Saudi Arabia said Tuesday it expected to post a budget deficit for the fifth year in the row in 2018, forecasting a shortfall of $52 billion due to low oil prices.

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.