Saudi Arabia today projected a 2017 Budget deficit of about 53 billion US Dollar. Expenses next year will reach 237 billion US Dollar against revenues of 184 billion US Dollar. The Saudi Cabinet said in a statement that this year's deficit will be 79 billion US Dollar, down 8.9 per cent from 2016's budget forecast.<br/><br/>The world's biggest oil exporter froze major building projects, cut Cabinet ministers' salaries and imposed a wage freeze on civil servants in the wake of last year's record deficit. Oil prices, which were above 100 US dollar a barrel in 2014, sank below 40 dollar in 2016, but recovered towards the end of this year and traded today below 55 dollar.<br/>