CARACAS (Dow Jones)--Venezuela's economy contracted 3.3% last year, a steeper decline than previous state estimates of a 2.9% drop in 2009, the central bank said Tuesday.

Venezuela's gross domestic product fell 5.8% in the fourth quarter against the same period last year, marking the third straight quarter of economic contraction, the central bank said in its statement.

Non-oil economic activity was down 4% in the quarter. Oil-related GDP declined 10.2%, figures show.

The country's balance of payments posted a $1.1 billion surplus during the last three months of the year.

Meanwhile, the current account posted a $5.6 billion surplus.

The country's capital account posted a $2.5 billion deficit during the quarter.

-By Darcy Crowe, Dow Jones Newswires; (58) 414 249 6821; darcy.crowe@dowjones.com