Editing Economy of Libya

{{Update|date=March 2015}}
{{Use dmy dates|date=March 2020}}
{{Short description|none}}
{{Infobox economy
| country = Libya
| image = File:Tripoli_Central_Business_District_from_Oea_Park.JPG
| caption = [[Tripoli, Libya|Tripoli]], financial capital of Libya
| currency = [[Libyan dinar]] (LYD, ل.د)
| year = calendar year
| organs = [[OPEC]], [[Common Market for Eastern and Southern Africa|COMESA]], [[Community of Sahel-Saharan States|CEN-SAD]], [[Arab Maghreb Union|AMU]]
| group = {{plainlist|
* [[Developing country|Developing/Emerging]]<ref>{{cite web |url=https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/weoselco.aspx?g=2200&sg=All+countries+%2f+Emerging+market+and+developing+economies |title=World Economic Outlook Database, April 2019 |publisher=[[International Monetary Fund]] |website=IMF.org |access-date=29 September 2019 |archive-date=10 October 2020 |archive-url=https://web.archive.org/web/20201010203013/https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/weoselco.aspx?g=2200&sg=All+countries+%2F+Emerging+market+and+developing+economies |url-status=live }}</ref>
*Upper-middle income economy<ref>{{cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=[[World Bank]] |website=datahelpdesk.worldbank.org |access-date=29 September 2019 |archive-date=28 October 2019 |archive-url=https://web.archive.org/web/20191028223324/https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |url-status=live }}</ref>}}
| population = {{IncreaseNeutral}} 7,417,134 (2024)<ref>{{cite web |url=https://www.worldometers.info/world-population/libya-population/ |title=Population, total - Libya |publisher=[[WorldoMeters]] |website=worldometers.info |access-date=15 November 2023 |archive-date=6 May 2019 |archive-url=https://web.archive.org/web/20190506025213/https://www.worldometers.info/world-population/libya-population/ |url-status=live }}</ref>
| gdp = {{plainlist|
*{{increase}} $44.812 billion (nominal, 2024 est.)<ref name="IMFWEOLY"/>
*{{increase}} $106.12 billion ([[Purchasing power parity|PPP]], 2024 est.)<ref name="IMFWEOLY">{{cite web |url=https://www.imf.org/external/datamapper/profile/LBY |title=World Economic Outlook |publisher=[[International Monetary Fund]] |website=IMF.org}}</ref>}}
| per capita = {{plainlist|
*{{increase}} $6,482 (nominal, 2024 est.)<ref name="IMFWEOLY"/>
*{{increase}} $45,000 ([[Purchasing power parity|PPP]], 2024 est.)<ref name="IMFWEOLY"/>}}
| gdp rank = {{plainlist|
*[[List of countries by GDP (nominal)|98th (nominal, 2024)]]
*[[List of countries by GDP (PPP)|98th (PPP, 2024)]]}}
| per capita rank = {{plainlist|
*[[List of countries by GDP (nominal) per capita|103rd (nominal, 2024)]]
*[[List of countries by GDP (PPP) per capita|107th (PPP, 2024)]]}}
| growth = {{plainlist|
*10.2% (2023) 
*2.4% (2024e)
*13.7% (2025f) 
*4.1% (2026f)}}
| sectors = {{plainlist|
*agriculture 1.3%
*industry 52.3%
*services 46.4%
*(2017 est.)<ref name="CIA World Fact Book - Libya's economy">{{cite web |url=https://www.cia.gov/the-world-factbook/countries/libya/ |title=The World Factbook- Libya |publisher=Central Intelligence Agency |access-date=5 May 2018 |archive-date=9 January 2021 |archive-url=https://web.archive.org/web/20210109235257/https://www.cia.gov/the-world-factbook/countries/libya |url-status=live }}</ref>}}
| inflation = 2% (2024)<ref name="IMFWEOLY"/>
| poverty = {{plainlist|
*NA%
*about one-third of Libyans live at or below the national poverty line<ref name="CIAWFLY"/>}}
| gini = N/A
| hdi = {{increase}} 0.718 {{color|green|high}} (2022)<ref name="HDI">{{cite web|url=https://hdr.undp.org/system/files/documents/global-report-document/hdr2021-22pdf_1.pdf|title=Human Development Report 2021/2022|language=en|publisher=[[United Nations Development Programme]]|date=8 September 2022|access-date=8 September 2022|archive-date=9 October 2022|archive-url=https://ghostarchive.org/archive/20221009/https://hdr.undp.org/system/files/documents/global-report-document/hdr2021-22pdf_1.pdf|url-status=live}}</ref>
| labor = {{plainlist|
*{{increase}} 2,534,196 (2023)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=LY |title=Labor force, total - Libya |publisher=[[World Bank]] |website=data.worldbank.org |access-date=27 November 2019 |archive-date=9 July 2021 |archive-url=https://web.archive.org/web/20210709182855/https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=LY |url-status=live }}</ref>
