Economy of Libya
This article needs to be updated.(March 2015) |
CEN-SAD, AMU | |
Country group |
|
---|---|
Statistics | |
Population | 6,888,388 (2023)[3] |
GDP | |
GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
3.4% (2023)[5] | |
Population below poverty line |
|
N/A | |
0.718 high (2022)[8] | |
Labour force | |
Labour force by occupation |
|
Unemployment | 30% (2004 est.) crude oil, refined petroleum products, natural gas , chemicals |
Main export partners |
|
Imports | $11.36 billion (2017 est.)[7] |
Import goods | machinery, transport equipment, semi-finished goods, food, consumer products |
Main import partners |
|
FDI stock | |
$2.574 billion (2017 est.)[7] | |
Gross external debt | $3.02 billion (31 December 2017 est.)[7] |
Public finances | |
4.7% of GDP (2017 est.)[7] | |
−25.1% (of GDP) (2017 est.)[7] | |
Revenues | 13.47 billion (2022 est.) |
Expenses | 30.61 billion (2022 est.) |
Economic aid | recipient ODA $9 million (2010), $642 million (2011), $87 million (2012)[12] |
$74.71 billion (31 December 2017 est.)[7] | |
The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP.[13] These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa.[14][13]
After 2000,
Macroeconomic trends
Libyan GDP per capita was about $40 in the early 1920s and it rose to $1,018 by 1967. In 1947 alone, per capita GDP rose by 42 percent.
The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation below 5% is in green.[16] The annual unemployment rate is extracted from the World Bank, although the International Monetary Fund find them unreliable.
Year | GDP
(in Bil. US$PPP) |
GDP per capita
(in US$ PPP) |
GDP
(in Bil. US$nominal) |
GDP per capita
(in US$ nominal) |
GDP growth
(real) |
Inflation rate
(in Percent) |
Unemployment
(in Percent) |
Government debt
(in % of GDP) |
---|---|---|---|---|---|---|---|---|
1980 | 97.8 | 32,745.5 | 40.2 | 13,449.6 | 0.6% | 14.3% | n/a | n/a |
1981 | 85.6 | 27,398.5 | 34.7 | 11,107.6 | -20.0% | 13.2% | n/a | n/a |
1982 | 92.3 | 28,202.7 | 34.6 | 10,575.6 | 1.5% | 13.8% | n/a | n/a |
1983 | 91.4 | 26,800.2 | 33.0 | 9,671.5 | -4.7% | 10.5% | n/a | n/a |
1984 | 86.8 | 24,406.1 | 30.9 | 8,681.2 | -8.3% | 12.4% | n/a | n/a |
1985 | 90.1 | 25,471.4 | 30.4 | 8,586.4 | 0.6% | 9.1% | n/a | n/a |
1986 | 81.5 | 22,172.1 | 24.8 | 6,734.0 | -11.4% | 3.4% | n/a | n/a |
1987 | 71.2 | 18,585.1 | 23.0 | 6,002.1 | -14.7% | 4.4% | n/a | n/a |
1988 | 79.3 | 18,346.5 | 25.9 | 5,981.6 | 7.6% | 3.1% | n/a | n/a |
1989 | 88.4 | 19,550.0 | 27.4 | 6,070.1 | 7.2% | 4.5% | n/a | n/a |
1990 | 95.1 | 22,327.7 | 31.6 | 7,424.2 | 3.7% | 0.7% | n/a | 4.7% |
1991 | 116.3 | 26,685.3 | 35.0 | 8,026.3 | 18.3% | 11.7% | 19.8% | 9.6% |
