=World Economic Outlook Database, April 2019 |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=29 September 2019}}</ref>
*[[World Bank high-income economy|High-income economy]]<ref>{{cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=[[World Bank]] |website=datahelpdesk.worldbank.org |access-date=29 September 2019}}</ref>}}
| population = {{increaseNeutral}} 458,949 (2023)<ref>{{cite web |url=https://data.worldbank.org/indicator/SP.POP.TOTL?locations=BN |title=Population, total - Brunei Darussalam |access-date=December 15, 2022}}</ref>
| gdp = {{plainlist|
*{{increase}} $16.68 billion ([[nominal GDP|nominal]], 2025)<ref name="IMFWEOBN">{{cite web |url=https://www.imf.org/external/datamapper/NGDPD@WEO/BRN?year=2022 |title=World Economic Outlook Database, April 2023 |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=April 21, 2023|date=April 2023}}</ref>
*{{increase}} $42.82 billion ([[purchasing power parity|PPP]], 2025)<ref name="IMFWEOBN"/>}}
| gdp rank = {{plainlist|
*[[List of countries by GDP (nominal)|135th (nominal, 2024)]]
*[[List of countries by GDP (PPP)|137th (PPP, 2024)]]}}
| growth = {{plainlist|
*1.4%&nbsp;(2023)
*2.4%&nbsp;(2024e)
*2.5%&nbsp;(2025f)
*2.6%&nbsp;(2026f)}}
| per capita = {{plainlist|
*{{increase}} $37,020 ([[List of countries by GDP (nominal)|nominal]], 2025)<ref name="IMFWEOBN"/>
*{{increase}} $95,046 ([[List of countries by GDP (PPP)|PPP]], 2025)<ref name="IMFWEOBN"/>}}
| per capita rank = {{plainlist|
*[[List of countries by GDP (nominal) per capita|32nd (nominal, 2025)]]
*[[List of countries by GDP (PPP) per capita|7th (PPP, 2024)]]}}
| sectors = {{plainlist|
*[[Primary sector of the economy|agriculture]]: 1.2%
*[[Secondary sector of the economy|industry]]: 56.6%
*[[Tertiary sector of the economy|services]]: 42.3%
*(2017 est.)<ref name="CIAWFBX">{{Cite CIA World Factbook|country=Brunei|access-date=16 January 2020|year=2020}}</ref>}}
| inflation = 0.5% (2024)<ref name="IMFWEOBN"/>
| poverty = NA
| gini = NA
| hdi = {{plainlist|
*{{decrease}} 0.823 {{color|darkgreen|very high}} (2022)<ref>{{cite web |url=http://hdr.undp.org/en/indicators/137506 |title=Human Development Index (HDI) |publisher=[[Human Development Report|HDRO (Human Development Report Office)]] [[United Nations Development Programme]] |website=hdr.undp.org |access-date=17 November 2022}}</ref> ([[List of countries by Human Development Index|55th]])
}}
| edbr = {{decrease}} [[Ease of doing business index#Ranking|66th (easy, 2020)]]<ref name=" World Bank and International Financial Corporation ">{{cite web |url=http://www.doingbusiness.org/data/exploreeconomies/brunei |title=Ease of Doing Business in Brunei Darussalam |publisher=Doingbusiness.org |access-date=2019-06-25 }}</ref>
| labor = {{plainlist|
*{{increase}} 233,198 (2023)<ref>{{cite web |title=Labor force, total - Brunei Darussalam |url=https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=BN&name_desc=false |website=data.worldbank.org |publisher=World Bank |access-date=16 January 2020}}</ref>
*60.5% employment rate (2023)<ref>{{cite web |title=Employment to population ratio, 15+, total (%) (national estimate) - Brunei Darussalam |url=https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS?locations=BN&name_desc=false |website=data.worldbank.org |publisher=World Bank |access-date=16 January 2020}}</ref>}}
| occupations = {{plainlist|
*agriculture: 4.2%
*industry: 62.8%
*services: 33%
*(2008 est.)<ref name="CIAWFBX"/>}}
| unemployment = {{decreasePositive}} 4.9% (2024)<ref name="IMFWEOBN"/>
| industries = petroleum, petroleum refining, liquefied natural gas, construction, agriculture, aquaculture, transportation
| exports = {{increase}} $14.411 billion (2022 est.)<ref name="CIAWFBX"/>
| export-goods = mineral fuels, organic chemicals
| export-partners = {{plainlist|
*{{flag|Australia}} 19%
*{{flag|Japan}} 17%
*{{flag|China}} 16%
*{{flag|Singapore}} 14%
*{{flag|Malaysia}} 10%
*(2022)<ref name="CIAWFBX"/>}}
| imports = {{increase}} $10.106 billion (2022 est.)<ref name="CIAWFBX"/>
| Main commodities = machinery and mechanical appliance parts, mineral fuels, motor vehicles, electric machinery
| import-partners = {{plainlist|
*{{flag|Malaysia}} 22%
*{{flag|UAE}} 11%
*{{flag|China}} 10%
*{{flag|Singapore}} 7%
*{{flag|Qatar}} 6%
*(2022)<ref name="CIAWFBX"/>}}
| current account = {{increase}} $2.5 billion (2024 est.)<ref name="IMFWEOBN"/>
| gross external debt = {{steady}} $0 (2014)<ref name="CIAWFBX"/>{{refn|group=note|public external debt only; private external debt unavailable}}
| debt = {{steady}} 2.3% of GDP (2024 est.)<ref name="CIAWFBX"/>
| revenue = 2.245 billion (2017 est.)<ref name="CIAWFBX"/>
| expenses = 4.345 billion (2017 est.)<ref name="CIAWFBX"/>
| balance = −9.9% (of GDP) (2024 est.)<ref name="IMFWEOBN"/>
| cianame = brunei
| credit = Not rated
| reserves = {{decrease}} $4.483 billion (31 December 2023 est.)<ref name="CIAWFBX"/>
}}
The '''economy of Brunei''', a small and wealthy country, is a mixture of foreign and domestic entrepreneurship, government regulation and welfare measures, and village traditions. Brunei has a mixed economic system which includes a variety of private freedom, combined with centralized [[economic planning]] and [[government regulation]].<ref>https://globaledge.msu.edu/countries/brunei</ref> It is almost entirely supported by exports of [[crude oil]] and natural gas, with revenues from the petroleum sector accounting for over half of GDP. Per capita GDP is high, and substantial income from overseas investment supplements income from domestic production. The government provides for all medical services and subsidizes food and housing. The government has{{citation needed|date=April 2019}} shown progress in its basic policy of diversifying the economy away from oil and gas. [[Brunei]]'s leaders are concerned that steadily increased integration in the world economy will undermine internal social cohesion although it has taken steps to become a more prominent player by serving as chairman for the 2000 APEC ([[Asia-Pacific Economic Cooperation]]) forum. Growth in 1999 was estimated at 2.5% due to higher oil prices in the second half.

