Brunei Economic Forecast

Brunei Economic Outlook

November 14, 2017

The economy appeared to be continuing on its path to recovery in Q3. In August, merchandise exports grew at a double-digit rate, driven by strong growth in exports of mineral fuels, which have recovered slightly from last year’s dreary performance. Brunei is benefiting from robust growth in regional trade partners, such as Japan, which received the highest share of Bruneian exports in August. On 1 November, the World Bank named Brunei “the most improved country” in its annual Doing Business report; Brunei jumped 16 places from last year’s rankings. The report noted reform efforts to create a more business-friendly environment. These reforms included making credit more accessible, protecting minority investors and reducing barriers to starting a business.

Brunei Economic Growth

November 14, 2017

Economic growth is expected to accelerate as the oil sector recovers and non-oil sectors benefit from investment and diversification efforts. Panelists expect GDP to expand 1.5% in 2018, which is unchanged from last month’s forecast, and 2.8% in 2019.

Brunei Economy Data

20122013201420152016
Population (million)0.40.40.40.40.4
GDP per capita (USD)47,62044,56741,56131,00726,958
GDP (USD bn)19.018.117.112.911.4
Economic Growth (GDP, annual variation in %)0.9-2.1-2.4-0.6-2.5
Unemployment Rate1.71.71.71.92.0
Fiscal Balance (% of GDP)15.713.03.6-14.5-  
Public Debt (% of GDP)2.12.23.23.0-  
Inflation Rate (CPI, annual variation in %)0.10.4-0.2-0.4-0.7
Policy Interest Rate (%)5.505.505.505.505.50
Exchange Rate (vs USD)1.611.661.681.531.53
Exchange Rate (vs USD, aop)1.611.741.601.541.52
Current Account (% of GDP)29.820.930.716.0-  
Current Account Balance (USD bn)5.73.85.32.1-  
Trade Balance (USD billion)9.47.86.93.12.2
Exports (USD billion)13.011.410.56.34.9
Imports (USD billion)3.63.63.63.22.7
Exports (annual variation in %)4.3-12.0-8.2-39.7-23.0
Imports (annual variation in %)-1.61.1-0.4-10.1-17.4
International Reserves (USD)3.33.43.53.23.3
External Debt (% of GDP)10.7-  -  -  -  

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Brunei Facts

ValueChangeDate
Exchange Rate1.350.0 %Dec 06

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