1992 | 113.6 | 25,468.7 | 35.5 | 7,950.5 | -4.5% | 9.5% | 20.0% | 1.2% |
1993 | 109.9 | 24,106.1 | 31.9 | 6,998.3 | -5.5% | 7.5% | 20.0% | -4.6% |
1994 | 115.9 | 24,921.7 | 29.7 | 6,391.1 | 3.2% | 10.7% | 19.9% | -1.6% |
1995 | 100.1 | 21,064.9 | 33.7 | 7,102.9 | -15.4% | 8.3% | 20.0% | 4.8% |
1996 | 103.7 | 21,422.2 | 36.8 | 7,608.8 | 1.8% | 4.0% | 19.8% | 12.2% |
1997 | 102.7 | 20,872.4 | 37.7 | 7,663.0 | -2.6% | 3.6% | 19.8% | -1.3% |
1998 | 103.1 | 20,587.9 | 30.9 | 6,171.8 | -0.7% | 3.7% | 19.8% | -1.5% |
1999 | 104.4 | 20,511.0 | 37.1 | 7,294.5 | -0.2% | 2.6% | 19.7% | 6.4% |
2000 | 111.1 | 21,444.4 | 39.5 | 7,625.0 | 4.0% | -2.9% | 19.7% | 13.6% |
2001 | 116.6 | 22,161.2 | 35.2 | 6,693.1 | 2.6% | -8.8% | 19.7% | 0.4% |
2002 | 114.0 | 21,343.2 | 21.1 | 3,956.5 | -3.7% | -9.9% | 19.6% | 7.0% |
2003 | 135.0 | 24,905.2 | 27.0 | 4,986.3 | 16.1% | -2.1% | 19.5% | 6.2% |
2004 | 146.7 | 26,626.3 | 34.1 | 6,180.4 | 5.8% | 1.3% | 19.5% | 11.3% |
2005 | 167.4 | 29,942.7 | 48.9 | 8,739.2 | 10.6% | 2.7% | 19.4% | 30.4% |
2006 | 173.0 | 30,408.6 | 60.1 | 10,561.4 | 0.3% | 1.5% | 19.4% | 29.1% |
2007 | 188.8 | 32,659.5 | 68.2 | 11,801.3 | 6.2% | 6.2% | 19.4% | 28.4% |
2008 | 192.1 | 32,666.6 | 86.8 | 14,762.6 | -0.2% | 10.4% | 19.4% | 27.7% |
2009 | 184.8 | 31,007.5 | 60.8 | 10,202.8 | -4.4% | 2.4% | 19.4% | -5.5% |
2010 | 196.4 | 32,515.4 | 75.4 | 12,478.0 | 5.0% | 2.5% | 19.3% | 11.5% |
2011 | 99.6 | 16,810.9 | 48.2 | 8,132.3 | -50.3% | 15.9% | 19.4% | -11.5% |
2012 | 172.5 | 27,458.8 | 92.5 | 14,728.1 | 86.8% | 6.1% | 19.0% | 24.6% |
2013 | 144.5 | 23,054.5 | 75.4 | 12,025.6 | -18.0% | 2.6% | 19.5% | -16.3% |
2014 | 126.9 | 20,273.6 | 57.4 | 9,166.6 | -23.0% | 2.4% | 19.5% | -30.5% |
2015 | 137.2 | 21,709.9 | 48.7 | 7,706.7 | -0.8% | 10.0% | 19.5% | -28.5% |
2016 | 137.4 | 21,520.7 | 49.9 | 7,817.6 | -1.5% | 25.9% | 19.5% | -29.3% |
2017 | 154.4 | 23,949.3 | 67.2 | 10,414.1 | 32.5% | 25.9% | 19.4% | -11.1% |
2018 | 170.7 | 26,207.0 | 76.7 | 11,773.8 | 7.9% | 14.0% | 19.5% | 9.4% |
2019 | 154.3 | 23,454.9 | 69.2 | 10,526.3 | -11.2% | -2.9% | 19.7% | 11.9% |
2020 | 110.1 | 16,575.1 | 46.9 | 7,056.7 | -29.5% | 1.5% | 20.1% | -22.3% |
2021 | 147.1 | 21,929.0 | 39.0 | 5,813.3 | 28.3% | 2.8% | 19.6% | 11.3% |
2022 | 128.4 | 18,944.7 | 40.8 | 6,025.7 | -18.5% | 5.5% | n/a | 15.8% |
2023 | 156.7 | 22,899.5 | 43.8 | 6,391.8 | 17.9% | 4.0% | n/a | 22.1% |
2024 | 172.8 | 24,997.2 | 45.6 | 6,599.0 | 8.0% | 3.0% | n/a | 18.8% |
2025 | 188.8 | 27,034.7 | 47.7 | 6,836.3 | 7.2% | 3.0% | n/a | 16.5% |
2026 | 200.5 | 28,434.6 | 49.1 | 6,964.6 | 4.2% | 3.0% | n/a | 13.5% |
2027 | 212.8 | 29,874.1 | 50.5 | 7,096.0 | 4.1% | 3.1% | n/a | 9.7% |
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).