Brunei is the third-largest oil producer in Southeast Asia, averaging about {{convert|180000|oilbbl/d}}.<ref>{{Cite web|url=https://www.imf.org/external/pubs/ft/scr/2014/cr14191.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.imf.org/external/pubs/ft/scr/2014/cr14191.pdf |archive-date=2022-10-09 |url-status=live|title=BRUNEI DARUSSALAM|last=International Monetary Fund|date=2014}}</ref> It also is the ninth-largest producer of [[liquefied natural gas]] in the world.<ref>{{Cite web|url=https://www.un.int/brunei/brunei/country-facts|title=Country Facts {{!}} Brunei Darussalam|website=www.un.int|language=en|access-date=2017-04-17}}</ref>

==Macro-economic trend==
{{Unreferenced section|date=January 2022}}
In the 1970s, Brunei invested sharply increasing revenues from petroleum exports and maintained government spending at a low and constant rate. Consequently, the government was able to build its foreign reserves and invest them around the world to help provide for future generations. Part of the reserve earnings were reportedly also used to help finance the government's annual budget deficit. Since 1986, however, petroleum revenues have decreased, and government spending has increased. The government has been running a budget deficit since 1988. The disappearance of a revenue surplus has made Brunei's economy more vulnerable to petroleum price fluctuations.

Brunei's gross domestic product (GDP) soared with the petroleum price increases of the 1970s to a peak of $5.7 billion in 1980. It declined slightly in each of the next 5 years, then fell by almost 30% in 1986.

This drop was caused by a combination of sharply lower petroleum prices in world markets and voluntary production cuts in Brunei. The GDP recovered somewhat since 1986, growing by 12% in 1987, 1% in 1988, and 9% in 1989. In recent years, GDP growth was 3.5% in 1996, 4.0% in 1997, 1.0% in 1998, and an estimated 2.5% in 1999. However, the 1999 GDP was still only about $4.5 billion, well below the 1980 peak.

The [[Asian financial crisis]] in 1997 and 1998, coupled with fluctuations in the [[price of oil]] have created uncertainty and instability in [[Brunei]]'s economy. In addition, the 1998 collapse of [[Amedeo Development Corporation]], Brunei's largest construction firm whose projects helped fuel the domestic economy, caused the country to slip into a mild recession.

