Saudi Arabia said Tuesday (December 19th) it expected to post a budget deficit for the fifth year in a row in 2018, forecasting a shortfall of $52 billion due to low oil prices, AFP reported.
Revenues are predicted to be 783 billion riyals ($208.8 billion) and spending is expected to be 978 billion riyals ($260.8 billion), the highest in the oil-rich kingdom's history, according to official statements carried by Saudi TV.
The new budget was announced during a cabinet meeting chaired by King Salman who said the world's top oil exporter would "continue to decrease its dependence on oil to reach just 50%" of total revenues.
The Saudi finance ministry said the budget deficit for 2017 came in at $61.3 billion, higher than the expected $53 billion but still lower than the $82 billion shortfall in the previous year.
Actual revenues for the current fiscal year rose by a healthy 34% compared with $185.6 billion in 2016 due a sharp hike in both oil and non-oil revenues.