Oil sector
Libya is an
Falling world oil prices in the early 1980s and economic sanctions caused a serious decline in economic activity, eventually leading to a slow private sector rehabilitation. At 2.6% per year on average,
Although UN sanctions were suspended in 1999, foreign investment in the Libyan gas and oil sectors were severely curtailed due to the U.S. Iran and Libya Sanctions Act (ILSA), which capped the amount foreign companies can invest in Libya yearly at $20 million (lowered from $40 million in 2001). As of May 2006, the U.S. has removed Libya from its list of states that sponsor terrorism and has normalised ties and removed sanctions. This clears the road for U.S. oil companies to exploit Libyan oil and is expected to have a positive impact on the Libyan economy. [1]
The NOC hopes to raise oil production from 1.80 million bpd in 2006 to 2 million bpd by 2008. FDI into the oil sector is likely, which is attractive due to its low cost of
Statistic | Amount |
---|---|
Proven Oil Reserves (2007E) | 41.5 Gbbl (6.60×10 9 m3) |
Oil Production (2006E) | 1.8 million barrels per day (290×10 3 m3/d) (95% crude) |
Oil Consumption (2006E) | 284,000 barrels per day (45,200 m3/d) |
Net Oil Exports (2006E) | 1.5 million barrels per day (240×10 3 m3/d) |
Crude Oil Distillation Capacity (2006E) | 378 kbbl/d (60.1×10 3 m3/d) |
Proven Natural Gas Reserves (2007E) | 52.7×10 12 cu ft (1.49×1012 m3) |
Natural Gas Production (2006E) | 3,999×10 9 cu ft (1.132×1011 m3) |
Natural Gas consumption (2005E) | 206×10 9 cu ft (5.8×109 m3) |
Notes:
1. Energy Information Administration (2007)
Field Development and Exploration
In November 2005,
WOC's Waha fields currently produce around 350,000 bbl/d (56,000 m3/d). In 2005, ConocoPhillips and co-venturers reached an agreement with NOC to return to its operations in Libya and extend the Waha concession 25 years. ConocoPhillips operates the Waha fields with a 16.33% share in the project. NOC has the largest share of the Waha concession, and additional partners include Marathon and
Refining and Downstream
Libya has five domestic
Refinery | Capacity | Operator |
---|---|---|
Zawia Refinery | 120,000 | ZOC |
Ras Lanuf Refinery | 220,000 | Ras Lanuf |
El-Brega Refinery | 10,000 | SOC |
Tobruk Refinery | 20,000 | Agoco |
Sarir Refinery | 10,000 | Agoco |
Notes:
1. Amounts in barrels per day.
Diversification
In 2007, mining and hydrocarbon industries accounted for well over 95 percent of the Libyan economy.[citation needed] Diversification of the economy into manufacturing industries remain a long-term issue.