This is a chart of trend of gross domestic product of Brunei Darussalam at market prices estimated<ref>{{cite web |url=http://www.imf.org/external/pubs/ft/weo/2006/01/data/dbcselm.cfm?G=2001 |title=International Monetary Fund |url-status=dead |archive-url=https://web.archive.org/web/20100611172746/http://www.imf.org/external/pubs/ft/weo/2006/01/data/dbcselm.cfm?G=2001 |archive-date=2010-06-11 }}</ref> by the [[International Monetary Fund]] with figures in millions of [[Bruneian dollar]]s.
{| class="wikitable"
|-
! Year || Gross domestic product || US dollar exchange || Inflation index (2000=100)
|-
| 1985 || 7,777 || 2.20 Bruneian dollars || 76
|-
| 1990 || 6,509 || 1.81 Bruneian dollars || 82
|-
| 1995 || 7,394 || 1.41 Bruneian dollars || 95
|-
| 2000 || 7,441 || 1.72 Bruneian dollars || 100
|-
| 2005 || 10,401 || 1.62 Bruneian dollars || 100
|}
For purchasing power parity comparisons, the US dollar is exchanged at 1.52 Bruneian dollars only. Mean wages were $25.38 per [[man-hour]] in 2009.

The government regulates the immigration of foreign labor out of concern it might disrupt Brunei's society. Work permits for foreigners are issued only for short periods and must be continually renewed. Despite these restrictions, foreigners make up a significant portion of the work force. The government reported a total work force of 122,800 in 1999, with an unemployment rate of 5.5%.

Oil and natural gas account for almost all exports. Since only a few products other than petroleum are produced locally, a wide variety of items must be imported. Brunei statistics show Singapore as the largest point of origin of imports, accounting for 25% in 1997. However, this figure includes some transshipments, since most of Brunei's imports transit Singapore. Japan and Malaysia were the second-largest suppliers. As in many other countries, Japanese products dominate local markets for motor vehicles, construction equipment, electronic goods, and household appliances. The United States was the third-largest supplier of imports to Brunei in 1998.

Brunei's substantial foreign reserves are managed by the Brunei Investment Agency (BIA), an arm of the [[Ministry of Finance and Economy (Brunei)|Ministry of Finance and Economy]]. BIA's guiding principle is to increase the real value of Brunei's foreign reserves while pursuing a diverse investment strategy, with holdings in the United States, Japan, western Europe, and the Association of South East Asian Nations (ASEAN) countries.

The Brunei Government actively encourages more foreign investment. New enterprises that meet certain criteria can receive pioneer status, exempting profits from income tax for up to 5 years, depending on the amount of capital invested. The normal corporate income tax rate is 30%. There is no personal income tax or capital gains tax.

One of the government's most important priorities is to encourage the development of Brunei Malays as leaders of industry and commerce. There are no specific restrictions of foreign equity ownership, but local participation, both shared capital and management, is encouraged. Such participation helps when tendering for contracts with the government or [[Brunei Shell Petroleum]].

Companies in Brunei must either be incorporated locally or registered as a branch of a foreign company and must be registered with the Registrar of Companies. Public companies must have a minimum of seven shareholders. Private companies must have a minimum of two but not more than 50 shareholders. At least half of the directors in a company must be residents of Brunei.

Between 1981<ref name=ABC2013>{{cite news |title=Cattle, goats and buffalo shipped out of Darwin for Brunei |first=Matt |last=Brann |date=23 September 2013 |publisher=[[Australian Broadcasting Corporation]] |url=https://www.abc.net.au/news/rural/2013-09-24/live-exports-to-brunei/4977184 |access-date=14 April 2022}}</ref> and 2013 the Sultan owned cattle stations in [[Australia]] that supplied most of the country's beef.<ref>{{cite web |url=https://2009-2017.state.gov/r/pa/ei/bgn/2700.htm |title=U.S. Relations With Brunei |publisher=U.S. Department of State |date=19 August 2016}}</ref><ref>{{cite web |url=http://www.global-briefing.org/2012/07/diversifying-is-hard-to-do/ |title=Brunei Darussalam: Diversifying is hard to do |author=Kieran Cooke |website=global-briefing.org |access-date=8 December 2016}}</ref> In 1984 it was reported that at {{convert|2,262|sqmi|km2}}, the total area of the stations was larger than Brunei itself.<ref>{{cite news |title=WORLD'S NEWEST NATION; Brunei leaves Britain's nest |date=11 January 1984 |first=Paul |last=Quinn-Judge |url=https://www.csmonitor.com/1984/0111/011113.html |access-date=14 April 2022}}</ref> Some of the stations were sold in 2006<ref name=ABC2013/> and 2014.<ref>{{cite news |title=Indonesian company buys NT's Willeroo Station from the Sultan of Brunei |first=Matt |last=Brann |date=13 April 2014 |publisher=Australian Broadcasting Corporation |url=https://www.abc.net.au/news/rural/2014-04-14/willeroo-station-northern-territory-sold-to-indonesian-company/5387712 |access-date=14 April 2022}}</ref>  As of 2019, the Sultan still owned the Opium Creek station.<ref>{{cite news |title=More Brunei protests planned as shell investments questioned |first=Destiny |last=Rogers |date=28 April 2019 |publisher=qnews.com.au |url=https://qnews.com.au/brunei-protests-planned-as-shell-investments-questioned/ |access-date=14 April 2022}}</ref>
Eggs and chickens are largely produced locally, but most of Brunei's other food needs must be imported. Agriculture and fisheries are among the industrial sectors that the government has selected for highest priority in its efforts to diversify the economy.

