Saudi Arabia on Wednesday approved its state budget for 2024, which forecasts a fiscal deficit next year of 79 billion riyals ($21.07 billion), state new agency SPA reported.

The kingdom, the world's top oil exporter, estimated total revenues at 1.172 trillion riyals ($312.48 billion) in 2024, while total expenditure was projected at 1.251 trillion riyals next year, SPA said in a statement. ($1 = 3.7502 riyals)

(Reporting by Clauda Tanios and Aziz El Yaakoubi; Writing by Rachna Uppal; Editing by Alex Richardson)