Although
Libya produced in 2018:
- 348 thousand tons of potato;
- 236 thousand tons of watermelon;
- 215 thousand tons of tomato;
- 188 thousand tons of olive;
- 183 thousand tons of onion;
- 176 thousand tons of date;
- 138 thousand tons of wheat;
- 93 thousand tons of barley;
- 72 thousand tons of vegetable;
- 60 thousand tons of plum;
- 53 thousand tons of orange;
In addition to smaller productions of other agricultural products. [24]
Tourism
The tourism industry was heavily hit by the
Labor market
Libya posted a 3.3% rate of population growth during 1960–2003. In 2003, 86% of the population was
Although significant, the proportion of expatriate workers is still below oil producing countries in the
External trade and finance
The Government is in the process of preparing a financial sector reform program. Recent legislation setting corporate governance standards for financial institutions makes progress towards better management and greater operational independence of public banks. However, Libyan public banks still lack management structures supported by skills in critical areas like
The new banking law reinforces the independence of the Central Bank of Libya (CBL) and offers a legal framework for regulating banking activities, even if some provisions call for improvement. Despite progress brought by the new banking Law that specifies and limits its duties and responsibilities, the CBL remains the owner of the public banks, with the associated potential conflict of interest between ownership and regulation.
Financial sector reform has also progressed with partial
In 2011,
Two trans-African automobile routes pass through Libya:
- Cairo-Dakar Highway
- Tripoli-Cape Town Highway
Statistics
Household income or consumption by percentage share:
lowest 11%:
NA%
highest 10%:
NA%
Industrial production growth rate: 2.7% (2009)
Electricity - production: 24 billion kWh (2007 est)
Electricity - production by source:
fossil fuel:
100%
hydro:
0%
nuclear:
0%
other:
0% (1998)
Electricity - consumption: 22.17 billion kWh (2007 est)
Electricity - exports: 104 million kWh (2007)
Electricity - imports: 77 million kWh (2007)
Agriculture - products: wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans, cattle, corn
International rankings
Organisation | Survey | Ranking |
---|---|---|
The Economist | The World in 2005 - Worldwide quality-of-life index, 2005 | 70 out of 111 |
Energy Information Administration | Greatest Oil Reserves by Country, 2006 | 9 out of 20 |
Reporters Without Borders | Press Freedom Index (2007) | 155 out of 169 |
Transparency International | Corruption Perceptions Index 2007 | 131 out of 180 |
United Nations Development Programme | Human Development Index 2005 | 58 out of 177 |
Notes
- ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Archived from the original on 10 October 2020. Retrieved 29 September 2019.
- ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.
- ^ "Population, total - Libya". worldometers.info. WorldoMeters. Archived from the original on 6 May 2019. Retrieved 15 November 2023.
- ^ "Economy in Libya compared to the EU". Worlddata.info. Archived from the original on 8 March 2024. Retrieved 5 March 2024.
- ^ a b c d "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Archived from the original on 29 July 2020. Retrieved 15 November 2019.
- ^ "The World Factbook- Libya". Central Intelligence Agency. Archived from the original on 9 January 2021. Retrieved 5 May 2018.
- ^ a b c d e f g h i j k l "The World Factbook". CIA.gov. Central Intelligence Agency. Archived from the original on 9 January 2021. Retrieved 10 February 2019.
- ^ "Human Development Report 2021/2022" (PDF). United Nations Development Programme. 8 September 2022. Archived (PDF) from the original on 9 October 2022. Retrieved 8 September 2022.
- ^ "Labor force, total - Libya". data.worldbank.org. World Bank. Archived from the original on 9 July 2021. Retrieved 27 November 2019.
- ^ "Employment to population ratio, 15+, total (%) (national estimate) - Libya". data.worldbank.org. World Bank. Archived from the original on 27 November 2019. Retrieved 27 November 2019.
- ^ a b "Foreign trade partners of Libya". The Observatory of Economic Complexity. Archived from the original on 5 April 2023. Retrieved 18 June 2021.
