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BRUNEI
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Brunei Darussalam is one of the largest oil producing nations in Southeast Asia, producing approximately 163,000 barrels per day and occupies fourth rank as a producer of liquefied natural gas (LNG) globally. Brunei benefits from extensive petroleum and natural gas fields, the source of one of the highest per capita GDPs in Asia. Oil and gas continue to account for around 96% of Brunei’s export revenue and around 50% of the country’s real GDP. Per capita GDP at current prices continued to expand, reaching $ 51,300 at the end of 2008.
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Location |
Southeastern Asia, bordering the South China Sea and Malaysia (close to vital sea lanes through South China Sea linking Indian and Pacific Oceans; two parts physically separated by Malaysia; almost an enclave within Malaysia) |
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Climate |
Tropical; hot, humid, rainy |
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Natural Resources |
Petroleum, natural gas, timber |
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Population |
388,190 (July 2009 est.) |
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Ethnic Groups |
Malay 66.3%, Chinese 11.2%, indigenous 3.4%, other 19.1% (2004 est.) |
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Religions |
Muslim (official) 67%, Buddhist 13%, Christian 10%, other (includes indigenous beliefs) 10% |
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Languages |
Malay (official), English, Chinese |
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National Holidays |
23 February (1984) |
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Currency |
Bruneian dollar (BND) |
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Fiscal Year |
April to March
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Agriculture products: Rice, vegetables, fruits, chicken, water buffalo, cattle, goats, eggs Industries: Petroleum, petroleum refining, liquefied natural gas, construction
Brunei has a small well-to-do economy that encompasses a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures, and village tradition. Crude oil and natural gas production account for just over half of GDP and more than 90% of exports. Per capita GDP is among the highest in Asia, and substantial income from overseas investment supplements income from domestic production. The government provides for all medical services and free education through the university level and subsidizes rice and housing. Plans for the future include upgrading the labor force, reducing unemployment, strengthening the banking and tourist sectors, increasing agricultural production, and, in general, further widening the economic base beyond oil and gas.
In 2008, the GDP amounted to $ 20.4 billion at current prices compared to $18.5 billion in 2007. GDP per capita at current price also surged by 8.3% from $ 47.3 thousands (2007) to $ 51.3 thousand in 2008. The non-oil and gas sector grew by 2.4% while the oil and gas sector dropped by 6.3%. |
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