The following table shows the main economic indicators in 1983–2021 (with IMF staff estimates in 2022–2027). Inflation below 5% is in green.<ref>{{cite web | url=https://www.imf.org/en/Publications/WEO/weo-database/2022/October/weo-report?c=516,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,LUR,GGXWDG_NGDP,&sy=1980&ey=2027&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 | title=Report for Selected Countries and Subjects }}</ref>
{| class="wikitable" style="text-align:center;"
!Year
!GDP
<small>(in Bil. US$PPP)</small>
!GDP per capita
<small>(in US$ PPP)</small>
!GDP
<small>(in Bil. US$nominal)</small>
!GDP per capita
<small>(in US$ nominal)</small>
!GDP growth
<small>(real)</small>
!Inflation rate
<small>(in Percent)</small>
!Unemployment
<small>(in Percent)</small>
!Government debt
<small>(in % of GDP)</small>
|-
|1982
|n/a
|n/a
|n/a
|n/a
|n/a
|{{Increase}}0.0%
|n/a
|n/a
|-
|1983
|n/a
|n/a
|n/a
|n/a
|n/a
|{{Increase}}1.2%
|n/a
|n/a
|-
|1984
|n/a
|n/a
|n/a
|n/a
|n/a
|{{Increase}}3.1%
|n/a
|n/a
|-
|1985
|12.3
|55,627.7
|4.8
|21,606.1
|n/a
|{{Increase}}2.1%
|n/a
|0.0%
|-
|1986
|{{Steady}}12.3
|{{Decrease}}54,133.4
|{{Decrease}}3.3
|{{Decrease}}14,434.4
|{{Decrease}}-2.7%
|{{Increase}}1.8%
|n/a
|{{Steady}}0.0%
|-
|1987
|{{Increase}}12.8
|{{Increase}}54,771.6
|{{Increase}}3.8
|{{Increase}}16,435.8
|{{Increase}}2.0%
|{{Increase}}1.2%
|n/a
|{{Steady}}0.0%
|-
|1988
|{{Increase}}13.4
|{{Increase}}55,520.5
|{{Decrease}}3.7
|{{Decrease}}15,165.5
|{{Increase}}1.1%
|{{Increase}}1.2%
|n/a
|{{Steady}}0.0%
|-
|1989
|{{Increase}}13.8
|{{Increase}}55,942.4
|{{Increase}}4.1
|{{Increase}}16,557.0
|{{Decrease}}-1.1%
|{{Increase}}1.3%
|n/a
|{{Steady}}0.0%
|-
|1990
|{{Increase}}14.5
|{{Increase}}57,024.3
|{{Increase}}4.9
|{{Increase}}19,281.9
|{{Increase}}1.1%
|{{Increase}}2.1%
|n/a
|{{Steady}}0.0%
|-
|1991
|{{Increase}}15.4
|{{Increase}}59,154.3
|{{Increase}}5.2
|{{Increase}}20,018.8
|{{Increase}}3.1%
|{{Increase}}1.6%
|n/a
|{{Steady}}0.0%
|-
|1992
|{{Increase}}16.5
|{{Increase}}61,787.9
|{{Increase}}5.5
|{{Increase}}20,523.3
|{{Increase}}4.8%
|{{Increase}}1.3%
|n/a
|{{Steady}}0.0%
|-
|1993
|{{Increase}}17.0
|{{Increase}}61,983.5
|{{Steady}}5.5
|{{Decrease}}20,275.6
|{{Increase}}0.3%
|{{Increase}}4.3%
|n/a
|{{Steady}}0.0%
|-
|1994
|{{Increase}}17.9
|{{Increase}}63,533.3
|{{Increase}}6.0
|{{Increase}}21,188.9
|{{Increase}}3.1%
|{{Increase}}2.5%
|n/a
|{{Steady}}0.0%
|-
|1995
|{{Increase}}19.1
|{{Increase}}66,308.1
|{{Increase}}7.1
|{{Increase}}24,707.3
|{{Increase}}4.5%
|{{IncreaseNegative}}6.0%
|n/a
