Libya Economy
Is Libya a wealthy country?
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.
Libya Economy Data
What is the GDP of Libya?
| Currency Name and Code | Lybian Dinar (LYD) |
| GDP - Gross Domestic Product (PPP) | $70,650,000,000 (USD) |
| GDP - official exchange rate | $29,720,000,000 (USD) |
| GDP - real growth rate | -6.1% |
| GDP Per Capita | $15,100.00 (USD) |
| GDP by Sector- agriculture | 1.8% |
| GDP by Sector- Industry | 40.2% |
| GDP by Sector- services | 58% |
| GDP - composition, by end use |
household consumption: 80% government consumption: 21.8% investment in fixed capital: 4.1% investment in inventories: 0.8% exports of goods and services: 27.3% imports of goods and services: -34% |
| Inflation Rate | 3% |
| Labor Force | 1,729,000 |
| Labor Force By Occupation- agriculture | 17% |
| Labor Force By Occupation- industry | 23% |
| Labor Force By Occupation- services | 59% |
| Unemployment Rate | 30% |
| Fiscal Year | calendar year |
| Annual Budget | $42,310,000,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | -0.5% |
| Public Debt (% of GDP) | 8% |
| Taxes and other revenues - percent of GDP | 58.6% |
| Major Industries | petroleum, food processing, textiles, handicrafts, cement |
| Industrial Growth Rate | 2.7% |
| Agriculture Products | wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans; cattle |
| Exchange Rate per US Dollar | Libyan dinar (LYD) |
| Commercial Bank Prime Lending Rate | 6% |