Economy of Libya

Economy of Libya
Tripoli, financial capital of Libya
CurrencyLibyan dinar (LYD, ل.د)
calendar year
Trade organisations
OPEC, COMESA, CEN-SAD, AMU
Country group
Statistics
PopulationIncrease 6,888,388 (2023)[3]
GDP
  • Increase $45.75 billion (nominal, 2023 est.)[4]
  • Increase $182.7 billion (PPP, 2024 est.)[5]
GDP rank
GDP growth
  • 26.7% (2017)
  • 7.9% (2018e)
  • 5.5% (2019f)
  • −58.7% (2020f)
  • +170% (2021)
GDP per capita
  • Increase $6,716 (nominal, 2023 est.)[5]
  • Increase $40,000 (PPP, 2023 est.)[5]
GDP per capita rank
GDP by sector
  • agriculture 1.3%
  • industry 63.8%
  • services 34.9%
  • (2017 est.)[6]
3.4% (2023)[5]
Population below poverty line
  • NA%
  • about one-third of Libyans live at or below the national poverty line[7]
N/A
Increase 0.718 high (2022)[8]
Labour force
  • Increase 2,553,671 (2019)[9]
  • 38.7% employment rate (2012)[10]
Labour force by occupation
  • agriculture: 17%
  • industry: 23%
  • services: 59%
  • (2004)[7]
Unemployment30% (2004 est.)[7]
Main industries
petroleum, steel, iron, food processing, textiles, cement
External
ExportsIncrease $18.38 billion (2017 est.)[7]
Export goods
crude oil, refined petroleum products, natural gas, chemicals
Main export partners
Imports$11.36 billion (2017 est.)[7]
Import goods
machinery, transport equipment, semi-finished goods, food, consumer products
Main import partners
FDI stock
  • Increase $20.21 billion (31 December 2017 est.)[7]
  • Decrease Abroad: $20.97 billion (31 December 2017 est.)[7]
Increase $2.574 billion (2017 est.)[7]
Positive decrease $3.02 billion (31 December 2017 est.)[7]
Public finances
Positive decrease 4.7% of GDP (2017 est.)[7]
−25.1% (of GDP) (2017 est.)[7]
Revenues13.47 billion (2022 est.)
Expenses30.61 billion (2022 est.)
Economic aidrecipient ODA $9 million (2010), $642 million (2011), $87 million (2012)[12]
Increase $74.71 billion (31 December 2017 est.)[7]
All values, unless otherwise stated, are in US dollars.

The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP.[13] These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa.[14][13]

After 2000, Libya recorded favorable growth rates with an estimated 10.6% growth of GDP in 2010. This development was interrupted by the Libyan Civil War, which resulted in contraction of the economy by 62.1% in 2011. After the war, the economy rebounded by 104.5% in 2012. It crashed again following the Second Libyan Civil War.[15] As of 2017, Libya's per capita PPP GDP stands at 60% of its pre-war level.[15]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Archived from the original on 10 October 2020. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.
  3. ^ "Population, total - Libya". worldometers.info. WorldoMeters. Archived from the original on 6 May 2019. Retrieved 15 November 2023.
  4. ^ "Economy in Libya compared to the EU". Worlddata.info. Archived from the original on 8 March 2024. Retrieved 5 March 2024.
  5. ^ a b c d "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Archived from the original on 29 July 2020. Retrieved 15 November 2019.
  6. ^ "The World Factbook- Libya". Central Intelligence Agency. Archived from the original on 9 January 2021. Retrieved 5 May 2018.
  7. ^ a b c d e f g h i j k l "The World Factbook". CIA.gov. Central Intelligence Agency. Archived from the original on 9 January 2021. Retrieved 10 February 2019.
  8. ^ "Human Development Report 2021/2022" (PDF). United Nations Development Programme. 8 September 2022. Archived (PDF) from the original on 9 October 2022. Retrieved 8 September 2022.
  9. ^ "Labor force, total - Libya". data.worldbank.org. World Bank. Archived from the original on 9 July 2021. Retrieved 27 November 2019.
  10. ^ "Employment to population ratio, 15+, total (%) (national estimate) - Libya". data.worldbank.org. World Bank. Archived from the original on 27 November 2019. Retrieved 27 November 2019.
  11. ^ a b "Foreign trade partners of Libya". The Observatory of Economic Complexity. Archived from the original on 5 April 2023. Retrieved 18 June 2021.
  12. ^ http://www.oecd.org/dac/stats/documentupload/LBY.JPG Archived 25 January 2018 at the Wayback Machine OECD Statistics
  13. ^ a b "Libya". Organization of the Petroleum Exporting Countries. Archived from the original on 19 May 2014. Retrieved 5 May 2018.
  14. ^ USD 12,062 as of 2010 (IMF estimate); rank 48 worldwide, followed by Equatorial Guinea with USD 11,081 on rank 51.
  15. ^ a b "GDP per capita, PPP (constant 2011 international $) | Data". data.worldbank.org. Archived from the original on 3 September 2018. Retrieved 3 September 2018.