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BRUNEI DARUSSALAM STATISTICAL APPENDIX Approved By Asia and Pacific Department Prepared By Sanaa Nadeem and Agnes Isnawangsih (both APD). Brunei Darussalam and IMF. Higher order: 10% - Evaluate and elaborate the changes and development of the Brunei economy. 1/2003 CAP. p. 5 Establishment of the Brunei Economic Development Board. GDP (purchasing power parity): $33.87 billion (2017 est.) 2. (2) The Board when established shall be a body corporate with LAWS OF BRUNEI Brunei Economic Development Board B.L.R.O. Page 1 of 4 Brunei Darussalam: Country Profile Country Report | 03 Aug 2020 Brunei Darussalam’s economic growth will weaken in 2020. (1) There is hereby established a body, by the name of “The Brunei Economic Development Board”, for the purposes of this Act. In 2020 the economy has been stifled by falling domestic demand, due to the pandemic containment measures and been plagued by difficulties in the external sector caused by the collapse in oil prices and the global slowdown caused by the pandemic. 4/2012 CAP. Brunei Darussalam I Financial Sector Blueprint, 2016-2025 8 In playing these roles, the financial sector itself is a source of economic production (GDP), similar to how, for example, the transport sector plays a key role both in the functioning of the • With population of 411,900, Brunei Darussalam’sper capita GDP in 2014 was BND52,614. This Act may be cited as the Brunei Economic Development Board Act. Brunei Economic Growth Following a slowdown in 2020, growth is expected to gain steam next year. The capital is Bandar Seri Begawan, which is located in the country’s larger western segment. 2. The government aims to position Brunei as a nation of well-educated and skilled professionals, a country that ranks 3.0% Brunei Darussalam Values have been rounded. Brunei Darussalam I Financial Sector Blueprint I Prospectus I 2016-2025 12 • Brunei Darussalam economy was about BND21.7 billion (USD16.7 bil) in current prices in 2014. The success of the Hengyi petrochemicals plant will represent progress, but Brunei’s fortunes will remain linked to global oil and gas prices. The Oil and Gas sector contracted by 2.6% y-o-y with declines in This Report of the Labour Force Survey (LFS) 2019 presents the final data on the economic activity of the population of Brunei Darussalam in 2019. = not applicable or data not available % of GDP Public Employment and Women’s Representation * See notes Source: 2015 OECD Survey on Budget Practices and Procedures for Asian Countries, updated in 2018 Sources: IMF, World Economic Ooutlook The ‘Brunei Darussalam In Brief’ is an annual publication where it discusses briefly on the socio-economic welfare of Brunei Darussalam in general. - Elaborate and anticipate the future growth of the Brunei economy. Oil and gas resources have generated high per-capita income, although the economy has contracted in recent years as a result of falling oil and gas prices, which account for more than 90% of export revenues. Efficient transport connectivity and services are important to the economy and people of Brunei Darussalam. 104 3 BRUNEI ECONOMIC DEVELOPMENT BOARD ACT An Act to establish the Brunei Economic Development Board Commencement: 11th April 1975 Citation. Nominal GDP by Economic Activity, 2007−2013 _____ 3 2. attend government schools. profit, and the role of government in the market system of the Brunei economy. Quarterly Nominal GDP by Economic Activity, 2009–13 _____ 4 3. The last Article IV Executive Board Consultation was on September 17, 2018. Secretary (Economy) at the Ministry of Finance and Economy, Negara Brunei Darussalam. Brunei Darussalam’s Economic Developments 4. Brunei Darussalam’s SDGs journey is guided by its national vision, Wawasan Brunei 2035, where the country aspires to be widely recognised for its educated, highly skilled and accomplished people, with a high quality of life and a dynamic and sustainable economy by 2035. given that Brunei Darussalam plans to broaden its definition of literacy in a more ambitious manner in order to enhance the nation’s skills and human resource base, develop a more responsive and diversified economy and provide employment opportunities for all. living. Economy Profile Brunei Darussalam Doing Business 2020 Brunei Darussalam Page 1. In the first half of 2020, the domestic economy expanded by 2.6% year-on-year (y-o-y) in constant prices, compared to 3.9% for the whole of 2019. Brunei has little manufacturing capacity and imports most of its manufactured goods and food. The Government of Brunei Darussalam recognises the need for a more balanced economy by identifying growth areas in SUMMARY Brunei Darussalam is a constitutional monarchy with no local government. Economy Profile of Brunei Darussalam Doing Business 2020 Indicators (in order of appearance in the document) Starting a business Procedures, time, cost and paid-in minimum capital to start a limited liability company After a poor performance in 2020, we expect real GDP to grow by 2.6% in 2021. The success of the Hengyi petrochemicals plant will represent progress, but Brunei’s fortunes will remain linked to global oil and gas prices. Using the current prices, Brunei’s GDP went up to BND 18,512.3 million in 2007 from BND18,225.8 million in 2006 (Table 1.1). 