Saudi Arabia projects $53bln deficit in 2017

Saudi Arabia projects $53bln deficit in 2017 Riyadh: Saudi Arabia on Thursday projected a 2017 budget deficit of about $53 billion and a lower than expected shortfall for this year after government cost-cutting in response to lower oil prices.Expenses next year will reach 890 billion riyals ($237 billion) against revenues of 692 billion riyals ($184 billion), the cabinet said in a statement. It said this

year´s deficit will be 297 billion riyals ($79 billion), down 8.9 percent from 2016´s budget forecast.  "This budget comes at a time of a highly volatile economic situation... and which led to a slowdown in world economic growth and a drop in oil prices that impacted our country," King Salman said on official television, with Finance Minister Mohammed Aljadaan seated nearby at a table of cabinet ministers.  Revenues for this year are expected to be 528 billion riyals, higher than projections a year ago of 513.75 billion, the cabinet said.

Spending is expected to come in at 825 billion riyals for 2016, 1.8 percent lower than foreseen.