Libya Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

upper middle-income, fossil fuel-based North African economy; 31% economic contraction due to COVID-19 and 2020 oil blockade; reduced government spending; central bank had to devalue currency; public wages are over 60% of expenditures

Real GDP (purchasing power parity)

$147.942 billion (2021 est.)

$112.612 billion (2020 est.)

$148.037 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

31.37% (2021 est.)

-23.93% (2020 est.)

-11.2% (2019 est.)

Real GDP per capita

$22,000 (2021 est.)

$16,900 (2020 est.)

$22,500 (2019 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

-10.57% (2019 est.)

Labor force

2.28 million (2021 est.)

Labor force - by occupation

agriculture: 17%

industry: 23%

services: 59% (2004 est.)

Unemployment rate

19.58% (2021 est.)

20.07% (2020 est.)

19.66% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 50.5%

male: 41.4%

female: 73.8% (2021 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: $28.005 billion (2019 est.)

expenditures: $37.475 billion (2019 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

-$4.78 billion (2020 est.)

$4.817 billion (2019 est.)

$11.276 billion (2018 est.)

Exports

$9.537 billion (2020 est.) note: data are in current year dollars

$29.326 billion (2019 est.)

$29.964 billion (2018 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, refined petroleum, scrap iron, gold (2021)

Imports

$14.334 billion (2020 est.) note: data are in current year dollars

$25.368 billion (2019 est.)

$18.849 billion (2018 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

$82.262 billion (31 December 2021 est.)

$79.656 billion (31 December 2020 est.)

$84.664 billion (31 December 2019 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 -

4.514 (2021 est.)

1.389 (2020 est.)

1.398 (2019 est.)

1.365 (2018 est.)

1.394 (2017 est.)

NOTE: The information regarding Libya on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Libya 2023 information contained here. All suggestions for corrections of any errors about Libya 2023 should be addressed to the CIA or the source cited on each page.