Business and Market Overview on Brunei

ECONOMY. Brunei’s economy is reliant on oil and gas and is the third biggest maker of raw petroleum in Southeast Asia after Indonesia and Malaysia. Brunei is likewise the world’s fourth biggest maker of petroleum gas. Brunei’s present oil and gas saves are adequate in any event until 2015. In this manner, Brunei’s administration has utilized its oil abundance for speculations outside the nation for people in the future. Besides, the administration looks to build up the nation’s economy past on oil and gas however with little achievement.

Brunei’s GDP was US$5.2 billion with a GDP for each capita of US$13,879 in 2004. The economy developed at a normal GDP development of 3.0% every year from 2000 to 2004 driven essentially by Brunei’s fare of oil and gas and thusly subordinate by world oil and gas costs. Swelling was under 1.5% in 2000-2001, experience emptying in 2002-2003 yet expansion inevitably sneaked at 0.9% in 2004. The legislature is Brunei’s biggest manager and a large number of its residents want to work with the administration. The nation experienced expanding joblessness from 2002 to 2004 however stayed beneath 5.0%.

The modern area (primarily oil and gas related exercises) contributed towards 56.1% of Brunei’s GDP in 2004.

The administration area contributed towards 40.3% while the farming area contributed just 3.6% during the period. Primary businesses are oil, oil refining, condensed gaseous petrol and development. Significant farming items incorporate rice, vegetables, natural products, chicken and eggs.

DEMOGRAPHY. Brunei has a little populace of marginally in excess of 370 thousand. Brunei Malays are the biggest ethnic gathering and record for almost 70% of populace followed by Chinese representing 15%. Others incorporate indigenous individuals and migrants who have gotten comfortable the nation. Islam is the official religion of the nation and 70% of the populace practice the Muslim confidence. Different religions incorporate Buddhism, Christianity and indigenous practices. The official language is Malay while Brunei’s Chinese people group frequently utilized the Chinese language inside the network. The populace is commonly capable in English since schools show the language and utilized in advanced education, business and technical disciplines.

Seventy five percent or 75% of the populace live in the metropolitan territories and generally work in taxpayer supported organizations, oil and gas industry, discount and retail exchange and development. Major metropolitan territories incorporate the country’s capital Bandar Seri Begawan, Muara, Tutong, Seria and Kuala Belait.

Neediness is for all intents and purposes non-existent in the oil rich country of Brunei. Brunei’s GDP per capita is half of Singapore yet dependent on buying power equality (PPP) it is marginally not as much as Singapore. Almost 70% of the families have a place with the center or high-pay classes while the staying 30% in the lower-salary classification.

Foundation. Media transmission administrations inside the nation very much created while dependability of administrations outside from Brunei is acceptable. Web access is accessible all through numerous pieces of the nation however broadband administrations are restricted. Towns very much associated by streets and crosses the fringe into East Malaysia. Nation served by single worldwide air terminal at Bandar Seri Begawan.

Global TRADE. Significant exchanging accomplices incorporate Japan, South Korea, Australia, US, Thailand, Indonesia, China, Singapore and Malaysia. A great part of the imports from Singapore will be Singapore’s re-trades from different nations. Significant fares incorporate raw petroleum, flammable gas, refined oil based commodities. Significant imports incorporate apparatuses and supplies, vehicles and vehicle parts, buyer merchandise, nourishments, development materials and synthetic substances.

Shopper USAGE OF TECHNOLOGY. Practically all homes in Brunei have fixed-line phones and the entrance of cell phones by populace was 40% in 2004. Brunei’s all inclusive community have the budgetary way to introduce PCs in their homes yet the entrance in homes is low at 20%. Entrance of web clients is additionally low at 9% of the populace or 34,000 clients. In any case, virtually all homes in Brunei have TVs and coolers.

RETAIL MARKET. Advertisers into Southeast Asia regularly disregard Brunei as a potential market on account of its little buyer populace. Nonetheless, the nation has the second most elevated GDP per capita in the locale after Singapore and relies upon imports for virtually the entirety of its buyer products and nourishments. The assessed estimation of Brunei’s retail market in 2004 was US$390 million out of 2004 of which nourishments represented almost US$280 million. The “mother and pop” stores and small business sectors rule the retail business close by a couple of retail chains and markets. Customers in Brunei frequently shop cross the fringe into Malaysia for more extensive decisions of shopper merchandise.

FOOD CULTURE. Nourishments eaten by the Malays will in general be rice with zesty meat and vegetable dishes. Be that as it may, the individuals of Brunei are acclimated with Indian nourishments because of the various little Indian restaurants the nation over. Subsequently, homes regularly serve fish, chicken or hamburger curry dishes. Well known food administration foundations incorporate Chinese, Indonesian, Indian, Thai and Japanese caf├ęs yet strangely scarcely any Malay eateries. Among the more youthful age, many are familiar with western style nourishments served by the cheap food outlets and bread shops.

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