off-the-wire

Saudi Arabia economy slows to 5.4% growth in Q4

Kitco Media
By Reuters
Published:
Updated:
Reuters
DUBAI, Jan 31 (Reuters) - Saudi Arabia's economy grew by 5.4% in the fourth quarter of 2022, according to initial government estimates on Tuesday, but it slowed from 8.8% annual growth in the previous quarter.


Oil activities grew by 6.1% in the fourth quarter from a year prior, the General Authority for Statistics said, citing flash estimates, while non-oil activities grew by 6.2%. Oil activities saw a marked slowdown from 14.2% growth in the third quarter. Saudi Arabia cut oil output by 500,000 barrels per day in November compared to October, after the OPEC+ alliance of oil producers agreed to cut production.


Reuters reported on Monday that Saudi Arabia might cut prices for crude grades sold to Asia for a fourth consecutive month in March.


Real GDP expanded by 8.7% in 2022 versus 2021. Oil activities were up by 15.4% and non-oil activities grew by 5.4%, the statistics authority said.
(Reporting by Yousef Saba; Editing by Rashmi Aich)

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