Flag of Libya

Libya Economy Profile 2019

Home > Factbook > Countries > Libya

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)
$61.97 billion (2017 est.)
$37.78 billion (2016 est.)
$40.8 billion (2015 est.)

note: data are in 2017 dollars

GDP (official exchange rate)
$30.57 billion (2017 est.)
GDP - real growth rate
64% (2017 est.)
-7.4% (2016 est.)
-13% (2015 est.)
GDP - per capita (PPP)
$9,600 (2017 est.)
$5,900 (2016 est.)
$6,500 (2015 est.)

note: data are in 2017 dollars

Gross national saving
5% of GDP (2017 est.)
-9% of GDP (2016 est.)
-25.1% of GDP (2015 est.)
GDP - composition, by end use
household 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 sector
agriculture: 1.3% (2017 est.)
industry: 52.3% (2017 est.)
services: 46.4% (2017 est.)
Population below poverty line

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

Labor force
1.114 million (2017 est.)
Labor force - by occupation
agriculture: 17%
industry: 23%
services: 59% (2004 est.)
Unemployment rate
30% (2004 est.)
Unemployment, youth ages 15-24
total: 48.7%
male: 40.8%
female: 67.8% (2012 est.)
Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA
Budget
revenues: 15.78 billion (2017 est.)
expenditures: 23.46 billion (2017 est.)
Taxes and other revenues
51.6% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)
-25.1% (of GDP) (2017 est.)
Public debt
4.7% of GDP (2017 est.)
7.5% of GDP (2016 est.)
Inflation rate (consumer prices)
28.5% (2017 est.)
25.9% (2016 est.)
Central bank discount rate
9.52% (31 December 2010)
3% (31 December 2009)
Commercial bank prime lending rate
7.3% (31 December 2017 est.)
6% (31 December 2016 est.)
Stock of narrow money
$76.21 billion (31 December 2017 est.)
$62.57 billion (31 December 2016 est.)
Stock of broad money
$76.21 billion (31 December 2017 est.)
$62.57 billion (31 December 2016 est.)
Stock of domestic credit
$21 billion (31 December 2017 est.)
$14.14 billion (31 December 2016 est.)
Market value of publicly traded shares

NA

Agriculture - products
wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans; cattle
Industries
petroleum, petrochemicals, aluminum, iron and steel, food processing, textiles, handicrafts, cement
Industrial production growth rate
60.3% (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 - commodities
crude oil, refined petroleum products, natural gas, chemicals
Exports - partners
Italy 19%, Spain 12.5%, France 11%, Egypt 8.6%, Germany 8.6%, China 8.3%, US 4.9%, UK 4.6%, Netherlands 4.5% (2017)
Imports
$11.36 billion (2017 est.)
$8.667 billion (2016 est.)
Imports - commodities
machinery, semi-finished goods, food, transport equipment, consumer products
Imports - partners
China 13.5%, Turkey 11.3%, Italy 6.9%, South Korea 5.9%, Spain 4.8% (2017)
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.)
Stock of direct foreign investment - at home
$20.21 billion (31 December 2017 est.)
$18.96 billion (31 December 2016 est.)
Stock of direct foreign investment - abroad
$20.97 billion (31 December 2017 est.)
$22.19 billion (31 December 2016 est.)
Exchange rates
Libyan 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 year
calendar year

Source: CIA World Factbook
This page was last updated on December 7, 2019

Economy Comparison