Saudi Arabia cabinet has projected a 2017 Budget deficit of about 53 billion US Dollar and 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. Expenses next year will reach 237 billion US Dollar against revenues of 184 billion US Dollar. 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 below 55 dollar yesterday.