*38.7% employment rate (2012)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS?locations=LY |title=Employment to population ratio, 15+, total (%) (national estimate) - Libya |publisher=[[World Bank]] |website=data.worldbank.org |access-date=27 November 2019 |archive-date=27 November 2019 |archive-url=https://web.archive.org/web/20191127164352/https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS%3Flocations%3DLY |url-status=live }}</ref>}}
| occupations = {{plainlist|
*agriculture: 17%
*industry: 23%
*services: 59%
*(2004)<ref name="CIAWFLY"/>}}
| unemployment = {{decreasepositive}} 18.74% (2023 est.)<ref name="CIAWFLY">{{cite web |url=https://www.cia.gov/the-world-factbook/countries/libya/ |title=The World Factbook |publisher=[[Central Intelligence Agency]] |website=CIA.gov |access-date=10 February 2019 |archive-date=9 January 2021 |archive-url=https://web.archive.org/web/20210109235257/https://www.cia.gov/the-world-factbook/countries/libya |url-status=live }}</ref>
| edbr = {{steady}} [[Ease of doing business index#Ranking|186th (below average, 2020)]]<ref>{{cite web |url=http://www.doingbusiness.org/data/exploreeconomies/libya |title=Ease of Doing Business in Libya |publisher=Doingbusiness.org |access-date=2017-11-29 |archive-date=7 February 2017 |archive-url=https://web.archive.org/web/20170207215739/http://www.doingbusiness.org/data/exploreeconomies/libya |url-status=live }}</ref>|
| industries = [[petroleum]], [[steel]], [[iron]], [[food processing]], [[textiles]], [[cement]]
| FDI = {{plainlist|
*{{increase}} $92.427 billion (2023 est.)<ref name="CIAWFLY"/>
*{{decrease}} Abroad: $20.97 billion (31 December 2017 est.)<ref name="CIAWFLY"/>}}
| exports = {{increase}} $32.38 billion (2021 est.)<ref name="CIAWFLY"/>
| export-goods = [[crude oil]], refined petroleum products, [[natural gas]], chemicals
| export-partners = {{plainlist|
*{{flag|Italy}} 26%
*{{flag|Spain}} 10%
*{{flag|Germany}} 9%
*{{flag|China}} 7%
*{{flag|France}} 6% (2022)<ref name="CIAWFLY"/>}}
| imports = $25.406 billion (2021 est.)<ref name="CIAWFLY"/>
| import-goods = machinery, transport equipment, semi-finished goods, food, consumer products
| import-partners = {{plainlist|
*{{flag|Turkey}} 15%
*{{flag|China}} 12%
*{{flag|Italy}} 12%
*{{flag|Greece}} 10%
*{{flag|UAE}} 7% (2022)<ref name="CIAWFLY"/>}}
| current account = {{increase}} $5.675 billion (2021 est.)<ref name="CIAWFLY"/>
| gross external debt = {{decreasePositive}} $3.02 billion (31 December 2017 est.)<ref name="CIAWFLY"/>
| debt = {{decreasePositive}} 4.7% of GDP (2017 est.)<ref name="CIAWFLY"/>
| revenue = 28.005 billion (2019 est.)<ref name="CIAWFLY"/>
| expenses = 37.475 billion (2019 est.)<ref name="CIAWFLY"/>
| balance = −25.1% (of GDP) (2017 est.)<ref name="CIAWFLY"/>
| aid = recipient [[Official development assistance|ODA]] $9 million (2010), $642 million (2011), $87 million (2012)<ref>http://www.oecd.org/dac/stats/documentupload/LBY.JPG {{Webarchive|url=https://web.archive.org/web/20180125134442/http://www.oecd.org/dac/stats/documentupload/LBY.JPG |date=25 January 2018 }} OECD Statistics</ref>
| reserves = {{increase}} $74.71 billion (31 December 2017 est.)<ref name="CIAWFLY"/>
| cianame = libya
}}
The '''economy of Libya''' depends primarily on revenues from the [[petroleum industry|petroleum sector]], which represents over 95% of export earnings and 60% of [[Gross domestic product|GDP]].<ref name="OPEC - Libya">{{cite web |url=http://www.opec.org/opec_web/en/about_us/166.htm |title=Libya |publisher=Organization of the Petroleum Exporting Countries |access-date=5 May 2018 |archive-date=19 May 2014 |archive-url=https://web.archive.org/web/20140519225427/http://www.opec.org/opec_web/en/about_us/166.htm |url-status=live }}</ref> These oil revenues and a small population have given Libya one of the highest [[List of countries by GDP (nominal) per capita|nominal per capita GDP]] in [[Economy of Africa|Africa]].<ref>USD 12,062 as of 2010 (IMF estimate); rank 48 worldwide, followed by [[Equatorial Guinea]] with USD 11,081 on rank 51.</ref><ref name="OPEC - Libya" />