|{{Steady}}0.0%
|-
|1996
|{{Increase}}20.0
|{{Increase}}67,767.4
|{{Steady}}7.1
|{{Decrease}}24,275.8
|{{Increase}}2.9%
|{{Increase}}2.0%
|n/a
|{{Steady}}0.0%
|-
|1997
|{{Steady}}20.0
|{{Decrease}}66,300.8
|{{Decrease}}7.0
|{{Decrease}}23,167.9
|{{Decrease}}-1.5%
|{{Increase}}1.7%
|n/a
|{{Steady}}0.0%
|-
|1998
|{{Increase}}20.1
|{{Decrease}}64,992.3
|{{Decrease}}5.3
|{{Decrease}}17,164.1
|{{Decrease}}-0.6%
|{{Increase}}-0.4%
|n/a
|{{Steady}}0.0%
|-
|1999
|{{Increase}}21.0
|{{Increase}}66,333.7
|{{Increase}}5.7
|{{Increase}}18,099.1
|{{Increase}}3.1%
|{{Increase}}-0.4%
|n/a
|{{Steady}}0.0%
|-
|2000
|{{Increase}}22.1
|{{Increase}}68,072.5
|{{Increase}}6.7
|{{Increase}}20,473.3
|{{Increase}}2.8%
|{{Increase}}1.6%
|n/a
|{{Steady}}0.0%
|-
|2001
|{{Increase}}23.2
|{{Increase}}69,788.5
|{{Decrease}}6.2
|{{Decrease}}18,646.0
|{{Increase}}2.7%
|{{Increase}}0.6%
|n/a
|{{Steady}}0.0%
|-
|2002
|{{Increase}}24.5
|{{Increase}}72,049.2
|{{Increase}}6.5
|{{Increase}}19,037.8
|{{Increase}}3.9%
|{{Increase}}-2.3%
|n/a
|{{Steady}}0.0%
|-
|2003
|{{Increase}}25.7
|{{Increase}}74,229.5
|{{Increase}}7.3
|{{Increase}}20,975.5
|{{Increase}}2.9%
|{{Increase}}0.3%
|n/a
|{{Steady}}0.0%
|-
|2004
|{{Increase}}26.5
|{{Increase}}75,323.6
|{{Increase}}8.7
|{{Increase}}24,759.5
|{{Increase}}0.5%
|{{Increase}}0.8%
|n/a
|{{Steady}}0.0%
|-
|2005
|{{Increase}}27.5
|{{Increase}}76,638.4
|{{Increase}}10.6
|{{Increase}}29,459.7
|{{Increase}}0.4%
|{{Increase}}1.2%
|n/a
|{{Steady}}0.0%
|-
|2006
|{{Increase}}29.6
|{{Increase}}81,119.6
|{{Increase}}12.7
|{{Increase}}34,869.2
|{{Increase}}4.4%
|{{Increase}}0.2%
|n/a
|{{IncreaseNegative}}0.6%
|-
|2007
|{{Increase}}30.4
|{{Increase}}82,199.5
|{{Increase}}13.6
|{{Increase}}36,678.3
|{{Increase}}0.2%
|{{Increase}}1.0%
|n/a
|{{IncreaseNegative}}0.7%
|-
|2008
|{{Steady}}30.4
|{{Decrease}}81,056.2
|{{Increase}}15.9
|{{Increase}}42,529.7
|{{Decrease}}-1.9%
|{{Increase}}2.1%
|n/a
|{{IncreaseNegative}}0.9%
|-
|2009
|{{Decrease}}30.1
|{{Decrease}}79,061.0
|{{Decrease}}11.9
|{{Decrease}}31,287.3
|{{Decrease}}-1.8%
|{{Increase}}1.0%
|n/a
|{{IncreaseNegative}}1.1%
|-
|2010
|{{Increase}}31.2
|{{Increase}}80,668.9
|{{Increase}}13.7
|{{Increase}}35,437.3
|{{Increase}}2.6%
|{{Increase}}0.4%
|n/a
|{{Steady}}1.1%
|-
|2011
|{{Increase}}33.0
|{{Increase}}84,001.0
|{{Increase}}18.5
|{{Increase}}47,092.3
|{{Increase}}3.7%
|{{Increase}}0.1%
|9.3%
|{{IncreaseNegative}}2.1%
|-
|2012
|{{Increase}}35.2
|{{Increase}}88,311.7
|{{Increase}}19.0
|{{Increase}}47,776.4
|{{Increase}}0.9%
|{{Increase}}0.1%
|{{DecreasePositive}}8.5%
