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Brunei Economic Structure

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Tips:Economic StructurePetroleum and natural gas industry is the economic mainstay to Brunei.According to official statistics
Economic Structure

Petroleum and natural gas industry is the economic mainstay to Brunei.

According to official statistics, Brunei has oil proven reserves about 1400000000 barrels , 320000000000 cubic meters about natural gas. Most of the oil and natural gas extracted from onshore and offshore is export overseas which is accounted for about 95% of Brunei total export income. It’s the main source of foreign exchange income. At present, Brunei is third largest oil produce country in Southeast Asia's, and the world's fourth largest produce country of liquefied natural gas.

The rise of petroleum and natural gas industry make Brunei which used to be a poor and weak country join the rich countries of the world. In 1999, the GDP of Brunei is 8200000000 Brunei Ringgit ( $5000000000). It’s average per capita is 25000 Brunei Ringgit ( $14800) It’s only next to Singapore in top 10 countries in Southeast Asia and rank highly in the developing countries. The prosperity of Brunei economic brings people a stable, peaceful, prosperous life. Brunei citizens enjoy a highly welfare benefits offered by government: exempt from personal income tax, free education and free medical care.

Textile Industry

There are 13 garment processing factory for export in Brunei. In 2004 the total volume of exports is about 309000000 Brunei Ringgit  ($188000000 ). Since 2000, the clothing export has been the the third major export products in Brunei after oil, natural gas after.

Agriculture

Agriculture Forestry and Fishery Industry accounted for nearly 3% in Brunei's GDP. The average annual growth rate is 17%, Brunei's fishery development potential is estimated annually two hundred million Brunei Ringgit level. It is expected that in 2023, Brunei fishery production will up to 400000000 Brunei Ringgit, and provide more than 1500 employment opportunities. A small area for planting rice, rubber, pepper, coconut and other tropical crops. There are 70% food rely on imports.

Tourism

Tourism is another industry Brunei take great efforts to develop in recent years besdies oil and natural gas industry. 2001 is the Brunei tourism year, the government adopted a number of incentives to attract overseas tourists to Brunei. In 2000, Brunei has become a tourism destination country for Chinese citizens who go abroad at their own expense. In 1999, there are about 1276000 person-time foreign visitors went to Brunei. The main tourist attractions are unique national characteristics of the water village, the RoyalMuseum, Sai Fuding mosque, JerudongPark.
 



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