Economy of Libya

Economy of Libya
	Tripoli, financial capital of Libya
Currency	Libyan dinar (LYD, ل.د)
Fiscal year	calendar year
Trade organisations	OPEC, COMESA, CEN-SAD, AMU
Country group	Developing/Emerging; Upper-middle income economy;
Statistics
Population	6,888,388 (2023)
GDP	$45.75 billion (nominal, 2023 est.); $273.7 billion (PPP, 2024 est.);
GDP rank	93rd (nominal, 2023); 75th (PPP, 2023);
GDP growth	26.7% (2017); 7.9% (2018e); 5.5% (2019f); −58.7% (2020f); +170% (2021);
GDP per capita	$6,716 (nominal, 2023 est.); $36,662 (PPP, 2023 est.);
GDP per capita rank	103rd (nominal, 2023); 71st (PPP, 2023);
GDP by sector	agriculture 1.3%; industry 63.8%; services 34.9%; (2017 est.);
Inflation (CPI)	3.4% (2023)
Population below poverty line	NA%; about one-third of Libyans live at or below the national poverty line;
Gini coefficient	N/A
Human Development Index	0.718 high (2022)
Labour force	2,553,671 (2019); 38.7% employment rate (2012);
Labour force by occupation	agriculture: 17%; industry: 23%; services: 59%; (2004);
Unemployment	30% (2004 est.)
Main industries	petroleum, steel, iron, food processing, textiles, cement
External
Exports	$18.38 billion (2017 est.)
Export goods	crude oil, refined petroleum products, natural gas, chemicals
Main export partners	Italy 24.2%; Germany 10.6%; Spain 9.9%; China 9.22%; France 6.29%; United States 6.25%; Greece 5.95%; Netherlands 4.84%; United Kingdom 4.45%; Thailand 3.25% (2021);
Imports	$11.36 billion (2017 est.)
Import goods	machinery, transport equipment, semi-finished goods, food, consumer products
Main import partners	Turkey 15.1%; Greece 13%; China 11.6%; United Arab Emirates 9.33%; Italy 7.83%; Egypt 4.19%; Germany 3.73%; Tunisia 3.53%; Netherlands 2.92%; South Korea 2.34% (2021);
FDI stock	$20.21 billion (31 December 2017 est.); Abroad: $20.97 billion (31 December 2017 est.);
Current account	$2.574 billion (2017 est.)
Gross external debt	$3.02 billion (31 December 2017 est.)
Public finances
Government debt	4.7% of GDP (2017 est.)
Budget balance	−25.1% (of GDP) (2017 est.)
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)
Foreign reserves	$74.71 billion (31 December 2017 est.)
	Main data source: CIA World Fact Book ; 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. 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.

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