- ^ http://www.oecd.org/dac/stats/documentupload/LBY.JPG Archived 25 January 2018 at the Wayback Machine OECD Statistics
- ^ a b "Libya". Organization of the Petroleum Exporting Countries. Archived from the original on 19 May 2014. Retrieved 5 May 2018.
- ^ USD 12,062 as of 2010 (IMF estimate); rank 48 worldwide, followed by Equatorial Guinea with USD 11,081 on rank 51.
- ^ a b "GDP per capita, PPP (constant 2011 international $) | Data". data.worldbank.org. Archived from the original on 3 September 2018. Retrieved 3 September 2018.
- ^ "Report for Selected Countries and Subjects". Archived from the original on 22 October 2022. Retrieved 22 October 2022.
- ^ Oil and Gas Journal, 2007
- ^ a b World Bank 2006
- ^ International Crude Oil Market Handbook
- ^ EIA 2007
- ^ "OMV's 1st Oil Find in Libya since Revolution". libya-businessnews.com/. Libya Business News. 22 October 2013. Archived from the original on 8 December 2013. Retrieved 4 September 2015.
- ^ EIA 2007 p.3
- ^ Doing Business in LIBYA: A Country Commercial Guide for U.S. Companies, March, 2006
- ^ "Libya production in 2018, by FAO". Archived from the original on 12 November 2016. Retrieved 1 November 2020.
- ISBN 9789210557740. Archivedfrom the original on 3 June 2018. Retrieved 11 March 2018.
- ^ "Tripoli, Libya – A Prosperous Prospect. - Tuesday, 23rd September 2008 at 4Hoteliers". 4hoteliers.com. Archived from the original on 16 February 2012. Retrieved 11 March 2012.
- ^ Although, in the absence of a labor force survey, estimates are surrounded by considerable uncertainty
- ^ http://www.seenews.com/news/latestnews/bosnia_senergoinvestsees2007profitunchanging_signscontractsinlibya_-151444/ Archived 27 February 2008 at the Wayback Machine Bosnia's Energoinvest Sees 2007 Profit Flat, Signs Contracts in Libya, Algeria
- ^ http://www.arabianbusiness.com/506991-bosnian-firm-clinches-52mn-libya-deal?ln=en Archived 5 January 2008 at the Wayback Machine Bosnian firm clinches $52mn Libya deal
- ^ "Libya Stake in Circle Oil Frozen". Archived from the original on 13 March 2011. Retrieved 13 March 2011.
References
- Energy Information Administration (2007) Libya: Country Analysis Brief
- World Bank (2006), Libya: Economic Report, Social & Economic Development Group
- P. Mobbs (2002) Mineral Industry of Libya
- T. Ahlbrandt (2001) Sirte Basin Province: Sirte-Zelten Total Petroleum System USGS
- Central Bank Of Libya Economic Bulletin Socialist People's Libyan Arab Jamahiriya
- National Authority for Information and Statistics, Socialist People's Libyan Arab Jamahiriya.
- Pilat D., Innovation and Productivity in Services - State of the Art, Organisation for Economic Co-operation and Development, Directorate for Science, Technology, and Industry, Paris. 2000
- GSPLA. Agriculture achievements in 20 years. Secretariat of Agriculture Land Reclamation and Animal Wealth. 1989
- GSPLA. Agriculture in Libya. Facts and Figure 1970.
- Mohamed Al Genedal. Agriculture in Libya. Arab Book Publishers 1978.
- Ali Rahuma. Cost of barley and wheat production in some state managed agricultural projects. J. Agric. Res. 1989
- Future of food economics in the Arab State. Vol. 4. Statistics. 1979.
- Statistical index 1970. Ministry of Economic and Planning.
See also
- Central Bank of Libya
- List of companies of Libya
- List of banks in Libya
- United Nations Economic Commission for: Africa & Western Asia