After 2000, [[Libya]] recorded favorable growth rates with an estimated 10.6% growth of GDP in 2010. This development was interrupted by the [[2011 Libyan Civil War|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]].<ref name=":0">{{Cite web|url=https://data.worldbank.org/indicator/NY.GDP.PCAP.PP.KD?locations=LY|title=GDP per capita, PPP (constant 2011 international $) {{!}} Data|website=data.worldbank.org|language=en-us|access-date=2018-09-03|archive-date=3 September 2018|archive-url=https://web.archive.org/web/20180903215223/https://data.worldbank.org/indicator/NY.GDP.PCAP.PP.KD?locations=LY|url-status=live}}</ref> As of 2024, Libya's [[List of countries by GDP (PPP) per capita|per capita PPP GDP]] stands at only 65% of its pre-war level in 2010.<ref>{{cite web |url=https://www.imf.org/external/datamapper/PPPPC@WEO/LBY?zoom=LBY&highlight=LBY |title=IMF World Economic Outlook Chart 2024 |author=<!--Staff writer(s); no by-line.--> |access-date=9 April 2025 |url-status=live }}</ref>

==Macroeconomic trends==
Libyan GDP per capita was about $40 in the early 1920s and it rose to $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.<ref>{{cite web | url=https://www.imf.org/en/Publications/WEO/weo-database/2022/October/weo-report?c=672,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,GGXONLB_NGDP,&sy=1980&ey=2027&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 | title=Report for Selected Countries and Subjects | access-date=22 October 2022 | archive-date=22 October 2022 | archive-url=https://web.archive.org/web/20221022051408/https://www.imf.org/en/Publications/WEO/weo-database/2022/October/weo-report?c=672,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,GGXONLB_NGDP,&sy=1980&ey=2027&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 | url-status=live }}</ref> The annual unemployment rate is extracted from the [[World Bank]], although the [[International Monetary Fund]] find them unreliable.
{| class="wikitable" style="text-align:center;"
!Year
!GDP
<small>(in Bil. US$PPP)</small>
!GDP per capita
<small>(in US$ PPP)</small>
!GDP
<small>(in Bil. US$nominal)</small>
!GDP per capita
<small>(in US$ nominal)</small>
!GDP growth
<small>(real)</small>
!Inflation rate
<small>(in Percent)</small>
!Unemployment
<small>(in Percent)</small>
!Government debt
<small>(in % of GDP)</small>
|-
|1980
|97.8
|32,745.5
|40.2
|13,449.6
|{{Increase}}0.6%
|{{IncreaseNegative}}14.3%
|n/a
|n/a
|-
|1981
|{{Decrease}}85.6
|{{Decrease}}27,398.5
|{{Decrease}}34.7
|{{Decrease}}11,107.6
|{{Decrease}}-20.0%
|{{IncreaseNegative}}13.2%
|n/a
|n/a
|-
|1982
|{{Increase}}92.3
|{{Increase}}28,202.7
|{{Decrease}}34.6
|{{Decrease}}10,575.6
|{{Increase}}1.5%
|{{IncreaseNegative}}13.8%
|n/a
|n/a
|-
|1983
|{{Decrease}}91.4
|{{Decrease}}26,800.2
|{{Decrease}}33.0
|{{Decrease}}9,671.5
|{{Decrease}}-4.7%
|{{IncreaseNegative}}10.5%
|n/a
|n/a
|-
|1984
|{{Decrease}}86.8
|{{Decrease}}24,406.1
|{{Decrease}}30.9
|{{Decrease}}8,681.2
|{{Decrease}}-8.3%
|{{IncreaseNegative}}12.4%
|n/a
|n/a
|-
|1985
|{{Increase}}90.1
|{{Increase}}25,471.4
|{{Decrease}}30.4
|{{Decrease}}8,586.4
|{{Increase}}0.6%
|{{IncreaseNegative}}9.1%
|n/a
|n/a
|-
|1986
|{{Decrease}}81.5
|{{Decrease}}22,172.1
|{{Decrease}}24.8
|{{Decrease}}6,734.0
|{{Decrease}}-11.4%
|{{Increase}}3.4%
|n/a
|n/a
|-
|1987
|{{Decrease}}71.2
|{{Decrease}}18,585.1
|{{Decrease}}23.0
|{{Decrease}}6,002.1
|{{Decrease}}-14.7%
|{{Increase}}4.4%
|n/a
|n/a
|-
|1988
|{{Increase}}79.3
|{{Decrease}}18,346.5
|{{Increase}}25.9
