Brunei GDP to contract by1.5% this year: ADB

BRUNEI’S economy is expected to contract by 1.5 per cent this year on back of weak oil and gas exports, the Asian Development Bank (ADB) said.

In its latest Asian Development Outlook 2015 (ADO) released yesterday, the Manila-based lender said low demand and falling oil prices are weighing on the sultanate’s economy which has been dominated by the oil and gas sector.

ADB’s latest GDP forecast for Brunei is unchanged from its March report.