Economy of Brunei - Macroeconomic Trend

Macroeconomic Trend

This is a chart of trend of gross domestic product of Brunei Darussalam at market prices estimated by the International Monetary Fund with figures in millions of Bruneian Dollars.

In the 1970s, Brunei invested sharply increasing revenues from petroleum exports and maintained government spending at a low and constant rate. Consequently, the government was able to build its foreign reserves and invest them around the world to help provide for future generations. Part of the reserve earnings were reportedly also used to help finance the government's annual budget deficit. Since 1986, however, petroleum revenues have decreased, and government spending has increased. The government has been running a budget deficit since 1988. The disappearance of a revenue surplus has made Brunei's economy more vulnerable to petroleum price fluctuations.

Brunei's gross domestic product (GDP) soared with the petroleum price increases of the 1970s to a peak of $5.7 billion in 1980. It declined slightly in each of the next 5 years, then fell by almost 30% in 1986.

This drop was caused by a combination of sharply lower petroleum prices in world markets and voluntary production cuts in Brunei. The GDP recovered somewhat since 1986, growing by 12% in 1987, 1% in 1988, and 9% in 1989. In recent years, GDP growth was 3.5% in 1996, 4.0% in 1997, 1.0% in 1998, and an estimated 2.5% in 1999. However, the 1999 GDP was still only about $4.5 billion, well below the 1980 peak.

The Asian financial crisis in 1997 and 1998, coupled with fluctuations in the price of oil have created uncertainty and instability in Brunei's economy. In addition, the 1998 collapse of Amedeo Development Corporation, Brunei's largest construction firm whose projects helped fuel the domestic economy, caused the country to slip into a mild recession.

Asia-Pacific Economic Cooperation (APEC)
  • Australia
  • Brunei Darussalam
  • Canada
  • Chile
  • People's Republic of China
  • Hong Kong
  • Indonesia
  • Japan
  • South Korea
  • Malaysia
  • Mexico
  • New Zealand
  • Papua New Guinea
  • Peru
  • Philippines
  • Russian Federation
  • Singapore
  • Taiwan *
  • Thailand
  • United States
  • Vietnam
* Officially the Republic of China, participate as Chinese Taipei
Meetings
  • 1989
  • 1990
  • 1991
  • 1992
  • 1993
  • 1994
  • 1995
  • 1996
  • 1997
  • 1998
  • 1999
  • 2000
  • 2001
  • 2002
  • 2003
  • 2004
  • 2005
  • 2006
  • 2007
  • 2008
  • 2009
  • 2010
  • 2011
  • 2012
  • 2013
Economy of Asia
Sovereign
states
  • Afghanistan
  • Armenia
  • Azerbaijan
  • Bahrain
  • Bangladesh
  • Bhutan
  • Brunei
  • Burma (Myanmar)
  • Cambodia
  • People's Republic of China
  • Cyprus
  • East Timor (Timor-Leste)
  • Egypt
  • Georgia
  • India
  • Indonesia
  • Iran
  • Iraq
  • Israel
  • Japan
  • Jordan
  • Kazakhstan
  • North Korea
  • South Korea
  • Kuwait
  • Kyrgyzstan
  • Laos
  • Lebanon
  • Malaysia
  • Maldives
  • Mongolia
  • Nepal
  • Oman
  • Pakistan
  • Philippines
  • Qatar
  • Russia
  • Saudi Arabia
  • Singapore
  • Sri Lanka
  • Syria
  • Tajikistan
  • Thailand
  • Turkey
  • Turkmenistan
  • United Arab Emirates
  • Uzbekistan
  • Vietnam
  • Yemen
States with limited
recognition
  • Abkhazia
  • Nagorno-Karabakh
  • Northern Cyprus
  • Palestine
  • South Ossetia
  • Taiwan
Dependencies and
other territories
  • British Indian Ocean Territory
  • Christmas Island
  • Cocos (Keeling) Islands
  • Hong Kong
  • Macau

Read more about this topic:  Economy Of Brunei