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
country comparison to the world (CIA rank, may be based on non-current data): 106
[see also: GDP country ranks ]

GDP (official exchange rate):
$30.57 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
64% (2017 est.)
-7.4% (2016 est.)
-13% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 1
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$9,600 (2017 est.)
$5,900 (2016 est.)
$6,500 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 141
[see also: GDP - per capita country ranks ]

Gross national saving:
5% of GDP (2017 est.)
-9% of GDP (2016 est.)
-25.1% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 177
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 71.6% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 19.4% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 2.7% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.3% (2016 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 38.8% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -33.8% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 1.3% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 52.3% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 46.4% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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.)
country comparison to the world (CIA rank, may be based on non-current data): 1
[see also: Industrial production growth rate country ranks ]

Labor force:
1.114 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 143
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 17%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23%
[see also: Labor force - by occupation - industry country ranks ]
services: 59% (2004 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
30% (2004 est.)
country comparison to the world (CIA rank, may be based on non-current data): 207
[see also: Unemployment rate country ranks ]

Population below poverty line:
note: about one-third of Libyans live at or below the national poverty line
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: 15.78 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 23.46 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
51.6% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 14
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-25.1% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 219
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
4.7% of GDP (2017 est.)
7.5% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 205
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
28.5% (2017 est.)
25.9% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 221
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9.52% (31 December 2010)
3% (31 December 2009)
country comparison to the world (CIA rank, may be based on non-current data): 27
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
7.3% (31 December 2017 est.)
6% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 115
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$76.21 billion (31 December 2017 est.)
$62.57 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 45
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$76.21 billion (31 December 2017 est.)
$62.57 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 45
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$21 billion (31 December 2017 est.)
$14.14 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 90
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$2.574 billion (2017 est.)
-$4.575 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 35
[see also: Current account balance country ranks ]

Exports:
$18.38 billion (2017 est.)
$11.99 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 71
[see also: Exports country ranks ]

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)

Exports - commodities:
crude oil, refined petroleum products, natural gas, chemicals

Imports:
$11.36 billion (2017 est.)
$8.667 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 94
[see also: Imports country ranks ]

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.)
country comparison to the world (CIA rank, may be based on non-current data): 31
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$3.02 billion (31 December 2017 est.)
$3.116 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 143
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$20.21 billion (31 December 2017 est.)
$18.96 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 78
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$20.97 billion (31 December 2017 est.)
$22.19 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 52
[see also: Stock of direct foreign investment - abroad country ranks ]

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.)