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Libya vs. Tunisia

Economy

LibyaTunisia
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.

Tunisia's economy - structurally designed to favor vested interests - faced an array of challenges exposed by the 2008 global financial crisis that helped precipitate the 2011 Arab Spring revolution. After the revolution and a series of terrorist attacks, including on the country's tourism sector, barriers to economic inclusion continued to add to slow economic growth and high unemployment.

Following an ill-fated experiment with socialist economic policies in the 1960s, Tunisia focused on bolstering exports, foreign investment, and tourism, all of which have become central to the country's economy. Key exports now include textiles and apparel, food products, petroleum products, chemicals, and phosphates, with about 80% of exports bound for Tunisia's main economic partner, the EU. Tunisia's strategy, coupled with investments in education and infrastructure, fueled decades of 4-5% annual GDP growth and improved living standards. Former President Zine el Abidine BEN ALI (1987-2011) continued these policies, but as his reign wore on cronyism and corruption stymied economic performance, unemployment rose, and the informal economy grew. Tunisia's economy became less and less inclusive. These grievances contributed to the January 2011 overthrow of BEN ALI, further depressing Tunisia's economy as tourism and investment declined sharply.

Tunisia's government remains under pressure to boost economic growth quickly to mitigate chronic socio-economic challenges, especially high levels of youth unemployment, which has persisted since the 2011 revolution. Successive terrorist attacks against the tourism sector and worker strikes in the phosphate sector, which combined account for nearly 15% of GDP, slowed growth from 2015 to 2017. Tunis is seeking increased foreign investment and working with the IMF through an Extended Fund Facility agreement to fix fiscal deficiencies.

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
$125.783 billion (2019 est.)

$124.485 billion (2018 est.)

$121.254 billion (2017 est.)

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

-7.4% (2016 est.)

-13% (2015 est.)
2% (2017 est.)

1.1% (2016 est.)

1.2% (2015 est.)
GDP - per capita (PPP)$15,174 (2019 est.)

$15,018 (2018 est.)

$13,238 (2017 est.)

note: data are in 2010 dollars
$10,756 (2019 est.)

$10,764 (2018 est.)

$10,605 (2017 est.)

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

industry: 52.3% (2017 est.)

services: 46.4% (2017 est.)
agriculture: 10.1% (2017 est.)

industry: 26.2% (2017 est.)

services: 63.8% (2017 est.)
Population below poverty line

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

15.2% (2015 est.)
Household income or consumption by percentage sharelowest 10%: NA

highest 10%: NA
lowest 10%: 2.6%

highest 10%: 27% (2010 est.)
Inflation rate (consumer prices)28.5% (2017 est.)

25.9% (2016 est.)
6.7% (2019 est.)

7.2% (2018 est.)

5.3% (2017 est.)
Labor force1.114 million (2017 est.)4.054 million (2017 est.)
Labor force - by occupationagriculture: 17%

industry: 23%

services: 59% (2004 est.)
agriculture: 14.8%

industry: 33.2%

services: 51.7% (2014 est.)
Unemployment rate30% (2004 est.)15.5% (2017 est.)

15.5% (2016 est.)
Budgetrevenues: 15.78 billion (2017 est.)

expenditures: 23.46 billion (2017 est.)
revenues: 9.876 billion (2017 est.)

expenditures: 12.21 billion (2017 est.)
Industriespetroleum, petrochemicals, aluminum, iron and steel, food processing, textiles, handicrafts, cementpetroleum, mining (particularly phosphate, iron ore), tourism, textiles, footwear, agribusiness, beverages
Industrial production growth rate60.3% (2017 est.)0.5% (2017 est.)
Agriculture - productspotatoes, watermelons, tomatoes, onions, dates, milk, olives, wheat, poultry, vegetableswheat, milk, tomatoes, barley, olives, watermelons, green chillies/peppers, potatoes, dates, green onions/shallots
Exports$18.38 billion (2017 est.)

$11.99 billion (2016 est.)
$13.82 billion (2017 est.)

$13.57 billion (2016 est.)
Exports - commoditiescrude petroleum, natural gas, gold, refined petroleum, scrap iron (2019)insulated wiring, clothing and apparel, crude petroleum, olive oil, vehicle parts (2019)
Exports - partnersItaly 18%, China 16%, Germany 15%, Spain 15%, United Arab Emirates 6%, France 6%, United States 5% (2019)France 29%, Italy 17%, Germany 13% (2019)
Imports$11.36 billion (2017 est.)

$8.667 billion (2016 est.)
$19.09 billion (2017 est.)

$18.37 billion (2016 est.)
Imports - commoditiesrefined petroleum, cars, broadcasting equipment, cigarettes, jewelry (2019)refined petroleum, natural gas, low-voltage protection equipment, cars, insulated wiring (2019)
Imports - partnersChina 16%, Turkey 14%, Italy 9%, United Arab Emirates 9%, Egypt 5% (2019)France 17%, Italy 16%, Germany 8%, China 8%, Algeria 7% (2019)
Debt - external$3.02 billion (31 December 2017 est.)

$3.116 billion (31 December 2016 est.)
$35.911 billion (2019 est.)

$33.79 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.)
Tunisian dinars (TND) per US dollar -

2.71795 (2020 est.)

2.8518 (2019 est.)

2.95875 (2018 est.)

1.9617 (2014 est.)

1.6976 (2013 est.)
Fiscal yearcalendar yearcalendar year
Public debt4.7% of GDP (2017 est.)

7.5% of GDP (2016 est.)
70.3% of GDP (2017 est.)

62.3% of GDP (2016 est.)
Reserves of foreign exchange and gold$74.71 billion (31 December 2017 est.)

$66.05 billion (31 December 2016 est.)
$5.594 billion (31 December 2017 est.)

$5.941 billion (31 December 2016 est.)
Current Account Balance$2.574 billion (2017 est.)

-$4.575 billion (2016 est.)
-$4.191 billion (2017 est.)

-$3.694 billion (2016 est.)
GDP (official exchange rate)$52.259 billion (2019 est.)$38.884 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: 68.7 (2020)

Starting a Business score: 94.6 (2020)

Trading score: 74.6 (2020)

Enforcement score: 58.4 (2020)
Taxes and other revenues51.6% (of GDP) (2017 est.)24.7% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)-25.1% (of GDP) (2017 est.)-5.8% (of GDP) (2017 est.)
Unemployment, youth ages 15-24total: 48.7%

male: 40.8%

female: 67.8% (2012 est.)
total: 34.9%

male: 33.8%

female: 37.2% (2017 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: 71.7% (2017 est.)

government consumption: 20.8% (2017 est.)

investment in fixed capital: 19.4% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 43.2% (2017 est.)

imports of goods and services: -55.2% (2017 est.)
Gross national saving5% of GDP (2017 est.)

-9% of GDP (2016 est.)

-25.1% of GDP (2015 est.)
8.6% of GDP (2019 est.)

8.1% of GDP (2018 est.)

8.4% of GDP (2017 est.)

Source: CIA Factbook