fossil fuel: 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. Financial sector reform has also progressed with partial interest rate liberalization. $ 14364 Pop. This reflected in a cut of the country’s current account balance, from a surplus of 21% of GDP in 2010 to 4.5% in 2011.Industrial production in Libya dropped by a half as infrastructure and production facilities were destroyed. 0% (1998), Electricity - consumption: The Government is in the process of preparing a financial sector reform program. The following table shows the main economic indicators in 1980–2017. 24 billion kWh (2007 est), Electricity - production by source: This page was last edited on 25 January 2021, at 04:32. National Authority for Information and Statistics, Socialist People's Libyan Arab Jamahiriya. Find Out, Online tool for visualization and analysis. For purchasing power parity comparisons, the US Dollar is exchanged at 0.77 Libyan Dinars only. NA% The statistic shows gross domestic product (GDP) per capita in Libya from 1985 to 2025. 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. Nominal (current) Gross Domestic Product (GDP) of Libya is $38,107,728,083 (USD) as of 2017.; Real GDP (constant, inflation adjusted) of Libya reached $46,627,921,660 in 2017.; GDP Growth Rate in 2017 was 26.68%, representing a change of 9,819,079,047 US$ over 2016, when Real GDP was $36,808,842,613. Expatriate workers represent an estimated fifth of the labor force. 2010 GDP (USD): $74.77B Add Series. 22.17 billion kWh (2007 est), Electricity - exports: b/d that Libya produced in 2010. The country consistently ranked as the African nation with the highest HDI, standing at 0.755 in 2010, which was 0.041 higher than the next highest African HDI that same year. In 2003, 86% of the population was urban, compared to 45% in 1970. 6.2 HDI 0.85 GDP p.c. [26][27] They tend to earn relatively high wages, taking either skilled or hard manual jobs. Libya GDP Last Previous Highest Lowest Unit; GDP Annual Growth Rate 4.00: 10.90: 104.37-62.10: percent: GDP 52.08: 52.61: 87.14: 20.48: USD Billion: GDP per capita 8122.20: 8038.60: 12064.80: 4539.00: USD: GDP per capita PPP 15174.20: 15018.00: 22539.90: 8479.90: USD 0% [citation needed] Diversification of the economy into manufacturing industries remain a long-term issue. Repsol YPF is joined by a consortium of partners including OMV, Total and Norsk Hydro. Political stability will weaken in the short term, and violence will continue in many parts of the country. other: NA%, Industrial production growth rate: 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. Foreign workers mainly come from the Maghreb, Egypt, Turkey, India, the Philippines, Malaysia, Thailand, Vietnam, Poland, Chad, Sudan, and Bosnia and Herzegovina. 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. In October 1997, a consortium led by British company Lasmo, along with Eni and a group of five South Korean companies, announced that it had discovered large recoverable crude reserves about 800 kilometres (500 mi) south of Tripoli. Libya's economy is structured primarily around the nation's energy sector, which generates about 95% of export earnings, 80% of GDP, and 99% of government income. [17] 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. At 2.6% per year on average, real GDP growth was modest and volatile during the 1990s. In 2011, Libya Oil Holdings had its €38m stake in Irish exploration firm Circle Oil frozen on foot of a European Union order that's been put in place to put pressure on the Gaddafi regime. 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 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. Advertisement Libya's economy, almost entirely dependent on oil and gas exports, struggled during 2015 as the country plunged into civil war and world oil prices dropped to seven-year lows. After the war the economy rebounded by 104.5% in 2012, but then crashed again following the Second Libyan Civil War. The economy before the uprising Libya has a classic oil-dominated economy. Successful diversification and integration into the international community helped current GDP per capita to cut further deterioration to just 3.2% in the 1990s. Over the past 19 years, the value for this indicator has fluctuated between 74,773,450,000 in 2010 and 28,357,140,000 in 2011. The improvement in political and security conditions during the second half of 2017 allowed Libya to double its oil production and achieve record growth (26.7 per cent increase) after four years of stagnation. The Libyan Stock Exchange, established in 2007, is the first exchange of its kind in the country. Oil resources, which account for approximately 95% of export earnings, 75% of government receipts, and over 50% of GDP. ... Health expenditure, private (% of GDP) Health expenditure, public (% of GDP) Health expenditure, total (% of GDP) Hospital beds (per 1,000 people) This page provides the latest reported value for - Libya GDP per capita - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Gross domestic product (GDP) denotes the … Mean wages were $9.51 per man-hour in 2009 (amounts to a compensation of $1598 for 21 working days of 8 hours). Libya then passed to UN administration and achieved independence in 1951. 