Libya Economy - 2024

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.)

Unemployment rate

19.58% (2021 est.)
20.07% (2020 est.)
19.66% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 50.5% (2021 est.)

male: 41.4%

female: 73.8%

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

Remittances

0% of GDP (2019 est.)
0% of GDP (2018 est.)
0% of GDP (2017 est.)

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 -

Exchange rates:
4.514 (2021 est.)
1.389 (2020 est.)
1.398 (2019 est.)
1.365 (2018 est.)
1.394 (2017 est.)