|{{Decrease}}5,981.6
|{{Increase}}7.6%
|{{Increase}}3.1%
|n/a
|n/a
|-
|1989
|{{Increase}}88.4
|{{Increase}}19,550.0
|{{Increase}}27.4
|{{Increase}}6,070.1
|{{Increase}}7.2%
|{{Increase}}4.5%
|n/a
|n/a
|-
|1990
|{{Increase}}95.1
|{{Increase}}22,327.7
|{{Increase}}31.6
|{{Increase}}7,424.2
|{{Increase}}3.7%
|{{Increase}}0.7%
|n/a
|4.7%
|-
|1991
|{{Increase}}116.3
|{{Increase}}26,685.3
|{{Increase}}35.0
|{{Increase}}8,026.3
|{{Increase}}18.3%
|{{IncreaseNegative}}11.7%
|19.8%
|{{IncreaseNegative}}9.6%
|-
|1992
|{{Decrease}}113.6
|{{Decrease}}25,468.7
|{{Increase}}35.5
|{{Decrease}}7,950.5
|{{Decrease}}-4.5%
|{{IncreaseNegative}}9.5%
|{{IncreaseNegative}}20.0%
|{{DecreasePositive}}1.2%
|-
|1993
|{{Decrease}}109.9
|{{Decrease}}24,106.1
|{{Decrease}}31.9
|{{Decrease}}6,998.3
|{{Decrease}}-5.5%
|{{IncreaseNegative}}7.5%
|{{Steady}}20.0%
|{{DecreasePositive}}-4.6%
|-
|1994
|{{Increase}}115.9
|{{Increase}}24,921.7
|{{Decrease}}29.7
|{{Decrease}}6,391.1
|{{Increase}}3.2%
|{{IncreaseNegative}}10.7%
|{{DecreasePositive}}19.9%
|{{IncreaseNegative}}-1.6%
|-
|1995
|{{Decrease}}100.1
|{{Decrease}}21,064.9
|{{Increase}}33.7
|{{Increase}}7,102.9
|{{Decrease}}-15.4%
|{{IncreaseNegative}}8.3%
|{{IncreaseNegative}}20.0%
|{{IncreaseNegative}}4.8%
|-
|1996
|{{Increase}}103.7
|{{Increase}}21,422.2
|{{Increase}}36.8
|{{Increase}}7,608.8
|{{Increase}}1.8%
|{{Increase}}4.0%
|{{DecreasePositive}}19.8%
|{{IncreaseNegative}}12.2%
|-
|1997
|{{Decrease}}102.7
|{{Decrease}}20,872.4
|{{Increase}}37.7
|{{Increase}}7,663.0
|{{Decrease}}-2.6%
|{{Increase}}3.6%
|{{Steady}}19.8%
|{{DecreasePositive}}-1.3%
|-
|1998
|{{Increase}}103.1
|{{Decrease}}20,587.9
|{{Decrease}}30.9
|{{Decrease}}6,171.8
|{{Decrease}}-0.7%
|{{Increase}}3.7%
|{{Steady}}19.8%
|{{DecreasePositive}}-1.5%
|-
|1999
|{{Increase}}104.4
|{{Decrease}}20,511.0
|{{Increase}}37.1
|{{Increase}}7,294.5
|{{Decrease}}-0.2%
|{{Increase}}2.6%
|{{DecreasePositive}}19.7%
|{{IncreaseNegative}}6.4%
|-
|2000
|{{Increase}}111.1
|{{Increase}}21,444.4
|{{Increase}}39.5
|{{Increase}}7,625.0
|{{Increase}}4.0%
|{{Increase}}-2.9%
|{{Steady}}19.7%
|{{IncreaseNegative}}13.6%
|-
|2001
|{{Increase}}116.6
|{{Increase}}22,161.2
|{{Decrease}}35.2
|{{Decrease}}6,693.1
|{{Increase}}2.6%
|{{Increase}}-8.8%
|{{Steady}}19.7%
|{{DecreasePositive}}0.4%
|-
|2002
|{{Decrease}}114.0
|{{Decrease}}21,343.2
|{{Decrease}}21.1
|{{Decrease}}3,956.5
|{{Decrease}}-3.7%
|{{Increase}}-9.9%
|{{DecreasePositive}}19.6%
|{{IncreaseNegative}}7.0%
|-
|2003
|{{Increase}}135.0
|{{Increase}}24,905.2
|{{Increase}}27.0
|{{Increase}}4,986.3
|{{Increase}}16.1%
|{{Increase}}-2.1%
|{{DecreasePositive}}19.5%
|{{DecreasePositive}}6.2%
|-
|2004
|{{Increase}}146.7
|{{Increase}}26,626.3
|{{Increase}}34.1
|{{Increase}}6,180.4
|{{Increase}}5.8%
|{{Increase}}1.3%
|{{Steady}}19.5%
|{{IncreaseNegative}}11.3%
|-
|2005
|{{Increase}}167.4
|{{Increase}}29,942.7
|{{Increase}}48.9
|{{Increase}}8,739.2
|{{Increase}}10.6%
|{{Increase}}2.7%
|{{DecreasePositive}}19.4%
|{{IncreaseNegative}}30.4%
|-
|2006
|{{Increase}}173.0
|{{Increase}}30,408.6
|{{Increase}}60.1
|{{Increase}}10,561.4
|{{Increase}}0.3%
|{{Increase}}1.5%
|{{Steady}}19.4%
|{{DecreasePositive}}29.1%
|-
|2007
|{{Increase}}188.8
|{{Increase}}32,659.5
|{{Increase}}68.2
|{{Increase}}11,801.3
|{{Increase}}6.2%
|{{IncreaseNegative}}6.2%
|{{Steady}}19.4%
|{{DecreasePositive}}28.4%
|-
|2008
|{{Increase}}192.1
|{{Increase}}32,666.6
|{{Increase}}86.8
|{{Increase}}14,762.6
|{{Decrease}}-0.2%
|{{IncreaseNegative}}10.4%
