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Libya vs. Egypt

Economy

LibyaEgypt
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.

Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Agriculture, hydrocarbons, manufacturing, tourism, and other service sectors drove the country's relatively diverse economic activity.

Despite Egypt's mixed record for attracting foreign investment over the past two decades, poor living conditions and limited job opportunities have contributed to public discontent. These socioeconomic pressures were a major factor leading to the January 2011 revolution that ousted MUBARAK. The uncertain political, security, and policy environment since 2011 has restricted economic growth and failed to alleviate persistent unemployment, especially among the young.

In late 2016, persistent dollar shortages and waning aid from its Gulf allies led Cairo to turn to the IMF for a 3-year, $12 billion loan program. To secure the deal, Cairo floated its currency, introduced new taxes, and cut energy subsidies - all of which pushed inflation above 30% for most of 2017, a high that had not been seen in a generation. Since the currency float, foreign investment in Egypt's high interest treasury bills has risen exponentially, boosting both dollar availability and central bank reserves. Cairo will be challenged to obtain foreign and local investment in manufacturing and other sectors without a sustained effort to implement a range of business reforms.

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
$1,180,890,000,000 (2019 est.)

$1,118,715,000,000 (2018 est.)

$1,062,265,000,000 (2017 est.)

note: data are in 2010 dollars
GDP - real growth rate64% (2017 est.)

-7.4% (2016 est.)

-13% (2015 est.)
4.2% (2017 est.)

4.3% (2016 est.)

4.4% (2015 est.)
GDP - per capita (PPP)$15,174 (2019 est.)

$15,018 (2018 est.)

$13,238 (2017 est.)

note: data are in 2010 dollars
$11,763 (2019 est.)

$11,366 (2018 est.)

$11,014 (2017 est.)

note: data are in 2010 dollars
GDP - composition by sectoragriculture: 1.3% (2017 est.)

industry: 52.3% (2017 est.)

services: 46.4% (2017 est.)
agriculture: 11.7% (2017 est.)

industry: 34.3% (2017 est.)

services: 54% (2017 est.)
Population below poverty line

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

32.5% (2017 est.)
Household income or consumption by percentage sharelowest 10%: NA

highest 10%: NA
lowest 10%: 4%

highest 10%: 26.6% (2008)
Inflation rate (consumer prices)28.5% (2017 est.)

25.9% (2016 est.)
9.3% (2019 est.)

14.4% (2018 est.)

29.6% (2017 est.)
Labor force1.114 million (2017 est.)24.113 million (2020 est.)
Labor force - by occupationagriculture: 17%

industry: 23%

services: 59% (2004 est.)
agriculture: 25.8%

industry: 25.1%

services: 49.1% (2015 est.)
Unemployment rate30% (2004 est.)7.86% (2019 est.)

12.7% (2016 est.)
Budgetrevenues: 15.78 billion (2017 est.)

expenditures: 23.46 billion (2017 est.)
revenues: 42.32 billion (2017 est.)

expenditures: 62.61 billion (2017 est.)
Industriespetroleum, petrochemicals, aluminum, iron and steel, food processing, textiles, handicrafts, cementtextiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals, light manufactures
Industrial production growth rate60.3% (2017 est.)3.5% (2017 est.)
Agriculture - productspotatoes, watermelons, tomatoes, onions, dates, milk, olives, wheat, poultry, vegetablessugar cane, sugar beet, wheat, maize, tomatoes, rice, potatoes, oranges, onions, milk
Exports$18.38 billion (2017 est.)

$11.99 billion (2016 est.)
$87.891 billion (2018 est.)

$66.506 billion (2017 est.)
Exports - commoditiescrude petroleum, natural gas, gold, refined petroleum, scrap iron (2019)crude petroleum, refined petroleum, gold, natural gas, fertilizers (2019)
Exports - partnersItaly 18%, China 16%, Germany 15%, Spain 15%, United Arab Emirates 6%, France 6%, United States 5% (2019)United States 9%, United Arab Emirates 6%, Italy 6%, Turkey 6%, Saudi Arabia 6%, India 5% (2019)
Imports$11.36 billion (2017 est.)

$8.667 billion (2016 est.)
$115.345 billion (2018 est.)

$103.636 billion (2017 est.)
Imports - commoditiesrefined petroleum, cars, broadcasting equipment, cigarettes, jewelry (2019)refined petroleum, wheat, crude petroleum, cars, packaged medicines (2019)
Imports - partnersChina 16%, Turkey 14%, Italy 9%, United Arab Emirates 9%, Egypt 5% (2019)China 15%, Russia 7%, United States 6%, Saudi Arabia 6%, Germany 5%, Turkey 5% (2019)
Debt - external$3.02 billion (31 December 2017 est.)

$3.116 billion (31 December 2016 est.)
$109.238 billion (2019 est.)

$92.638 billion (2018 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.)
Egyptian pounds (EGP) per US dollar -

15.69 (2020 est.)

16.14 (2019 est.)

17.90999 (2018 est.)

7.7133 (2014 est.)

7.08 (2013 est.)
Fiscal yearcalendar year1 July - 30 June
Public debt4.7% of GDP (2017 est.)

7.5% of GDP (2016 est.)
103% of GDP (2017 est.)

96.8% of GDP (2016 est.)

note: data cover central government debt and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are sold at public auctions
Reserves of foreign exchange and gold$74.71 billion (31 December 2017 est.)

$66.05 billion (31 December 2016 est.)
$35.89 billion (31 December 2017 est.)

$23.2 billion (31 December 2016 est.)
Current Account Balance$2.574 billion (2017 est.)

-$4.575 billion (2016 est.)
-$8.915 billion (2019 est.)

-$7.682 billion (2018 est.)
GDP (official exchange rate)$52.259 billion (2019 est.)$323.763 billion (2019 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)
Overall score: 60.1 (2020)

Starting a Business score: 87.8 (2020)

Trading score: 42.2 (2020)

Enforcement score: 40 (2020)
Taxes and other revenues51.6% (of GDP) (2017 est.)17.9% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)-25.1% (of GDP) (2017 est.)-8.6% (of GDP) (2017 est.)
Unemployment, youth ages 15-24total: 48.7%

male: 40.8%

female: 67.8% (2012 est.)
total: 24.7%

male: 17.1%

female: 51.6% (2018 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.)
household consumption: 86.8% (2017 est.)

government consumption: 10.1% (2017 est.)

investment in fixed capital: 14.8% (2017 est.)

investment in inventories: 0.5% (2017 est.)

exports of goods and services: 16.3% (2017 est.)

imports of goods and services: -28.5% (2017 est.)
Gross national saving5% of GDP (2017 est.)

-9% of GDP (2016 est.)

-25.1% of GDP (2015 est.)
14.6% of GDP (2019 est.)

13.9% of GDP (2018 est.)

10.4% of GDP (2017 est.)

Source: CIA Factbook