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Concept
Economy of Libya
Summary
The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa.
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. As of 2017, Libya's per capita PPP GDP stands at 60% of its pre-war level.
Libyan GDP per capita was about 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. The annual unemployment rate is extracted from the World Bank, although the International Monetary Fund find them unreliable.
Notes:
- For purchasing power parity comparisons, the US Dollar is exchanged at 0.77 Libyan Dinars only. Mean wages were 1598 for 21 working days of 8 hours). Energy in Libya Libya is an OPEC member and holds the largest proven oil reserves in Africa (followed by Nigeria and Algeria), as of January 2007, up from 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.
Official source
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