Brunei Economic Outlook
October 18, 2016Brunei’s economy accelerated in the first quarter of the year. The expansion came mainly on the back of a pickup in oil and gas production, and it was due partly to a base effect. Conversely, activity in the non-energy sector slowed, dragged down by declining government spending. Brunei’s government is struggling to diversify the hydrocarbon-dependent economy and to improve its business environment. It is also immersed in an austerity drive, seeking to reduce public spending. At the same time, the effects of low oil prices on the economy are still being felt: in the first seven months of the year, exports declined by more than a fourth and the trade balance by almost a third.
Brunei Economy Data
|GDP per capita (USD)||47,164||47,622||44,563||41,411||-|
|GDP (USD bn)||18.5||19.0||18.1||17.1||-|
|Economic Growth (GDP, annual variation in %)||3.7||0.9||-2.1||-2.3||-|
|Fiscal Balance (% of GDP)||25.3||15.0||12.5||2.9||-|
|Public Debt (% of GDP)||2.1||2.1||2.2||2.3||-|
|Inflation Rate (CPI, annual variation in %)||2.0||0.5||0.4||-0.2||-0.4|
|Policy Interest Rate (%)||5.50||5.50||5.50||5.50||5.50|
|Exchange Rate (vs USD)||1.75||1.61||1.66||1.68||1.53|
|Exchange Rate (vs USD, aop)||1.68||1.61||1.74||1.60||1.54|
|Current Account (% of GDP)||38.8||29.6||29.4||28.4||-|
|Current Account Balance (USD bn)||7.2||5.6||5.3||4.8||-|
|Trade Balance (USD billion)||8.8||9.4||7.8||7.1||-|
|Exports (USD billion)||12.5||13.0||11.4||10.5||-|
|Imports (USD billion)||3.6||3.6||3.6||3.4||-|
|Exports (annual variation in %)||39.9||4.3||-11.9||-8.3||-|
|Imports (annual variation in %)||43.0||-1.6||1.1||-5.9||-|
|International Reserves (USD)||2.5||3.3||3.4||3.5||-|
|External Debt (% of GDP)||12.3||10.7||-||-||-|
5 years of Brunei economic forecasts for more than 30 economic indicators.
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|Exchange Rate||1.39||0.14 %||Oct 21|
Brunei Economic Growth
October 18, 2016This year the economic slowdown should moderate, on the back of recovering energy production. Nevertheless, volatility in oil prices and the halting pace of economic reforms pose major downside risks to growth. The economy is projected to contract 0.3% in 2016 and to rebound and expand 2.3% in 2017.