Libya economy. [12] These oil revenues and a smal...
- Libya economy. [12] These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa. The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. GDP per capita Access the latest politics analysis and economic growth summary through 2011 for Libya from The Economist Intelligence Unit Key among these are risks related to conflict, to global economic developments, especially from the Chinese economy’s deceleration as this could negatively affect oil demand and prices. On the demand side, growth remained driven by private consumption and But what makes Libya’s case particularly striking is that even after a civil war, political fragmentation, and economic disruption, its GDP per capita remains significantly higher than Nigeria’s. Aug 4, 2025 · Libya economic revival drives a shift from oil dependency to diversified, sustainable growth and long-term stability. One of CIA’s oldest and most recognizable intelligence publications, The World Factbook, has sunset. Massad Boulos, senior adviser to the US president on African affairs, said Washington is facilitating efforts to bring together senior officials from both sides to support integration and The Ministry of Economy of the Government of National Unity announced the signing of a memorandum of understanding between the Chamber of Commerce, Industry and Agriculture – Hilal Al-Asima and the Sfax Chamber of Commerce and Industry aimed at strengthening economic cooperation and expanding prospects for private-sector investment partnerships. Fireworks light up the sky in Libya's capital on the 15th anniversary of the uprising against Muammar Gaddafi Libyans have been enjoying Ramadan with feasts and fireworks -- but soaring prices, a devalued currency and political divisions have left many with little to celebrate. Over many decades, The World Factbook evolved from a Find the most up-to-date statistics and facts on the key economic indicators of Libya Economic and financial data including Libya GDP growth, GDP per capita and more, plus trade and finance sector data. The impact of the The economic impact was already felt in 2019 as real GDP growth slowed sharply to 2 . Libya’s economic trajectory is also in a downturn, and the Libyan people are facing significant hardships with devaluation of the currency, increasing prices, fuel shortages and growing discontent. Libya's other economic problems included the absence of a unified national budget, in light of its political divide, as well as uncoordinated public spending due to parallel state institutions, Tetteh said. Inflation was recorded at 2. 6%, thanks to sustained oil production made possible by the improved security situation. It borders the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad to the south, Niger to the southwest, Algeria to the west, and Tunisia to the northwest. S. 2 million barrels per day in 2023 and increase gradually thereafter. PREFACE T he Libya Economic Monitor (LEM) is the product of the Middle East and North Africa unit in the Economic Policies Global Practice at the World Bank Group. In 2023, as the country recovered from the 2022 recession, GDP grew 12. Explore Libya economic data on Data360. Libya's other economic problems included the absence of a unified national budget, in light of its political divide, as well as uncoordinated public spending due to parallel state institutions Libya's other economic problems included the absence of a unified national budget, in light of its political divide, as well as uncoordinated public spending due to parallel state institutions, Tetteh said. It also provides guidance for investors and policymakers through Qabas Consulting and Training services. 1% rebound in 2023, primarily due to a decline in oil production. The impact of the conflict in the Middle East could lead to an upward pressure on energy prices which would be to Libya’s export revenue advantage. In February, the Security Council will hold its 60-day briefing on the situation in Libya. Let’s take a quick look into the history of The World Factbook. 2% in 2023, reflecting lower global food prices. Libya is struggling to cope with a trifecta of crises, including the civil conflict, the COVID-19 pandemic and most recently, the impact of the Russia-Ukraine crisis. Libya’s economic outlook relies heavily on the oil and gas sector, which constitutes a significant portion of its GDP, government revenue, and exports. 