|{{Steady}}2.1%
|-
|2013
|{{Decrease}}33.9
|{{Decrease}}84,019.1
|{{Decrease}}18.1
|{{Decrease}}44,865.2
|{{Decrease}}-2.1%
|{{Increase}}0.4%
|{{DecreasePositive}}7.7%
|{{IncreaseNegative}}2.2%
|-
|2014
|{{Decrease}}33.3
|{{Decrease}}81,806.0
|{{Decrease}}17.1
|{{Decrease}}41,947.5
|{{Decrease}}-2.5%
|{{Increase}}-0.2%
|{{DecreasePositive}}6.9%
|{{IncreaseNegative}}3.2%
|-
|2015
|{{Decrease}}25.9
|{{Decrease}}62,921.9
|{{Decrease}}12.9
|{{Decrease}}31,353.8
|{{Decrease}}-0.4%
|{{Increase}}-0.5%
|{{IncreaseNegative}}7.7%
|{{DecreasePositive}}3.0%
|-
|2016
|{{Decrease}}23.6
|{{Decrease}}56,638.3
|{{Decrease}}11.4
|{{Decrease}}27,322.0
|{{Decrease}}-2.5%
|{{Increase}}-0.3%
|{{IncreaseNegative}}8.5%
|{{Steady}}3.0%
|-
|2017
|{{Increase}}25.9
|{{Increase}}60,281.7
|{{Increase}}12.1
|{{Increase}}28,237.9
|{{Increase}}1.3%
|{{Increase}}-1.3%
|{{IncreaseNegative}}9.3%
|{{DecreasePositive}}2.8%
|-
|2018
|{{Increase}}26.5
|{{Decrease}}59,953.3
|{{Increase}}13.6
|{{Increase}}30,666.6
|{{Increase}}0.1%
|{{Increase}}1.0%
|{{DecreasePositive}}8.7%
|{{DecreasePositive}}2.6%
|-
|2019
|{{Increase}}28.0
|{{Increase}}61,028.0
|{{Decrease}}13.5
|{{Decrease}}29,312.8
|{{Increase}}3.9%
|{{Increase}}-0.4%
|{{DecreasePositive}}6.8%
|{{Steady}}2.6%
|-
|2020
|{{Increase}}28.7
|{{Increase}}63,276.0
|{{Decrease}}12.0
|{{Decrease}}26,467.8
|{{Increase}}1.1%
|{{Increase}}1.9%
|{{Steady}}6.8%
|{{IncreaseNegative}}2.9%
|-
|2021
|{{Increase}}29.4
|{{Increase}}68,416.7
|{{Increase}}14.0
|{{Increase}}32,573.3
|{{Decrease}}-1.6%
|{{Increase}}1.7%
|{{Steady}}6.8%
|{{DecreasePositive}}2.5%
|-
|2022
|{{Increase}}31.9
|{{Increase}}74,196.0
|{{Increase}}18.5
|{{Increase}}42,939.4
|{{Increase}}1.2%
|{{Increase}}2.5%
|{{Steady}}6.8%
|{{DecreasePositive}}1.9%
|-
|2023
|{{Increase}}34.1
|{{Increase}}79,408.5
|{{Decrease}}17.9
|{{Decrease}}41,713.0
|{{Increase}}3.3%
|{{Increase}}2.0%
|{{Steady}}6.8%
|{{Steady}}1.9%
|-
|2024
|{{Increase}}36.0
|{{Increase}}83,693.3
|{{Increase}}18.1
|{{Increase}}42,046.7
|{{Increase}}3.2%
|{{Increase}}1.5%
|{{Steady}}6.8%
|{{Steady}}1.9%
|-
|2025
|{{Increase}}37.8
|{{Increase}}88,002.0
|{{Increase}}18.4
|{{Increase}}42,711.8
|{{Increase}}3.2%
|{{Increase}}1.0%
|{{Steady}}6.8%
|{{Steady}}1.9%
|-
|2026
|{{Increase}}39.5
|{{Increase}}91,921.3
|{{Increase}}18.7
|{{Increase}}43,499.7
|{{Increase}}2.5%
|{{Increase}}1.0%
|{{Steady}}6.8%
|{{Steady}}1.9%
|-
|2027
|{{Increase}}41.7
|{{Increase}}96,927.8
|{{Increase}}19.3
|{{Increase}}44,913.6
|{{Increase}}3.4%
|{{Increase}}1.0%
|{{Steady}}6.8%
|{{DecreasePositive}}1.8%
|}

