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ECONOMY. Brunei’s financial system depends on oil and fuel and is the third largest producer of crude oil in Southeast Asia after Indonesia and Malaysia. Brunei can also be the world’s fourth largest producer of pure fuel. Brunei’s present oil and fuel reserves are adequate no less than till 2015. Thus, Brunei’s authorities has used its oil wealth for investments exterior the nation for future generations. Moreover, the federal government seeks to develop the nation’s financial system past on oil and fuel however with little success.
Brunei’s GDP was US$5.2 billion with a GDP per capita of US$13,879 in 2004. The financial system grew at a mean GDP progress of three.0% yearly from 2000 to 2004 pushed primarily by Brunei’s export of oil and fuel and subsequently dependent by world oil and fuel costs. Inflation was lower than 1.5% in 2000-2001, expertise deflation in 2002-2003 however inflation ultimately crept at 0.9% in 2004. The federal government is Brunei’s largest employer and lots of of its residents want to work with the federal government. The nation skilled rising unemployment from 2002 to 2004 however remained under 5.0%.
The commercial sector (primarily oil and fuel associated actions) contributed in the direction of 56.1% of Brunei’s GDP in 2004. The service sector contributed in the direction of 40.3% whereas the agriculture sector contributed solely 3.6% throughout the interval. Foremost industries are petroleum, petroleum refining, liquefied pure fuel and building. Main agriculture merchandise embrace rice, greens, fruits, rooster and eggs.
DEMOGRAPHY. Brunei has a small inhabitants of barely greater than 370 thousand. Brunei Malays are the biggest ethnic group and account for almost 70% of inhabitants adopted by Chinese language accounting for 15%. Others embrace indigenous folks and immigrants who’ve settled within the nation. Islam is the official faith of the nation and 70% of the inhabitants follow the Muslim religion. Different religions embrace Buddhism, Christianity and indigenous practices. The official language is Malay whereas Brunei’s Chinese language neighborhood typically used the Chinese language language throughout the neighborhood. The inhabitants is mostly proficient in English since colleges train the language and utilized in greater training, enterprise and the sciences.
Three quarters or 75% of the inhabitants reside within the city areas and largely work in authorities companies, oil and fuel business, wholesale and retail commerce and building. Main city areas embrace the nation’s capital Bandar Seri Begawan, Muara, Tutong, Seria and Kuala Belait.
Poverty is virtually non-existent within the oil wealthy nation of Brunei. Brunei’s GDP per capita is half of Singapore however primarily based on buying energy parity (PPP) it’s barely lower than Singapore. Practically 70% of the households belong to the center or high-income classes whereas the remaining 30% within the lower-income class.
INFRASTRUCTURE. Telecommunication companies throughout the nation nicely developed whereas reliability of companies exterior from Brunei is sweet. Web entry is offered all through many components of the nation however broadband companies are restricted. Cities nicely linked by roads and crosses the border into East Malaysia. Nation served by single worldwide airport at Bandar Seri Begawan.
INTERNATIONAL TRADE. Main buying and selling companions embrace Japan, South Korea, Australia, US, Thailand, Indonesia, China, Singapore and Malaysia. A lot of the imports from Singapore are Singapore’s re-exports from different nations. Main exports embrace crude oil, pure fuel, refined petroleum merchandise. Main imports embrace machineries and equipments, automobiles and car components, client items, meals, building supplies and chemical substances.
CONSUMER USAGE OF TECHNOLOGY. Practically all properties in Brunei have fixed-line telephones and the penetration of cell phones by inhabitants was 40% in 2004. Brunei’s normal inhabitants have the monetary means to put in computer systems of their properties however the penetration in properties is low at 20%. Penetration of web customers can also be low at 9% of the inhabitants or 34,000 customers. Nonetheless, almost all properties in Brunei have televisions and fridges.
RETAIL MARKET. Entrepreneurs into Southeast Asia typically neglect Brunei as a possible market due to its small client inhabitants. Nonetheless, the nation has the second highest GDP per capita within the area after Singapore and will depend on imports for almost all of its client items and meals. The estimated worth of Brunei’s retail market in 2004 was US$390 million in 2004 of which meals accounted for almost US$280 million. The “mother and pop” shops and mini markets dominate the retail business alongside a number of department shops and supermarkets. Customers in Brunei typically store cross the border into Malaysia for wider decisions of client items.
FOOD CULTURE. Meals eaten by the Malays are typically rice with spicy meat and vegetable dishes. Nonetheless, the folks of Brunei are accustomed to Indian meals because of the quite a few small Indian eateries throughout the nation. Thus, properties typically serve fish, rooster or beef curry dishes. Fashionable meals service institutions embrace Chinese language, Indonesian, Indian, Thai and Japanese eating places however curiously few Malay eating places. Among the many youthful era, many are accustomed to western fashion meals served by the quick meals retailers and bakeries.
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Source by Khal Mastan