6th Floor, Block C, Old airport Road, Berakas BB3510 Brunei Darussalam helpdesk[at]edtechcentre.moe.edu.bn Map/Directions 1. 1. No part of this publication may be reproduced, stored in a retrieval system or transmitted Brunei Darussalam Cambodia Indonesia Malaysia Myanmar › Energy supply and GDP in the ASEAN region remained on track with each other until the mid-2000s when the start of a decoupling can be seen, as well as increasingly more economic value creation with less energy. International trade therefore plays an important role in Brunei’s economic growth and development as a small open economy. 3. This rate brought Brunei’s constant price GDP to BND12,042.0 million from BND11,967.8 million recorded in 2006 (Table 1.2). n.a. Brunei Darussalam 0 2 4% 6 8 n.a. NATIONAL GOVERNMENT Negara Brunei Darussalam is a constitutional monarchy. population living in regular households in Brunei Darussalam. $33.42 billion (2016 est.) (USD40,472). Pertuan of Brunei Darussalam stated that Brunei Darussalam is still able to record positive economic growth of about 1.6 per cent in 2012, although in an uncertain global economy. LAWS OF BRUNEI Brunei Economic Development Board B.L.R.O. 3. In addition, citizens of Brunei Darussalam are charged a nominal fee at public hospitals and health clinics.5 Brunei’s economy is almost totally supported by exports of crude oil and natural gas. 104] [2003 Ed. Oil and gas continue to account for 48% of economic output measured at constant prices based on the year 2000. The Meeting was attended by the ASEAN Senior Economic Officials (SEOM) and other representatives of the ASEAN Member States. Country report BRUNEI April 2012 Rabobank Economic Research Department Page: 1/6 Summary After having gone through a mild recession in 2008 and 2009, the wealthy hydrocarbon-based economy of Brunei has embarked on a gradual economic recovery in recent years. A rebound in investment activity, an expansionary fiscal stance and stronger household spending should support domestic demand, while the reopening of the global economy will support the external sector. A high-income country with vast petroleum wealth, robust fiscal reserves and a small, highly- educated population, Brunei Darussalam is unique among the ASEAN community. “insurrection suddenly exploded without warning in Brunei” and Tom Pocock, Walter Walker’s biographer, writes that, “Not hint of trouble in Brunei had reached Walker.”4 Walker's own comment on the outbreak of the Rebellion is a little obscure: “It was while I was on one of my treks in Nepal in December 1962, that the Brunei Revolt blew up.”5 Brunei Darussalam has done well in ensuring that women have equal access to education. Brunei’s trade increased in 2016 and 2017, following its regional economic integration in the ASEAN Economic Community, and the expected ratification of the Trans-Pacific Partnership trade agreement. The nation’s growth, coupled with many efforts to strengthen fiscal position, His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam The LFS 2019 results showed that there was a total of about 94,600 households and 370,000 persons aged 15 years and over. Interpretation. We expect real GDP to grow by 3.2% in 2021. The priority of Wawasan Brunei 2035 is to safeguard the welfare of Bruneian citizens, which includes plans to ensure a clean, green and healthy environment. Hence, the Land Transport White Paper is developed to support the realisation of the overarching goals of Wawasan 2035 and the Strategic Plan … • In current prices, oil and gas sector contributed 63.3% of GDP in 2014. economic and technical cooperation, as well as initiatives designed to build capacity to support Wawasan Brunei 2035, Brunei’s long-term development plan. It achieved independence in 1984, having been a British protectorate since 1888. economy with income per capita within the top 10 countries in the world. In per capita terms, Brunei Darussalam’s GDP at current prices fell down slightly from Brunei Darussalam’s economic freedom score is 66.6, making its economy the 57th freest in the 2021 Index. Brunei Darussalam: Economic Fast Facts Brunei has one of Top 10 GDP Per Capita in Asia Ranked number #1 As the most improved country in the world in the World Bank’s 2017 Doing Business Report. 1. 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