8 percent on average. According to the World Bank's latest Libya Economic Monitor, real GDP grew by 13,3 percent in 2025, driven largely by the oil sector (+17,4 percent), with average production rising to approximately 1,3 million barrels per day. 2% in 2021 if presidential and parliamentary elections, and the reunification of public institutions proceed and oil production persists in the coming months. . Hydrocarbon production is projected to grow by around 15 percent in 2023 following an increase in oil production from 1 million barrels per day in 2022 to around 1. In his recent article, “The High Price of War with Iran: $10 Gas and the Collapse of the U. 6% growth of GDP in 2010. This development was interrupted Libya’s per capita income is among the highest in Africa. The World Bank estimates a 1. In January 2020, a blockade of oil terminals and oil fields began that lasted nine months, cutting oil output to about 228,000 barrels per day. 1% in 2022 after a 9. In the first nine months of the year, the Government of National Unity recorded a surplus of 3,6 percent of GDP. The sale of crude oil has given Libya one of the highest nominal per capita GDPs in Africa. 5 percent, down from what seemed a promising steady recovery during 2017–18, with a record growth performance of 20. However, this growth will require continued reforms to strengthen transparency Libya Economic Outlook Recent macroeconomic, financial, and social developments The Libyan economy is estimated to have contracted by 3. Oil revenues remain Libya’s main source of income. With an area of almost 1. The Libyan Arab Foreign Bank has made some investments, primarily in Italy. It provides an update on key economic developments and policies and presents Libya’s outlook. [13][12] After 2000, Libya recorded favorable growth rates with an estimated 10. Libya's other economic problems included the absence of a unified national budget, in light of its political divide, as well as uncoordinated public spending due to parallel state institutions Libya's other economic problems included the absence of a unified national budget, in light of its political divide, as well as uncoordinated public spending due to parallel state institutions Libya's other economic problems included the absence of a unified national budget, in light of its political divide, as well as uncoordinated public spending due to parallel state institutions Libyans have been enjoying Ramadan with feasts and fireworks -- but soaring prices, a devalued currency and political divisions have left many with little to celebrate. 8 million km 2 (700,000 sq mi), Libya is the fourth-largest country in Africa and the Libya’s economy is expected to stabilize following an agreement ending the leadership crisis at the country’s central bank (CBL) that led to a significant recovery in oil production. Almost all its exports are Current and historical Gross Domestic Product (GDP) of Libya in nominal and real US dollar values. Since 1963, Libya has usually enjoyed a favourable balance of trade. This web page provides information on official IMF reports and Executive Board documents in English that deal with Libya. GDP growth rates and charts For the most part of 2020, the performance of the Libyan economy was the worst in recent records. The Special Focus Section “Stabilizing Growth and Boosting Productivity” provides an overview of Libya’s past drivers of economic growth and productivity trends. Dec 17, 2025 · WASHINGTON, December 17, 2025 — Libya’s economy rebounded strongly in the first nine months of 2025, led by a recovery and expansion in the oil sector, according to the latest World Bank Libya Economic Monitor. Und Dec 19, 2024 · This web page analyzes the Libyan economy, focusing on its oil and gas sector, agricultural and manufacturing sectors, and economic challenges and reforms. For over a decade now, the conflictual transition has had a devastating impact on the Libyan economy, estimated at US$600 billion in constant 2015 dollars. Libya, [b] officially the State of Libya, [c] is a country in the Maghreb region of North Africa. The United States is working on concrete measures to advance economic and military integration between eastern and western Libya, a senior US official told the United Nations Security Council on Wednesday. The World Bank works with Libya to build transparent and effective country systems, inform local service delivery, and improve the country’s data and knowledge base. Libya is projected to record a GDP growth rate of 78. It is intended for a wide audience, including policymakers, business leaders, financial market participants, and the community of Economy Economy Libya joined OPEC in 1962 and, apart from petroleum, Libya’s other natural resources are natural gas and gypsum. 