Saudi Arabia's GDP grew by 5.4% in the Q4 2022 compared with the same period in 2021, driven by both oil and non-oil sectors, according to government estimates on Tuesday.  

Oil sector activity rose 6.1% while non-oil sector activity grew 6.2%, according to the General Authority for Statistics.

Overall, the economy grew 8.7% last year, the estimates showed.

Government services activities by 1.8% year-on-year.

Real GDP in 2022 expanded by 8.7% compared to 2021, on the back of growth in the oil activities by 15.4%, non-oil activities by 5.4% and government services activities by 2.2%, the data showed.

Meanwhile, IMF in its report released on Monday, lowered Saudi Arabia’s economic growth forecast to 2.6% for 2023, 1.1 percentage points lower than its October estimate of 3.7%, due to OPEC+ led cuts to oil production.

In 2022, the kingdom clocked growth of 8.7%, the highest in the region. 

(Reporting by Brinda Darasha; editing by Seban Scaria)