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. NOC has the largest share of the Waha concession, and additional partners include Marathon and Amerada Hess.[22]. found that 48 percent of 21 cities from all regions of Libya covered in the assessment suffered food shortages and 86 percent experienced price hikes (an increase greater than 20 percent) in March 2020 . World Bank national accounts data, and OECD National Accounts data files. Gross domestic product at basic prices / factor cost 100 100 Wholesale and retail trade, hotels and restaurants - - Figures for 2010 are estimates; for 2011 and later are projections. 104 million kWh (2007), Electricity - imports: Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Libya economic outlook, debt to GDP ratio, international trade performance and population trends. [13] These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa. The Italians supplanted the Ottoman Turks in the area around Tripoli in 1911 and did not relinquish their hold until 1943 when defeated in World War II. wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans, cattle, corn, Libya's economy relies heavily on oil. Libya’s economy is heavily dependent on hydrocarbon production. GDP growth will be negative in 2020 (minus 0.6%) and stabilize around 1.4% over 2021-22, resulting in a GDP per capita at 61% of its 2010 level. Libya is an OPEC member and holds the largest proven oil reserves in Africa (followed by Nigeria and Algeria), 41.5 Gbbl (6.60×109 m3) as of January 2007, up from 39.1 Gbbl (6.22×109 m3) in 2006. 77 million kWh (2007), Agriculture - products: Notes: 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. These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa. Libya - GDP (constant 2010 US$) The latest value for GDP (constant 2010 US$) in Libya was 50,334,720,000 as of 2018. BTI 2010 | Libya 2 Key Indicators Population mn. [14][13], After 2000, Libya recorded favourable growth rates with an estimated 10.6% growth of GDP in 2010. Consequently, the GDP per capita shrank by 40% in the 1980s. [20], Notes: [23], In addition to smaller productions of other agricultural products. This site uses cookies to optimize functionality and give you the best possible experience. The system was a combination of socialism and Islam derived in part from tribal practices and was supposed to be implemented by the Libyan peop… Libya’s economy, previously known for impressive levels of growth driven by its oil and gas industry, was seriously disrupted by the 2011 civil war. However, because of shortages for manual labor, Libya has also attracted important numbers of less skilled immigrants. Census data for 2000 show the share of expatriates earning over LD 300 (US$230) per month was 20%, compared to 12% for Libyan nationals. Libyan GDP per capita was about $40 in the early 1920s and it rose to $1,018 by 1967. [21] Lasmo estimated field production would cost around $1 per barrel. USD 12,062 as of 2010 (IMF estimate); rank 48 worldwide, followed by, Although, in the absence of a labor force survey, estimates are surrounded by considerable uncertainty, The World in 2005 - Worldwide quality-of-life index, 2005, "World Economic Outlook Database, April 2019", "World Economic Outlook Database, October 2019", "Middle East and North Africa Economic Update, October 2019 : Reaching New Heights - Promoting Fair Competition in the Middle East and North Africa p. 5", "Human Development Indices and Indicators: 2018 Statistical update", "Employment to population ratio, 15+, total (%) (national estimate) - Libya", http://www.oecd.org/dac/stats/documentupload/LBY.JPG, "GDP per capita, PPP (constant 2011 international $) | Data", "Report for Selected Countries and Subjects", "OMV's 1st Oil Find in Libya since Revolution", http://www.seenews.com/news/latestnews/bosnia_senergoinvestsees2007profitunchanging_signscontractsinlibya_-151444/, http://www.arabianbusiness.com/506991-bosnian-firm-clinches-52mn-libya-deal?ln=en, Organisation for Economic Co-operation and Development, History of Exploratation of the Petroleum Geology of Libya, Map of the oil and gas infrastructure in Libya, Organization of the Petroleum Exporting Countries, https://en.wikipedia.org/w/index.php?title=Economy_of_Libya&oldid=1002593700, Wikipedia articles in need of updating from March 2015, All Wikipedia articles in need of updating, Short description is different from Wikidata, Articles with unsourced statements from March 2011, Creative Commons Attribution-ShareAlike License, machinery, transport equipment, semi-finished goods, food, consumer products, about one-third of Libyans live at or below the national poverty line. Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. Libya's GDP grew in 2001 due to high oil prices, the end of a long cyclical drought, and increased foreign direct investment following the suspension of UN sanctions in 1999. Moreover, despite the bias of labor market regulations favoring Libyan workers, the mismatch of the educational system with market demand has produced a large pool of expatriate workers, with typically better-suited education and higher productivity. highest 10%: ConocoPhillips operates the Waha fields with a 16.33% share in the project. [25], Although significant, the proportion of expatriate workers is still below oil producing countries in the Persian Gulf. Because oil 0% Despite efforts to diversify the economy and encourage private sector participation, extensive controls of prices, credit, trade, and foreign exchange constrain growth. GDP (constant 2010 US$) - Libya. Roughly 79% of Libya’s export revenue came from crude oil exports, which [24], Libya posted a 3.3% rate of population growth during 1960–2003. growth % p.a. nuclear: WOC's Waha fields currently produce around 350,000 bbl/d (56,000 m3/d). The. A campaign encouraging conversion of qualified civil servants to entrepreneurs, in the face of public sector over employment and declining productivity, does not seem to be producing the desired results thus far.[18]. The Libyan economy is heavily dependent on hydrocarbons, making it sensitive toy changes in the security situation. Libya’s economy was already slowing in 2019 with real GDP growth falling sharply to 2.5% from what seemed a promisingly steady recovery with record growth of 20.8% (on average) in 2017–2018. International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building. Libya gdp growth rate for 2019 was 2.54%, a 12.6% decline from 2018. Reflecting the heritage of the command economy, three-quarters of employment is in the public sector, and private investment remains small at around 2% of GDP.[18]. Climatic conditions and poor soils severely limit farm output, and domestic food production meets only about 25% of demand. Energy Information Administration (2007). Subsidies amounting to 10.6 percent of GDP in 2019 are forecast to remain high in 2020 due to Libya’s complex political economy, which delays needed reforms. lowest 11%: Disinflation is expected to persist over the forecast period (minus 2.8% in average) as parallel market rates converge further towards the official one. The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. In November 2005, Repsol YPF discovered a significant oil deposit of light, sweet crude in the Murzuq Basin. Foreign trade also suffered, with imports being damaged by the blocked access to its foreign assets. The ongoing oil blockade and the coronavirus pandemic will significantly undermine fiscal revenue and economic growth. PopulationPyramid.net Population Pyramids of the World from 1950 to 2100. 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). Please update this article to reflect recent events or newly available information. Population Pyramids: Libya - 2010. If you continue to navigate this website beyond this page, cookies will be placed on your browser. Mailing List - See more. Although agriculture is the second-largest sector in the economy, Libya depends on imports in most foods. Industry experts believe the discovery to be one of the biggest made in Libya for several years. 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). It should be recalled that the 2017 good performance of the Libyan economy came six years after the silly elimination of Colonel Gaddafi, with a +67% extraction peak compared to 2016. FDI into the oil sector is likely, which is attractive due to its low cost of oil recovery, high oil quality, and proximity to European markets. 2010 Population: 6.19M. Inflation below 5% is in green.