1% in 2024, down from 4. Libya's other economic problems included the absence of a unified national budget, in light of its political divide, as well as uncoordinated public spending due to parallel state institutions Libyans have been enjoying Ramadan with feasts and fireworks -- but soaring prices, a devalued currency and political divisions have left many with little to celebrate. At the beginning of the 21st century, oil and natural gas together accounted for almost three-fourths of the national income and nearly all of the country’s export earnings, although they employed less than one-tenth of the labour force. Fifteen years on from the fall of longtime leader Moammar al-Gaddafi, the country remains split between east and west, while shortages of goods, including fuel, disrupt daily life, despite Libya sitting atop vast oil and gas Russia’s UN representative: Progress in comprehensive settlement in Libya hinges on international support Hammad urges Dbeibah for engaging in dialogue or for both of them to leave power US pushes economic, military integration in Libya Opinions Libya and the New Oil Licenses: The “Giants” Return to a Political Minefield February 20, 2026 Libyans have been enjoying Ramadan with feasts and fireworks -- but soaring prices, a devalued currency and political divisions have left many with little to celebrate. The Libyan economy depends primarily on the oil sector, which represents about 69 percent of export earnings. Notwithstanding the tempering of conflict intensity since 2021, the Libyan economy has been battered by the conflict. GDP (current US$) - Libya Country official statistics, National Statistical Organizations and/or Central Banks; National Accounts data files, Organisation for Economic Co-operation and Development ( OECD ); Staff estimates, World Bank ( WB ) Libya’s economic fortunes will hinge on oil and gas production for the foreseeable future. With oil . 2 percent contraction in Libya's economy for 2022, primarily attributed to a decline in oil production during the first quarter of the year. Libyans have been enjoying Ramadan with feasts and fireworks -- but soaring prices, a devalued currency and political divisions have left many with little to celebrate. Fifteen years on from the fall of longtime leader Muammar Gaddafi, the country remains split between east and west, while shortages of goods, including fuel, disrupt daily life, despite Libya sitting atop vast oil and gas With Libya’s political process still at a “deadlock” and pressures mounting nationwide, the Security Council met today amid renewed calls for nationally driven efforts to advance unity, stability and elections. Worse yet, Libya is expected to suffer from a deep recession in 2020. Libya's other economic problems included the absence of a unified national budget, in light of its political divide, as well as uncoordinated public spending due to parallel state institutions Libya’s economy, heavily reliant on oil exports, has been disrupted by the conflict and counterfeiting is widespread. The World Factbook served the Intelligence Community and the general public as a longstanding, one-stop basic reference about countries and communities around the globe. Ordinary Libyans face a deteriorating economic situation. This was less than one-sixth of 2019 values and comparable to the lows experienced subsequent to 2014 after the country’s civil war. Libya - Trade, Economy, Oil: Financial services are headed by the Central Bank of Libya, which supervises the banking system, regulates credit and interest policies, and issues the national currency, the Libyan dinar. Benghazi, Libya – A fragile political process in Libya is facing renewed headwinds as the United Nations warns of a deepening crisis threatening the country’s Hana Titi warns that divisions in Libya's judiciary and economic decline threaten national unity and regional stability. Economy”, former Ohio Representative, Dennis Kucinich, warns against the dire economic Libya’s other economic problems included the absence of a unified national budget, in light of its political divide, as well as uncoordinated public spending due to parallel state institutions, Tetteh said. As we delve into the complexities of Libya’s economy, we uncover how its vast oil reserves have shaped its financial narrative, both as a boon and a bane. WASHINGTON, June 6, 2023 — Libya's economy shows resilience despite facing low and volatile economic growth. Special Representative and Head of the UN Support Mission in Libya (UNSMIL) Hanna Serwaa Tetteh will brief the Council on recent political, security, and humanitarian developments in the country. Libya Economic Outlook Libya’s economy is heavily dependent on oil and gas, which constitute 97% of exports, more than 90% of fiscal revenues, and 68% of GDP. Libya GDP is a compelling topic that offers insights into the economic landscape of a nation rich in natural resources yet challenged by political instability. k3c4, ubtt, lvwve, 7npe1s, vesu, qljy, yaz4r, 1yqt5, lrdve, klhonq,