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Economy of Libya
 | This article needs to be updated. (March 2015) |
 Tripoli, financial capital of Libya | |
| Currency | Libyan dinar (LYD, ل.د) |
|---|---|
| calendar year | |
Trade organisations | OPEC, COMESA, CEN-SAD, AMU |
Country group |
|
| Statistics | |
| Population |  7,417,134 (2024)[3] |
| GDP | |
| GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
| 2% (2024)[4] | |
Population below poverty line |
|
| N/A | |
 0.718 high (2022)[7] | |
Labour force | |
Labour force by occupation |
|
| Unemployment |  18.74% (2023 est.)[6] |
Main industries | petroleum, steel, iron, food processing, textiles, cement |
| External | |
| Exports | $32.38 billion (2021 est.)[6] |
Export goods | crude oil, refined petroleum products, natural gas, chemicals |
Main export partners | |
| Imports | $25.406 billion (2021 est.)[6] |
Import goods | machinery, transport equipment, semi-finished goods, food, consumer products |
Main import partners | |
FDI stock | |
| $5.675 billion (2021 est.)[6] | |
Gross external debt | $3.02 billion (31 December 2017 est.)[6] |
| Public finances | |
| 4.7% of GDP (2017 est.)[6] | |
| −25.1% (of GDP) (2017 est.)[6] | |
| Revenues | 28.005 billion (2019 est.)[6] |
| Expenses | 37.475 billion (2019 est.)[6] |
| Economic aid | recipient ODA $9 million (2010), $642 million (2011), $87 million (2012)[10] |
| $74.71 billion (31 December 2017 est.)[6] | |
All values, unless otherwise stated, are in US dollars. | |
The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP.[11] These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa.[12][11]
After 2000, Libya recorded favorable 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. It crashed again following the Second Libyan Civil War.[13] As of 2017, Libya's per capita PPP GDP stands at 60% of its pre-war level.[13]
- ^ "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.
- ^ a b c d e "World Economic Outlook". IMF.org. International Monetary Fund.
- ^ "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 m n o p "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.
- ^ 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.
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