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Financial Outlook

With a population of just over 400,000 there is limited information on the Brunei economy, which is underpinned by revenue from the oil and gas sector, which accounts for two-thirds of GDP. The most recent official statistics, for example, refer to 2011. However, according to Australia’s Department of Foreign Affairs and Trade (DFAT), the economy grew by 1.4% in 2013, marking four consecutive years of growth following the global financial crisis. The economy grew by 0.9% in 2012. This growth, according to DFAT, reflects more favorable external conditions and also the large fiscal and current account surpluses built up in previous years. However, as DFAT points out, Brunei’s heavy dependence on the oil and gas sector means that its economy is highly vulnerable to fluctuations in oil and gas prices. Brunei’s existing oil and gas reserves are expected to last for at least the next two decades. A phase of extensive new exploration and investment in enhanced recovery has commenced, which includes the development of two major new offshore deep-water blocks, and the government aims to double daily oil and gas production by 2035.

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Further reading on Brunei


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