Brunei’s economy contracted by 1.8 percent in 2013 due to a 7.2 percent decline in the oil and gas sector, according to a report issued by the Prime Minister’s Office.

The report showed that in the fourth quarter of last year, the country’s GDP declined by 5.3 percent year-on-year due to a 16.7 percent drop in the oil and gas sector.

However, the non oil and gas sector expanded in the period by 2.7 percent over the same period of 2012.

The services sector grew by 3.2 percent; trade and government services, 3.8 percent; transport and communication, 3.4 percent; finance, 3.3 percent; construction, 7.5 percent; and electricity and water, 2.6 percent.

Brunei is the fourth largest oil producer in Southeast Asia and the ninth largest exporter of liquefied natural gas in the world. The oil and gas sector powers the sultanate’s economy, accounting for 50 percent of its GDP and 90 percent of its exports.-VNA