==Oil and gas industry==
[[Brunei Shell Petroleum]] (BSP), a joint venture owned in equal shares by the Brunei Government and the [[Royal Dutch Shell|Royal Dutch]]/Shell group of companies, is the chief oil and gas production company in Brunei. It also operates the country's only refinery. BSP and four sister companies constitute the largest employer in Brunei after the government. BSP's small refinery has a distillation capacity of {{convert|10000|oilbbl/d}}. This satisfies domestic demand for most petroleum products.

The French oil company [[Elf Aquitaine]] became active in petroleum exploration in Brunei in the 1980s. Its affiliate Elf Petroleum Asia BV has discovered commercially exploitable quantities of oil and gas in three of the four wells drilled since 1987, including a particularly promising discovery announced in early 1990. Recently, [[UNOCAL]], partnered with New Zealand's [[Fletcher Challenge]] has been granted concessions for oil exploration. Brunei is preparing to tender concessions for deep water oil and gas exploration.

Brunei's oil production peaked in 1979 at over {{convert|240000|oilbbl/d}}. Since then it has been deliberately cut back to extend the life of [[oil reserves]] and improve recovery rates. Petroleum production is currently averaging some {{convert|200000|oilbbl/d}}. Japan has traditionally been the main customer for Brunei's oil exports, but its share dropped from 45% of the total in 1982 to 19% in 1998. In contrast, oil exports to South Korea increased from only 8% of the total in 1982 to 29% in 1998. Other major customers include [[Taiwan]] (6%), and the countries of ASEAN (27%). Brunei's oil exports to the United States accounted for 17% of the total exported.

Almost all of Brunei's natural gas is liquefied at [[Brunei LNG|Brunei Liquefied Natural Gas (LNG) plant]], which opened in 1972 and is one of the largest LNG plants in the world. Over 82% of Brunei's LNG produced is sold to Japan under a long-term agreement renewed in 1993. The agreement calls for Brunei to provide over 5 million tons of LNG per year to three Japanese utilities. The Japanese company, Mitsubishi, is a joint venture partner with Shell and the Brunei Government in Brunei LNG, Brunei Coldgas, and Brunei Shell Tankers, which together produce the LNG and supply it to Japan. Since 1995, Brunei has supplied more than 700,000 tons of LNG to the Korea Gas Corporation as well. In 1999, Brunei's natural gas production reached 90 cargoes per day. A small amount of natural gas is used for domestic power generation. Brunei is the fourth-largest exporter of LNG in the Asia-Pacific region behind Indonesia, Malaysia, and Australia.

Brunei's proven oil and gas reserves are sufficient, as of 2015, to last until at least 2035.<ref>{{cite web|url=https://www.worldometers.info/gas/brunei-darussalam-natural-gas/#gas-left/|title=Brunei Darussalam Natural Gas|access-date=10 March 2021}}</ref> Deep sea exploration may find significant new reserves but can be prohibitively expensive. The government sought in the past decade to diversify the economy with limited success.<ref>{{cite web|url=http://www.investasian.com/2015/01/26/bruneis-economy-diversify/|title=Brunei's Economy to Diversify|work=- InvestAsian|access-date=4 March 2015|url-status=dead|archive-url=https://web.archive.org/web/20150207152109/http://www.investasian.com/2015/01/26/bruneis-economy-diversify/|archive-date=7 February 2015}}</ref> Oil and gas and government spending still account for most of Brunei's economic activity. Brunei's non-petroleum industries include agriculture, forestry, fishing, and banking.

In 2015, Brunei registered its third year of economic recession, the only ASEAN nation to do so. Declining oil prices and a drop in production due to maintenance and repair work at major oil wells have dented the country's budget which will see a deficit in the fiscal years 2015-16 and 2016–17.<ref>{{Cite web
| url = http://investvine.com/brunei-bracing-for-tougher-times-after-oil-joyride/
| title = Brunei bracing for tougher times after oil joyride {{!}} Investvine
| last = Maierbrugger
| first = Arno
| website = Investvine
| date = 5 December 2015
| language = en-US
| access-date = 2016-03-02
| archive-date = 1 December 2022
| archive-url = https://web.archive.org/web/20221201061205/http://investvine.com/brunei-bracing-for-tougher-times-after-oil-joyride/
| url-status = dead
}}</ref>