|{{Steady}}19.4%
|{{DecreasePositive}}27.7%
|-
|2009
|{{Decrease}}184.8
|{{Decrease}}31,007.5
|{{Decrease}}60.8
|{{Decrease}}10,202.8
|{{Decrease}}-4.4%
|{{Increase}}2.4%
|{{Steady}}19.4%
|{{DecreasePositive}}-5.5%
|-
|2010
|{{Increase}}196.4
|{{Increase}}32,515.4
|{{Increase}}75.4
|{{Increase}}12,478.0
|{{Increase}}5.0%
|{{Increase}}2.5%
|{{DecreasePositive}}19.3%
|{{IncreaseNegative}}11.5%
|-
|2011
|{{Decrease}}99.6
|{{Decrease}}16,810.9
|{{Decrease}}48.2
|{{Decrease}}8,132.3
|{{Decrease}}-50.3%
|{{IncreaseNegative}}15.9%
|{{IncreaseNegative}}19.4%
|{{DecreasePositive}}-11.5%
|-
|2012
|{{Increase}}172.5
|{{Increase}}27,458.8
|{{Increase}}92.5
|{{Increase}}14,728.1
|{{Increase}}86.8%
|{{IncreaseNegative}}6.1%
|{{DecreasePositive}}19.0%
|{{IncreaseNegative}}24.6%
|-
|2013
|{{Decrease}}144.5
|{{Decrease}}23,054.5
|{{Decrease}}75.4
|{{Decrease}}12,025.6
|{{Decrease}}-18.0%
|{{Increase}}2.6%
|{{IncreaseNegative}}19.5%
|{{DecreasePositive}}-16.3%
|-
|2014
|{{Decrease}}126.9
|{{Decrease}}20,273.6
|{{Decrease}}57.4
|{{Decrease}}9,166.6
|{{Decrease}}-23.0%
|{{Increase}}2.4%
|{{Steady}}19.5%
|{{DecreasePositive}}-30.5%
|-
|2015
|{{Increase}}137.2
|{{Increase}}21,709.9
|{{Decrease}}48.7
|{{Decrease}}7,706.7
|{{Decrease}}-0.8%
|{{IncreaseNegative}}10.0%
|{{Steady}}19.5%
|{{IncreaseNegative}}-28.5%
|-
|2016
|{{Increase}}137.4
|{{Decrease}}21,520.7
|{{Increase}}49.9
|{{Increase}}7,817.6
|{{Decrease}}-1.5%
|{{IncreaseNegative}}25.9%
|{{Steady}}19.5%
|{{DecreasePositive}}-29.3%
|-
|2017
|{{Increase}}154.4
|{{Increase}}23,949.3
|{{Increase}}67.2
|{{Increase}}10,414.1
|{{Increase}}32.5%
|{{IncreaseNegative}}25.9%
|{{DecreasePositive}}19.4%
|{{IncreaseNegative}}-11.1%
|-
|2018
|{{Increase}}170.7
|{{Increase}}26,207.0
|{{Increase}}76.7
|{{Increase}}11,773.8
|{{Increase}}7.9%
|{{IncreaseNegative}}14.0%
|{{IncreaseNegative}}19.5%
|{{IncreaseNegative}}9.4%
|-
|2019
|{{Decrease}}154.3
|{{Decrease}}23,454.9
|{{Decrease}}69.2
|{{Decrease}}10,526.3
|{{Decrease}}-11.2%
|{{Increase}}-2.9%
|{{IncreaseNegative}}19.7%
|{{IncreaseNegative}}11.9%
|-
|2020
|{{Decrease}}110.1
|{{Decrease}}16,575.1
|{{Decrease}}46.9
|{{Decrease}}7,056.7
|{{Decrease}}-29.5%
|{{Increase}}1.5%
|{{IncreaseNegative}}20.1%
|{{DecreasePositive}}-22.3%
|-
|2021
|{{Increase}}147.1
|{{Increase}}21,929.0
|{{Decrease}}39.0
|{{Decrease}}5,813.3
|{{Increase}}28.3%
|{{Increase}}2.8%
|{{DecreasePositive}}19.6%
|{{IncreaseNegative}}11.3%
|-
|2022
|{{Decrease}}128.4
|{{Decrease}}18,944.7
|{{Increase}}40.8
|{{Increase}}6,025.7
|{{Decrease}}-18.5%
|{{IncreaseNegative}}5.5%
|n/a
|{{IncreaseNegative}}15.8%
|-
|2023
|{{Increase}}156.7
|{{Increase}}22,899.5
|{{Increase}}43.8
|{{Increase}}6,391.8
|{{Increase}}17.9%
|{{Increase}}4.0%
|n/a
|{{IncreaseNegative}}22.1%
|-
|2024
|{{Increase}}172.8
|{{Increase}}24,997.2
|{{Increase}}45.6
|{{Increase}}6,599.0
|{{Increase}}8.0%
|{{Increase}}3.0%
|n/a
|{{DecreasePositive}}18.8%
|-
|2025
|{{Increase}}188.8
|{{Increase}}27,034.7
|{{Increase}}47.7
|{{Increase}}6,836.3
|{{Increase}}7.2%
|{{Increase}}3.0%
|n/a
|{{DecreasePositive}}16.5%
|-
|2026
|{{Increase}}200.5
|{{Increase}}28,434.6
|{{Increase}}49.1
|{{Increase}}6,964.6
|{{Increase}}4.2%
|{{Increase}}3.0%
|n/a
|{{DecreasePositive}}13.5%
|-
|2027
|{{Increase}}212.8
|{{Increase}}29,874.1
|{{Increase}}50.5
|{{Increase}}7,096.0
|{{Increase}}4.1%
|{{Increase}}3.1%
|n/a
|{{DecreasePositive}}9.7%
|}
<small>Notes:<br>
1. For purchasing power parity comparisons, the US Dollar is exchanged at 0.77 Libyan Dinars only.</small>

