page_title: Brunei
section_title: Economy
hierarchical_section_title: Brunei / Economy
caption_attribution_description: Bahasa Indonesia: Presiden SBY, Sultan Brunei, utusan PM Malaysia, dan Presiden Filipina hadir di KTT ke-9 BIMP-EAGA di kantor PM Brunei, 25 April 2013.
context_page_description: Brunei, officially the Nation of Brunei, the Abode of Peace, is a country located on the north coast of the island of Borneo in Southeast Asia. Apart from its coastline with the South China Sea, the country is completely surrounded by the insular Malaysian state of Sarawak. It is separated into two parts by the Sarawak district of Limbang. Brunei is the only sovereign state completely on the island of Borneo; the remainder of the island's territory is divided between the nations of Malaysia and Indonesia. Brunei's population was 428,963 in 2018. The government is an absolute monarchy under the Sultan, which implements a combination of English common law and sharia law, as well as direct general Islamic practices.
  At the peak of the Bruneian Empire, Sultan Bolkiah is alleged to have had control over most regions of Borneo, including modern-day Sarawak and Sabah, as well as the Sulu Archipelago off the northeast tip of Borneo, Seludong, and the islands off the northwest tip of Borneo. The maritime state was visited by Spain's Magellan Expedition in 1521 and fought against Spain in the 1578 Castilian War.
  During the 19th century, the Bruneian Empire began to decline.
context_section_description: Brunei has the second-highest Human Development Index among the Southeast Asian nations, after Singapore, and is classified as a developed country. Brunei's small, wealthy economy is a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures, and village tradition. Crude oil and natural gas production account for about 90% of its GDP. About 167,000 barrels (26,600 m³) of oil are produced every day, making Brunei the fourth-largest producer of oil in Southeast Asia. It also produces approximately 25.3 million cubic metres (890×10⁶ cu ft) of liquified natural gas per day, making Brunei the ninth-largest exporter of the substance in the world.  Forbes also ranks Brunei as the fifth-richest nation out of 182, based on its petroleum and natural gas fields.
  Substantial income from overseas investment supplements income from domestic production. Most of these investments are made by the Brunei Investment Agency, an arm of the Ministry of Finance. The government provides for all medical services, and subsidises rice and housing.
  The national air carrier, Royal Brunei Airlines, is trying to develop Brunei as a modest hub for international travel between Europe and Australia/New Zealand. Central to this strategy is the position that the airline maintains at London Heathrow Airport. It holds a daily slot at the highly capacity-controlled airport, which it serves from Bandar Seri Begawan via Dubai. The airline also has services to major Asian destinations including Shanghai, Bangkok, Singapore and Manila.
  Brunei depends heavily on imports such as agricultural products (e.g. rice, food products, livestock, etc.), motorcars and electrical products from other countries. Brunei imports 60% of its food requirements; of that amount, around 75% come from the ASEAN countries.
  Brunei's leaders are very concerned that steadily increased integration in the world economy will undermine internal social cohesion. But, it has become a more prominent player by serving as chairman for the 2000 Asia-Pacific Economic Cooperation (APEC) forum. Leaders plan to upgrade the labour force, reduce unemployment, which was at 6.9% in 2014; strengthen the banking and tourism sectors, and, in general, broaden the economic base. A long-term development plan aims to diversify growth.
  The government of Brunei has also promoted food self-sufficiency, especially in rice. Brunei renamed its Brunei Darussalam Rice 1 as Laila Rice during the launch of the "Padi Planting Towards Achieving Self-Sufficiency of Rice Production in Brunei Darussalam" ceremony at the Wasan padi fields in April 2009. In August 2009, the Royal Family reaped the first few Laila padi stalks, after years of attempts to boost local rice production, a goal first articulated about half a century ago. In July 2009 Brunei launched its national halal branding scheme, Brunei Halal, with a goal to export to foreign markets.
caption: BIMP-EAGA meeting in the office of Brunei Prime Minister on 25 April 2013. From left: Brunei Sultan Hassanal Bolkiah, Indonesian President Susilo Bambang Yudhoyono, Malaysian Representative and Filipino President Benigno Aquino III. Brunei is part of the BIMP-EAGA, a subregional economic co-operation initiative in Southeast Asia.
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