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Libya Economy Profile

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Economy - overview

Libya's economy, almost entirely dependent on oil and gas exports, has struggled since 2014 given security and political instability, disruptions in oil production, and decline in global oil prices. The Libyan dinar has lost much of its value since 2014 and the resulting gap between official and black market exchange rates has spurred the growth of a shadow economy and contributed to inflation. The country suffers from widespread power outages, caused by shortages of fuel for power generation. Living conditions, including access to clean drinking water, medical services, and safe housing have all declined since 2011. Oil production in 2017 reached a five-year high, driving GDP growth, with daily average production rising to 879,000 barrels per day. However, oil production levels remain below the average pre-Revolution highs of 1.6 million barrels per day.

The Central Bank of Libya continued to pay government salaries to a majority of the Libyan workforce and to fund subsidies for fuel and food, resulting in an estimated budget deficit of about 17% of GDP in 2017. Low consumer confidence in the banking sector and the economy as a whole has driven a severe liquidity shortage.

GDP (purchasing power parity)$102.842 billion (2019 est.)

$100.298 billion (2018 est.)

$87.115 billion (2017 est.)

note: data are in 2010 dollars
GDP (official exchange rate)$52.259 billion (2019 est.)
GDP - real growth rate64% (2017 est.)

-7.4% (2016 est.)

-13% (2015 est.)
GDP - per capita (PPP)$15,174 (2019 est.)

$15,018 (2018 est.)

$13,238 (2017 est.)

note: data are in 2010 dollars
Gross national saving5% of GDP (2017 est.)

-9% of GDP (2016 est.)

-25.1% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 71.6% (2017 est.)

government consumption: 19.4% (2017 est.)

investment in fixed capital: 2.7% (2017 est.)

investment in inventories: 1.3% (2016 est.)

exports of goods and services: 38.8% (2017 est.)

imports of goods and services: -33.8% (2017 est.)
GDP - composition by sectoragriculture: 1.3% (2017 est.)

industry: 52.3% (2017 est.)

services: 46.4% (2017 est.)
Ease of Doing Business Index scoresOverall score: 32.7 (2020)

Starting a Business score: 73.1 (2020)

Trading score: 64.7 (2020)

Enforcement score: 48.4 (2020)
Population below poverty line

note: about one-third of Libyans live at or below the national poverty line

Labor force1.114 million (2017 est.)
Labor force - by occupationagriculture: 17%

industry: 23%

services: 59% (2004 est.)
Unemployment rate30% (2004 est.)
Unemployment, youth ages 15-24total: 48.7%

male: 40.8%

female: 67.8% (2012 est.)
Household income or consumption by percentage sharelowest 10%: NA

highest 10%: NA
Budgetrevenues: 15.78 billion (2017 est.)

expenditures: 23.46 billion (2017 est.)
Taxes and other revenues51.6% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)-25.1% (of GDP) (2017 est.)
Public debt4.7% of GDP (2017 est.)

7.5% of GDP (2016 est.)
Inflation rate (consumer prices)28.5% (2017 est.)

25.9% (2016 est.)
Agriculture - productspotatoes, watermelons, tomatoes, onions, dates, milk, olives, wheat, poultry, vegetables
Industriespetroleum, petrochemicals, aluminum, iron and steel, food processing, textiles, handicrafts, cement
Industrial production growth rate60.3% (2017 est.)
Current Account Balance$2.574 billion (2017 est.)

-$4.575 billion (2016 est.)
Exports$18.38 billion (2017 est.)

$11.99 billion (2016 est.)
Exports - commoditiescrude petroleum, natural gas, gold, refined petroleum, scrap iron (2019)
Exports - partnersItaly 18%, China 16%, Germany 15%, Spain 15%, United Arab Emirates 6%, France 6%, United States 5% (2019)
Imports$11.36 billion (2017 est.)

$8.667 billion (2016 est.)
Imports - commoditiesrefined petroleum, cars, broadcasting equipment, cigarettes, jewelry (2019)
Imports - partnersChina 16%, Turkey 14%, Italy 9%, United Arab Emirates 9%, Egypt 5% (2019)
Reserves of foreign exchange and gold$74.71 billion (31 December 2017 est.)

$66.05 billion (31 December 2016 est.)
Debt - external$3.02 billion (31 December 2017 est.)

$3.116 billion (31 December 2016 est.)
Exchange ratesLibyan dinars (LYD) per US dollar -

1.413 (2017 est.)

1.3904 (2016 est.)

1.3904 (2015 est.)

1.379 (2014 est.)

1.2724 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on September 18, 2021

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