Brunei Darussalam is the third largest oil producer in Southeast Asia and it produced 163,000 barrels per day. It is also the fourth largest producer of liquefied natural gas in the world.

 

GDP at current prices (Million B$) : 8.051.0 (1997 estm.)

Average annual inflation rate: 2.7 percent

Unemployment rate: 4.9 percent

 

 

Although Brunei Darussalam is no giant when it comes to landmass, it has been blessed with rich natural resources and a strategic location within the region. The majority of the country is covered in tropical rainforests teeming with exotic flora and fauna. Anxious to promote the conservation of its lush surroundings, eco-tourism has gained importance in the country's economic activities.

 

Human resources are central to the successful transformation of Brunei Darussalam into a diversified industrial economy. As in most developing nations, there is a shortage of skilled workforce in the country. Therefore, greater emphasis is placed upon education. The main areas of interest in human resources development are managerial and industrial skills, with particular emphasis on entrepreneurial skills as well as vocational and technical training.

 

Brunei Darussalam's main exports consist of three major commodities - crude oil, petroleum products and liquefied natural gas - sold largely to Japan, the United States and ASEAN countries. The Government's move to promote non-oil and gas activities has been largely successful with figures showing 64% of GDP in 1996 compared to only 24.3% in 1991.

 

Various efforts have been made by the government to encourage rice production during the last decade and the yield per acre has increased due to the introduction of better agricultural methods.

 

Fruit farming is largely performed on a small scale. There is a vast range of locally produced tropical fruits, which supply some 11% of domestic requirements of more than 14,000 tones. In 1975, the Agriculture Department initiated a fruit-farming scheme to encourage fruit cultivation in the country. In an effort to increase the production of local fruits, the government through the agricultural stations in Batang Mitus, Tanah Jambu and Lumapas, planted seedlings of various fruit trees including rambutan, durian and oranges.

 

Locally grown vegetables constitute about 6,700 tones or just over 65 percent of the country's needs. The amount increases gradually as more people are taking up vegetable farming.

 

The country produces about 1,000 head of cattle and bufaloes for the market annually at about six percent of its own beef consumption, The Government assists local stock farmers with calves, machinery, feed, seedlings, fertilizers and veterinary care.

 

About three quarters of Brunei Darussalam's total land area are covered by forests. However, their contribution to the economy is minimal. Logging, limited to 100 thousand cubic meters annually, is confined to meeting local needs only.