In 2020, more than 99% of produced electricity in Brunei was based on fossil fuels, while electricity produced from renewable energy accounted for less than 1%.<ref>Vakulchuk, R., Chan, H.Y., Kresnawan, M.R., Merdekawati, M., Overland, I., Sagbakken, H.F., Suryadi, B., Utama, N.A. and Yurnaidi, Z. 2020. Brunei Darussalam: How to Build an Investment Climate for Renewable Energy?. ASEAN Centre for Energy (ACE) Policy Brief Series, No. 4. https://www.researchgate.net/publication/341793594</ref> It is advised for Brunei to diversify the economy away from the use of fossil fuels and focus more on renewable energy as part of climate change mitigation measures.<ref>{{cite journal |last1=Overland |first1=Indra |last2=Sagbakken |first2=Haakon Fossum |last3=Chan |first3=Hoy-Yen |last4=Merdekawati |first4=Monika |last5=Suryadi |first5=Beni |last6=Utama |first6=Nuki Agya |last7=Vakulchuk |first7=Roman |title=The ASEAN climate and energy paradox |journal=Energy and Climate Change |date=December 2021 |volume=2 |page=100019 |doi=10.1016/j.egycc.2020.100019 |hdl=11250/2734506 |hdl-access=free }}</ref>

==Petrochemical industry==

In the western part of the country, [[Liang, Belait|Liang]] is currently experiencing a major development with the establishment of SPARK,<ref>{{cite web |url=http://www.mofat.gov.bn/trade/invest/investment_opportunities.htm |title=Ministry of Foreign Affairs & Trade Official Website, Brunei Darussalam |access-date=2011-05-02 |url-status=dead |archive-url=https://archive.today/20100831180554/http://www.mofat.gov.bn/trade/invest/investment_opportunities.htm |archive-date=2010-08-31 }}</ref> which is a {{convert|271|hectare|acre|adj=on}} site developed to be a world-class [[petrochemical]] hub. The first major investment at SPARK is the US$450 million [[Methanol]] plant developed by the Brunei Methanol Company, a joint venture between [[Petroleum]] Brunei and two leading Japanese companies, [[Mitsubishi Chemical Holdings]] and [[Itochu]]. The plant design will give an output of 2,500t of [[methanol]] per day (850,000t annually). The plant was officially launched by [[Sultan of Brunei]] [[Hassanal Bolkiah]] on 25 May 2010.<ref>http://news.brunei.fm/2010/05/26/hm-launches-methanol-plant-opening/ | Official Launching of Brunei Methanol Company</ref>

==Halal brand==
Brunei Darussalam in July 2009 launched its national [[halal]] branding scheme Brunei Halal<ref>{{cite web|author=Hadi Dp Mahmudbandar Seri Begawan |url=http://www.bt.com.bn/en/local_business/2009/08/01/brunei_pioneers_national_halal_branding |title=Brunei pioneers national halal branding |publisher=Bt.com.bn |date=2009-08-01 |access-date=2009-12-30 |url-status=dead |archive-url=https://web.archive.org/web/20090802193012/http://www.bt.com.bn/en/local_business/2009/08/01/brunei_pioneers_national_halal_branding |archive-date=2009-08-02 }}</ref> which allows manufacturers in Brunei and in other countries to use the premium Brunei Halal trademark to help them penetrate lucrative markets in countries with significant numbers of Muslim consumers. The Brunei Halal brand is said to be the first proper attempt to put together a global halal brand that will reap the potential commercial returns of catering to the consumption needs of Muslims worldwide.{{citation needed|date=May 2022}}

As envisioned by the Sultanate, the use of the Brunei Halal brand would signify to Muslim consumers the manufacturers' strict compliance with laws relating to Islamic teachings. Brunei also aims to build confidence in the brand through strategies that will both ensure the halal integrity of the products and unfaltering compliance with set rules governing the sourcing of raw materials, manufacturing process, logistics and distribution.{{citation needed|date=May 2022}}

A new company, government-owned Brunei Wafirah Holdings Sdn Bhd, has been established as the owner of the Brunei Halal brand. Wafirah has entered into a joint venture with Brunei Global Islamic Investment and Hong Kong-based logistics firm Kerry FSDA Limited to form Ghanim International Food Corporation Sdn Bhd. Ghanim International manages the use of the Brunei Halal trademark. Producers that want to use the brand are required to first acquire the Brunei halal label (or the certification for compliance with accepted manufacturing and slaughtering practices under Islam) through the Department of Syariah Affairs' Halal Food Control Section. They can then approach Ghanim for their application to use the brand.{{citation needed|date=May 2022}}

==References==
{{Reflist}}
{{reflist|group=note}}

{{Brunei topics}}
{{APEC}}
{{Asia in topic|Economy of}}

{{DEFAULTSORT:Economy Of Brunei}}
[[Category:Economy of Brunei| ]]
[[Category:World Trade Organization member economies|Brunei]]
[[Category:CPTPP]]