Mean wages were $9.51 per [[man-hour]] in 2009 (amounts to a compensation of $1598 for 21 working days of 8 hours).

==Oil sector==
{{see also|Energy in Libya}}
[[File:Oil production Libya.svg|thumb|Development of oil production in Libya]]
Libya is an [[OPEC]] member and holds the largest [[proven oil reserves]] in Africa (followed by Nigeria and Algeria), {{convert|41.5|Goilbbl|m3|abbr=on}} as of January 2007, up from {{convert|39.1|Goilbbl|m3|abbr=on}} 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.<ref>Oil and Gas Journal, 2007</ref> 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 [[Arabian Gulf Oil Company|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. Oil revenues constitute the principal foreign exchange source. 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.<ref name="World Bank 2006">World Bank 2006</ref>
[[File:Map-of-countries-by-proven-oil-reserves-(in-millions-of-barrels)---2017---US-EIA---Jo-Di-graphics.jpg|thumb|upright=1.05|A map of world [[oil reserves]] according to U.S. EIA, 2017]]
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. At 2.6% per year on average, [[real GDP]] growth was modest and volatile during the 1990s. 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. Real GDP growth has been boosted by high oil revenues, reaching 4.6% in 2004 and 3.5% in 2005. Despite efforts to diversify the economy and encourage private sector participation, extensive controls of prices, credit, trade, and foreign exchange constrain growth.

