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Economy of Brunei Darussalam

Brunei Darussalam is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Brunei Darussalam may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Brunei Darussalam exports around $12.75 billion and imports roughly $3.02 billion. 7.1% of population in the country are unemployed. The total number of unemployed people in Brunei Darussalam is 30,819. In Brunei Darussalam, 5% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Brunei Darussalam is low, indicating that it has a stable economy. Investors should consider Brunei Darussalam to be a safe location for investments and other financial ventures. Government expenditure on education is 3.7% of GDP. The Gini Index of the country is 40.1. Brunei Darussalam is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Brunei Darussalam has a Human Development Index (HDI) of 0.852. Brunei Darussalam has a very high HDI score. This indicates that nearly all citizens are able to attain a desirable life because of social and economic support; citizens with a low standard of living receive aid and support and have the opportunity to advance in society. The strength of legal rights index for Brunei Darussalam is 4. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.

Currency

The currency of Brunei Darussalam is Brunei dollar. The plural form of the word Brunei dollar is dollars. The symbol used for this currency is $, and it is abbreviated as BND. The Brunei dollar is divided into Sen; there are 100 in one dollar.

Credit rating

The depth of credit information index for Brunei Darussalam is 6, which means that information is mostly sufficient and quite detailed; accessibility is not a problem.

Central bank

The prime lending rate of Brunei Darussalam's commercial banks is 5.5. In Brunei Darussalam, the institution that manages the state's currency, money supply, and interest rates is called Brunei Currency and Monetary Board/Monetary Authority of Brunei Darussalam. Locally, the central bank of Brunei Darussalam is called Autoriti Monetari Brunei Darussalam. The average deposit interest rate offered by local banks in Brunei Darussalam is 0.3%.

Public debt

Brunei Darussalam has a government debt of 118% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Brunei Darussalam is set at 20%. VAT in Brunei Darussalam is 0%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Brunei Darussalam is $32958 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Brunei Darussalam was last recorded at $76 million. PPP in Brunei Darussalam is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Brunei Darussalam is 16,111 billion. Based on this statistic, Brunei Darussalam is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Brunei Darussalam was last recorded at $37 million. The average citizen in Brunei Darussalam has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Brunei Darussalam averaged 5.3% in 2014. According to this percentage, Brunei Darussalam is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Brunei Darussalam.

Industry

Major industries in the country are petroleum, petroleum refining, liquefied natural gas, construction, agriculture, transportation. The total labor force of Brunei Darussalam is 221,400 people, wherein 7.1% of population in the country are unemployed. The total number of unemployed people in Brunei Darussalam is 30,819. The Industrial Production growth rate of Brunei Darussalam is -5.4%.To read more about industrial information within Brunei Darussalam click on industry of Brunei Darussalam.

Agriculture

There are 110 km2 of arable land in Brunei Darussalam, and it comprises 2% of the country's total territory. There are 156 km2 of cultivated land in Brunei Darussalam. The country's major agricultural crops and products are rice, vegetables, fruits, chickens, water buffalo, cattle, goats, eggs.To read more about agriculture click on agriculture of Brunei Darussalam.