Libya Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP (purchasing power parity)

$70.65 billion (2020 est.)

$102.84 billion (2019 est.)

$100.3 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

64% (2017 est.)

-7.4% (2016 est.)

-13% (2015 est.)

Real GDP per capita

$10,300 (2020 est.)

$15,200 (2019 est.)

$15,000 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$52.259 billion (2019 est.)

Inflation rate (consumer prices)

28.5% (2017 est.)

25.9% (2016 est.)

GDP - composition, by sector of origin

agriculture: 1.3% (2017 est.)

industry: 52.3% (2017 est.)

services: 46.4% (2017 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.)

Agricultural products

potatoes, watermelons, tomatoes, onions, dates, milk, olives, wheat, poultry, vegetables

Industries

petroleum, petrochemicals, aluminum, iron and steel, food processing, textiles, handicrafts, cement

Industrial production growth rate

60.3% (2017 est.)

Labor force

1.114 million (2017 est.)

Labor force - by occupation

agriculture: 17%

industry: 23%

services: 59% (2004 est.)

Unemployment rate

30% (2004 est.)

Youth unemployment rate (ages 15-24)

total: 48.7%

male: 40.8%

female: 67.8% (2012 est.)

Population below poverty line

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

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.)

Budget surplus (+) or deficit (-)

-25.1% (of GDP) (2017 est.)

Public debt

4.7% of GDP (2017 est.)

7.5% of GDP (2016 est.)

Taxes and other revenues

51.6% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

$2.574 billion (2017 est.)

-$4.575 billion (2016 est.)

Exports

$29.96 billion (2018 est.) note: data are in current year dollars

$11.99 billion (2016 est.)

Exports - partners

Italy 18%, China 16%, Germany 15%, Spain 15%, United Arab Emirates 6%, France 6%, United States 5% (2019)

Exports - commodities

crude petroleum, natural gas, gold, refined petroleum, scrap iron (2019)

Imports

$18.85 billion (2018 est.) note: data are in current year dollars

$8.667 billion (2016 est.)

Imports - partners

China 16%, Turkey 14%, Italy 9%, United Arab Emirates 9%, Egypt 5% (2019)

Imports - commodities

refined petroleum, cars, broadcasting equipment, cigarettes, jewelry (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 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.)

NOTE: The information regarding Libya on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Libya 2022 information contained here. All suggestions for corrections of any errors about Libya 2022 should be addressed to the CIA or the source cited on each page.