Brunei is a country with a small, wealthy economy that is a mixture of foreign and domestic entrepreneurship, government regulation and welfare measures, and village tradition. It is almost totally supported by exports of crude oil and natural gas, with revenues from the petroleum sector accounting for over half of GDP. Per capita GDP is high, and substantial income from overseas investment supplements income from domestic production. The government provides for all medical services and subsidizes food and housing. The government has shown progress in its basic policy of diversifying the economy away from oil and gas. Brunei's leaders are concerned that steadily increased integration in the world economy will undermine internal social cohesion although it has taken steps to become a more prominent player by serving as chairman for the 2000 APEC (Asian Pacific Economic Cooperation) forum. Growth in 1999 was estimated at 2.5% due to higher oil prices in the second half.
Brunei is the third-largest oil producer in Southeast Asia, averaging about 180,000barrels per day (29,000 m3/d). It also is the fourth-largest producer of liquefied natural gas in the world.
Brunei's GDP per capita, at around US$31,000 is among the top 25 in the world (2011 IMF data). But with a population of around 422,700 (including a significant number of foreign workers)) Brunei's economy is small, ahead of only Cambodia and Laos in the region, as measured by GDP. GDP grew 2.6% in 2010.The oil and gas sector forms the backbone of Brunei's economy, worth around 60% of GDP and contributing around 80% of the government's revenue. New oil reserves have recently been found in Bruneian waters, and a 2010 agreement with Malaysia on maritime borders will enable further offshore exploration.