Libya - Economy
How is the economy of Libya? Based on the information we have, Libya has a upper middle-income, fossil fuel-based North African economy; 31% economic contraction due to COVID-19 and 2020 oil blockade; reduced government spending; central bank had to devalue currency; public wages are over 60% of expenditures. Key agricultural products in this country include: potatoes, watermelons, tomatoes, onions, dates, milk, olives, chicken, wheat, vegetables (2022).
More about the economy of Libya
| Labor force | 2.398 million (2023 est.) |
|---|---|
| Industrial production growth rate | 12.54% (2023 est.) |
| Industries | petroleum, petrochemicals, aluminum, iron and steel, food processing, textiles, handicrafts, cement |
| Population below poverty line | |
| Taxes and other revenues | 51.6% (of GDP) (2017 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Libyan dinars (LYD) per US dollar - |
| Exchange rates 2023 | 4.813 (2023 est.) |
| Exchange rates 2022 | 4.813 (2022 est.) |
| Exchange rates 2021 | 4.514 (2021 est.) |
| Exchange rates 2020 | 1.389 (2020 est.) |
| Exchange rates 2019 | 1.398 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $92.427 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $86.683 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $82.262 billion (2021 est.) |
| Current account balance | |
| Current account balance 2021 | $5.675 billion (2021 est.) |
| Current account balance 2020 | -$4.78 billion (2020 est.) |
| Current account balance 2019 | $4.817 billion (2019 est.) |
| Public debt | |
| Public debt 2017 | 4.7% of GDP (2017 est.) |
| Budget | |
| Revenues | $28.005 billion (2019 est.) |
| Expenditures | $37.475 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2022 | 0% of GDP (2022 est.) |
| Remittances 2021 | 0% of GDP (2021 est.) |
| Remittances 2020 | 0% of GDP (2020 est.) |
| Imports | |
| Imports 2021 | $25.406 billion (2021 est.) |
| Imports 2020 | $14.334 billion (2020 est.) |
| Imports 2019 | $25.368 billion (2019 est.) |
| Imports (partners) | Turkey 15%, China 12%, Italy 12%, Greece 10%, UAE 7% (2022) |
| Comodities Imports force | refined petroleum, cars, garments, broadcasting equipment, tobacco (2022) |
| Exports | |
| Imports 2021 | $25.406 billion (2021 est.) |
| Imports 2020 | $14.334 billion (2020 est.) |
| Imports 2019 | $25.368 billion (2019 est.) |
| Exports (partners) | Italy 26%, Spain 10%, Germany 9%, China 7%, France 6% (2022) |
| Comodities Exports force | crude petroleum, natural gas, gold, refined petroleum, scrap iron (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $121.951 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $124.026 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $122.39 billion (2021 est.) |
| GDP (official exchange rate) | $50.492 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $17,700 (2023 est.) |
| Real GDP per capita 2022 | $18,200 (2022 est.) |
| Real GDP per capita 2021 | $18,200 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 1.6% (2023 est.) |
| Industry | 85% (2023 est.) |
| Services | 46.6% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 26.1% (2023 est.) |
| Government consumption | 31.8% (2023 est.) |
| Investment in fixed capital | 16.1% (2018 est.) |
| Investment in inventories | -1.4% (2023 est.) |
| Exports of goods and services | 68.6% (2023 est.) |
| Imports of goods and services | -41.3% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 18.74% (2023 est.) |
| Unemployment rate 2022 | 19.32% (2022 est.) |
| Unemployment rate 2021 | 19.6% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 49.4% (2023 est.) |
| Male | 41.2% (2023 est.) |
| Female | 68% (2023 est.) |
All Important Facts about Libya
Want to know more about Libya? Check all different factbooks for Libya below.