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). 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. 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. [https://archive.today/20120722024230/http://www.channelone.com/news/2006/05/16/ap_libya/]

The NOC hopes to raise oil production from 1.80 million bpd in 2006 to 2 million bpd by 2008. FDI into the oil sector is likely, which is attractive due to its low cost of [[Petroleum extraction|oil recovery]], high oil quality, and proximity to European markets.<ref>International Crude Oil Market Handbook</ref> 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 [[Economy of Asia|Asian]] and [[Economy of South Africa|South African]] companies.<ref>EIA 2007</ref>

{| class="wikitable"
! Statistic !! Amount
|- bgcolor="ffffff" align="right"
| align="left" | Proven Oil Reserves (2007E) || {{convert|41.5|Goilbbl|abbr=on}}
|- bgcolor="f1f5fa" align="right"
| align="left" | Oil Production (2006E) || {{convert|1.8|Moilbbl/d}} (95% crude)
|- bgcolor="ffffff" align="right"
| align="left" | Oil Consumption (2006E) || {{convert|284000|oilbbl/d|m3/d}}
|- bgcolor="f1f5fa" align="right"
| align="left" | Net Oil Exports (2006E) || {{convert|1.5|Moilbbl/d}}
|- bgcolor="ffffff" align="right"
| align="left" | Crude Oil Distillation Capacity (2006E) || {{convert|378|koilbbl/d|abbr=on}}
|- bgcolor="f1f5fa" align="right"
| align="left" | Proven Natural Gas Reserves (2007E) || {{convert|52.7|Tcuft|m3|abbr=on}}
|- bgcolor="ffffff" align="right"
| align="left" | Natural Gas Production (2006E) || {{convert|3999|Gcuft|m3|abbr=on}}
|- bgcolor="f1f5fa" align="right"
| align="left" | Natural Gas consumption (2005E) || {{convert|206|Gcuft|m3|abbr=on}}
|}

<small>Notes:<br>
1. Energy Information Administration (2007)</small>

===Field Development and Exploration===
{{further|Oil reserves in Libya}}
[[File:Libya location map-oil & gas 2011-en.svg|thumb|350px|Oil is Libya's major resource.]]
In November 2005, [[Repsol YPF]] discovered a significant oil deposit of light, sweet crude in the [[Murzuq Basin]]. Industry experts believe the discovery to be one of the biggest made in Libya for several years. Repsol YPF is joined by a consortium of partners including OMV, Total and [[Norsk Hydro]]. Also located in Murzuq Basin is Eni's [[Elephant field]]. 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 {{convert|800|km|mi}} south of Tripoli.<ref>{{cite web |url=http://www.libya-businessnews.com/2013/10/22/omvs-1st-oil-find-in-libya-since-revolution/ |title=OMV's 1st Oil Find in Libya since Revolution |author=<!--Staff writer(s); no by-line.--> |date=22 October 2013 |website=libya-businessnews.com/ |publisher=Libya Business News. |access-date=4 September 2015 |archive-date=8 December 2013 |archive-url=https://web.archive.org/web/20131208082851/http://www.libya-businessnews.com/2013/10/22/omvs-1st-oil-find-in-libya-since-revolution/ |url-status=live }}</ref> Lasmo estimated field production would cost around $1 per barrel. Elephant began production in February 2004.

WOC's Waha fields currently produce around {{convert|350000|oilbbl/d|m3/d|abbr=on}}. 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. ConocoPhillips operates the Waha fields with a 16.33% share in the project. NOC has the largest share of the Waha concession, and additional partners include Marathon and [[Amerada Hess]].<ref>EIA 2007 p.3</ref>

===Refining and Downstream===
Libya has five domestic [[refineries]]:
{| class="wikitable"
! Refinery !! Capacity !! Operator
|- bgcolor="f1f5fa" align="right"
| align="left" | Zawia Refinery || 120,000 || ZOC
|- bgcolor="ffffff" align="right"
| align="left" | [[Ras Lanuf Refinery]] || 220,000 ||Ras Lanuf
|- bgcolor="f1f5fa" align="right"
| align="left" | El-Brega Refinery || 10,000 || SOC
|- bgcolor="ffffff" align="right"
| align="left" | Tobruk Refinery || 20,000 || Agoco
|- bgcolor="ffffff" align="right"
| align="left" | Sarir Refinery || 10,000 || Agoco
|}

<small>Notes:<br>
1. Amounts in barrels per day.</small>

==Diversification==
[[File:Libyan pivot irrigation 460142568 02e969004a o.jpg|thumb|[[Pivot irrigation]] in [[Kufra]], southeast Cyrenaica. Oil wealth has enabled Libya to pursue extravagant projects such as agriculture and the [[Great Manmade River]] in the Sahara Desert.]]
[[File:Tripoli CBD.JPG|thumb|Modern buildings in Tripoli before the wars, 2009]]
In 2007, mining and hydrocarbon industries accounted for well over 95 percent of the Libyan economy.{{Citation needed|date=March 2011}} Diversification of the economy into manufacturing industries remain a long-term issue.