[16]. ; GDP per Capita in Libya (with a population of 6,580,724 people) was $7,086 in 2017, … Definition: PPP GDP is gross domestic product converted to international dollars using purchasing power parity rates. [19] Most Libyan oil is sold on a term basis, including to the country's Oilinvest marketing network in Europe; to companies like Agip, OMV, Repsol YPF, Tupras, CEPSA, and Total; and small volumes to Asian and South African companies. Recent legislation setting corporate governance standards for financial institutions makes progress towards better management and greater operational independence of public banks. GDP per capita in Libya averaged 8930.60 USD from 1999 until 2019, reaching an all time high of 12064.80 USD in 2010 and a record low of 4539 USD in 2011. The Climate Change Knowledge Portal is a hub of information, data and reports about climate change around the world. Libya gdp per capita … Because of low rainfall levels in Libya, agricultural projects such as the Kufra oasis rely on underground water sources. Although no reliable estimates are available, unemployment is reportedly acute: over 50% of the population under the age of 20. Libya faces a long road ahead in liberalizing the socialist-oriented economy, but initial steps - including applying for WTO membership, reducing some subsidies, and announcing plans for privatization - are laying the groundwork for a transition to a more market-based economy. The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. However, Libyan public banks still lack management structures supported by skills in critical areas like credit, investment, risk management, and information and control systems. In 2007, mining and hydrocarbon industries accounted for well over 95 percent of the Libyan economy. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). 2.7% (2009), Electricity - production: Oil revenues constitute the principal foreign exchange source. Country Report 2017 - Includes Libya real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector. But, as military confrontation escalated in 2019/2020, oil production decreased—from 1.2 million bpd in December 2019 to 0.1 million bpd in April 2020—choking the country’s economic lifeline. We expect real GDP to contract by 25.6% in 2020. Elephant began production in February 2004. Purchasing Power Parity Converted GDP Per Capita (Laspeyres), derived from growth rates of Consumption, Government Consumption, Investment for Libya 2005 International Dollars per Person, Annual, Not Seasonally Adjusted 1986 to 2010 (2012-08-31) This high degree of dependency makes oil production and oil price movements drive the economy. 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. 1. 100% [1], The NOC hopes to raise oil production from 1.80 million bpd in 2006 to 2 million bpd by 2008. Domestic conditions limit output, while higher incomes and a growing population have caused food consumption to rise. 1. Libya from The World Bank: Data. To learn more about cookies, click here. FIGURE 1 • GDP Growth and Oil Production, Libya a. GDP growth has been volatile since 2011 Real GDP 250 100 200 50 150 0 –100 –50 Following a 1969 military coup, Col. Muammar Abu Minyar al-QADHAFI began to espouse his own political system, the Third Universal Theory. Also located in Murzuq Basin is Eni's Elephant field. In 2018 it went much worse, with a 17.9% increase, but in 2019 GDP grew by 9.9% and currently, at the end of 2020, a 58.7% vertical drop in GDP is expected. In 1947 alone, per capita GDP rose by 42 percent. The statistic shows gross domestic product (GDP) in Libya from 1984 to 2017, with projections up until 2021. 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. Open MarketsView Methodology. 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. Libyan agricultural projects and policies are overseen by a General Inspector; there is no Ministry of Agriculture, per se. Oil (and to some extent gas) represents some 65 percent of the country’s GDP, 96 percent of export revenues, and nearly 98 percent of government revenues. According to the International Monetary Fund (IMF), oil and natural gas accounted for nearly 96% of total government revenue and 98% of export revenue in 2012. The latest value for GDP, PPP (constant 2011 international $) in Libya was 123,049,000,000 as of 2018. Overview: In 2018 Libya was the number 87 economy in the world in terms of GDP (current US$), the number 68 in total exports, the number 90 in total imports, the number 93 economy in terms of GDP per capita (current US$) and the number 113 most complex economy according to … Libya 2010 Indicator Cobweb. Libya gdp growth rate … hydro: Libya gdp per capita for 2019 was $7,684, a 2.45% decline from 2018. Real GDP growth has been boosted by high oil revenues, reaching 4.6% in 2004 and 3.5% in 2005. GDP is the total value of all goods and services produced in a country in a year. [15] As of 2017, Libya's per capita PPP GDP stands at 60% of its pre-wars level.[15]. Over the past 19 years, the value for this indicator has fluctuated between 182,793,000,000 in 2010 and 69,322,560,000 in 2011. World Bank national accounts data, and OECD National Accounts data files. Interest rates have been liberalized on deposits, while a lending rate ceiling has been set above the discount rate. 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