Economy

With one of the world’s largest endowments of hydrocarbons reserves relative to the size of its population, Brunei Darussalam has naturally built its economy around the production and export of oil and gas. However, like many of the world’s traditional oil and gas producers, the Sultanate now faces the challenge of maturing fields. The non-energy private sector accounted for 23.3% of GDP in 2013, with $3.69bn of value added. The government’s gross spending came to $5.8bn in the fiscal year ending March 2013, equal to 35% of GDP. Fiscal surpluses in 2012-13 averaged around $3bn and the IMF expects they will average $4bn in 2014-19, implying that the Sultanate’s rainy day savings will continue to grow.

This chapter contains interviews with Pehin Dato Abd Rahman Ibrahim, Minister of Finance II; and Dato Ali Apong, Deputy Minister, Prime Minister’s Office, and Chairman of the Brunei Economic Development Board.