Economy of Libya
Libya's economy relies heavily on oil. The ENI Oil Bouri DP4 in the Bouri Field is the biggest platform in the Mediterranean sea.
|
|
| Currency | Libyan dinar (LD) |
|---|---|
| calendar year | |
|
Trade organisations
|
OPEC, Common Market for Eastern and Southern Africa |
| Statistics | |
| GDP | $41.50 billion (2014) |
| GDP rank |
61st (nominal) 73rd (PPP) |
|
GDP growth
|
-6.4% (2015) |
|
GDP per capita
|
$15,900 (2014) |
|
GDP by sector
|
agriculture 2%, industry 45.5, services 52.5% (2014) |
| 2.8% (2014) | |
|
Population below poverty line
|
NA% |
|
Labour force
|
1.438 million (2014) |
|
Labour force by occupation
|
agriculture 17%, industry 23%, services and government 59% (2013) |
| Unemployment | 20.70% (2009), 19.5% (2011) |
|
Main industries
|
petroleum, steel, iron, food processing, textiles, cement |
| 188th (2017) | |
| External | |
| Exports | $52.02 billion (2012 est.), $38.45 billion (2013 est.) |
|
Export goods
|
crude oil, refined petroleum products, natural gas, chemicals |
|
Main export partners
|
 Italy 32% Germany 11.3% China 8% France 8% Spain 5.6% Netherlands 5.4% Syria 5.3% (2015) |
| Imports | $18.1 billion (2012 est.), $27.15 billion (2013 est.) |
|
Import goods
|
machinery, transport equipment, semi-finished goods, food, consumer products |
|
Main import partners
|
China 14.8% Italy 12.9% Turkey 11.1% Tunisia 6.5% France 6.1% Spain 4.6% Syria 4.5% Egypt 4.4% South Korea 4.2% (2015) |
|
FDI stock
|
$16.84 billion (31 December 2012 est.), $17.92 billion (31 December 2013 est.) |
|
Gross external debt
|
$5.278 billion (31 December 2012 est.), $6.319 billion (31 December 2013 est.) |
| Public finances | |
| $4.267 billion (2005) | |
| Revenues |
 $41.54 billion (2013 est.) |
| Expenses | $41.87 (2013 est.) |
| Economic aid | recipient ODA $9 million (2010), $642 million (2011), $87 million (2012) |
The Economy of Libya depends primarily upon revenues from the petroleum sector, which contributes practically all export earnings and over half of GDP. These oil revenues and a small population have given Libya the highest nominal per capita GDP in Africa.
After 2000, Libya recorded favourable growth rates with an estimated 10.6% growth of GDP in 2010. This development was interrupted by the Libyan Civil War, which resulted in contraction of the economy by 62.1% in 2011. After the war the economy rebounded by 104.5% in 2012, but it has yet to achieve its pre-war level.
Libya had seen fantastic growth rate, however these proved unsustainable in the face of global oil recession and international sanctions. Consequently, the GDP per capita shrank by 40% in the 1980s. Successful diversification and integration into the international community helped current GDP per capita to cut further deterioration to just 3.2% in the 1990s.
Libyan GDP per capita was about $40 in the early 1920s and it rose to $1,018 by 1967. In 1947 alone, per capita GDP rose by 42 percent.
Below is a chart of trend of gross domestic product of Libya at market prices estimated by the International Monetary Fund with figures in millions of Libyan dinars (LYD).
Notes:
1. For purchasing power parity comparisons, the US Dollar is exchanged at 0.77 Libyan Dinars only.
Mean wages were $9.51 per man-hour in 2009 (amounts to a compensation of $1598 for 21 working days of 8 hours).
Libya is an OPEC member and holds the largest proven oil reserves in Africa (followed by Nigeria and Algeria), 41.5 Gbbl (6.60×109 m3) as of January 2007, up from 39.1 Gbbl (6.22×109 m3) in 2006. About 80% of Libya’s proven oil reserves are located in the Sirte Basin, which is responsible for 90% of the country’s oil output. The state-owned National Oil Corporation (NOC) dominates Libya's oil industry, along with smaller subsidiaries, which combined account for around 50% of the country's oil output. Among NOC's subsidiaries, the largest oil producer is the Waha Oil Company (WOC), followed by the Agoco, Zueitina Oil Company (ZOC), and Sirte Oil Company (SOC). Oil resources, which account for approximately 95% of export earnings, 75% of government receipts, and over 50% of GDP. Oil revenues constitute the principal foreign exchange source. Reflecting the heritage of the command economy, three quarters of employment is in the public sector, and private investment remains small at around 2% of GDP.
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