ALGIERS (Reuters) – Algeria’s parliament on Tuesday endorsed a 2017 budget that includes new taxes on goods and fuel subsidy cuts as part of government efforts to offset a fall in energy revenues.

Next year’s budget provides a 14 percent cut in spending, following a 9 percent reduction in 2016, as the OPEC member remains cautious about any recovery in global oil prices.

Oil and gas exports account for 94 percent of exports and 60 percent of the state budget. Attempts to diversify the economy have largely failed.

The budget is widely expected to get final approval from the Algerian Senate.

(Reporting by Hamid Ould Ahmed; Editing by Aidan Lewis and Alison Williams)