Contributions from O&G sector to GDP to fall further - Abdul Wahid

The contributions from the oil and gas (O&G) sector to the country's gross domestic product (GDP) are expected to fall further this year, in line with the nation's plan to diversify its economic structure.

Minister in the Prime Minister's Department Datuk Seri Abdul Wahid Omar‎ said last year, the sector's contributions to the country's revenue were reduced by 30 per cent.

He said the country's diversified economy was the source of its strength.

"We have, over the years, diversified the structure of our economy. In terms of exports, the government has also make sure that they are diversified," he said at the Global Transformation Forum here today.

Abdul Wahid said while 25 per cent the country's exports were to ASEAN countries, the single largest export country was China, where it accounted for 14 per cent.

"When there is a slowdown in China, it would impact the world. The impact on us, however, would be manageable," he said.