Although [[agriculture]] is the second-largest sector in the economy, Libya depends on [[imports]] in most foods. Climatic conditions and poor soils severely limit farm output, and domestic food production meets only about 25% of demand. Domestic conditions limit output, while higher incomes and a growing population have caused food consumption to rise. Because of low rainfall levels in Libya, agricultural projects such as the [[Kufra]] oasis rely on underground water sources. Libya's primary agricultural water source remains the [[Great Manmade River]] (GMMR), but significant resources are being invested in [[desalinization]] research to meet growing demand. Libyan agricultural projects and policies are overseen by a General Inspector; there is no [[Ministry of Agriculture]], ''per se''.<ref>''Doing Business in LIBYA: A Country Commercial Guide for U.S. Companies'', March, 2006</ref>

Libya produced in 2018:

* 348 thousand tons of [[potato]];
* 236 thousand tons of [[watermelon]];
* 215 thousand tons of [[tomato]];
* 188 thousand tons of [[olive]];
* 183 thousand tons of [[onion]];
* 176 thousand tons of [[Date palm|date]];
* 138 thousand tons of [[wheat]];
* 93 thousand tons of [[barley]];
* 72 thousand tons of [[vegetable]];
* 60 thousand tons of [[plum]];
* 53 thousand tons of [[Orange (fruit)|orange]];

In addition to smaller productions of other agricultural products.<ref>{{Cite web |url=http://www.fao.org/faostat/en/#data/QC/ |title=Libya production in 2018, by FAO |access-date=1 November 2020 |archive-date=12 November 2016 |archive-url=https://web.archive.org/web/20161112130804/http://www.fao.org/faostat/en/#data/QC/ |url-status=live }}</ref>

==Tourism==
{{Main|Tourism in Libya}}
The tourism industry was heavily hit by the [[2011 Libyan Civil War|Libyan Civil War]]. Before the war tourism was developing, with 149,000 tourists visiting Libya in 2004, rising to 180,000 in 2007, although this still only contributed less than 1% of the country's GDP. There were 1,000,000 day visitors in the same year.<ref>{{cite book |url=http://www.un-ilibrary.org/economic-and-social-development/annual-review-of-developments-in-globalization-and-regional-integration-in-the-arab-countries-2007_b9466ffc-en |title=Annual Review of Developments in Globalization and Regional Integration in the Arab Countries, 2007 |publisher=UN |year=2013 |isbn=9789210557740 |series=Annual Review of Developments in Globalization and Regional Integration in the Arab Countries |page=21 |doi=10.18356/b9466ffc-en |access-date=2018-03-11 |archive-date=3 June 2018 |archive-url=https://web.archive.org/web/20180603052840/https://www.un-ilibrary.org/economic-and-social-development/annual-review-of-developments-in-globalization-and-regional-integration-in-the-arab-countries-2007_b9466ffc-en |url-status=live }}</ref><ref>{{cite web |title=Tripoli, Libya – A Prosperous Prospect. - Tuesday, 23rd September 2008 at 4Hoteliers |url=http://www.4hoteliers.com/4hots_fshw.php?mwi=3375 |access-date=2012-03-11 |publisher=4hoteliers.com |archive-date=16 February 2012 |archive-url=https://web.archive.org/web/20120216232014/http://www.4hoteliers.com/4hots_fshw.php?mwi=3375 |url-status=live }}</ref> The country is best known for its ancient Greek and Roman ruins and Sahara desert landscapes.

==Labor market==
Libya posted a 3.3% rate of population growth during 1960–2003. In 2003, 86% of the population was [[Urban area|urban]], compared to 45% in 1970. Although no reliable estimates are available, [[unemployment]] is reportedly acute: over 50% of the population under the age of 20. 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. However, because of shortages for manual labor, Libya has also attracted important numbers of less skilled immigrants. [[Expatriate]] workers represent an estimated fifth of the labor force.<ref>Although, in the absence of a labor force survey, estimates are surrounded by considerable uncertainty</ref>

Although significant, the proportion of expatriate workers is still below oil producing countries in the [[Persian Gulf]]. Foreign workers mainly come from the [[Maghreb]], Egypt, Turkey, India, the Philippines, Malaysia, Thailand, Vietnam, Poland, [[Chad]], [[Sudan]], and [[Bosnia and Herzegovina]].<ref>http://www.seenews.com/news/latestnews/bosnia_senergoinvestsees2007profitunchanging_signscontractsinlibya_-151444/ {{Webarchive|url=https://web.archive.org/web/20080227140627/http://www.seenews.com/news/latestnews/bosnia_senergoinvestsees2007profitunchanging_signscontractsinlibya_-151444/ |date=27 February 2008 }} Bosnia's Energoinvest Sees 2007 Profit Flat, Signs Contracts in Libya, Algeria</ref><ref>http://www.arabianbusiness.com/506991-bosnian-firm-clinches-52mn-libya-deal?ln=en {{Webarchive|url=https://web.archive.org/web/20080105112019/http://www.arabianbusiness.com/506991-bosnian-firm-clinches-52mn-libya-deal?ln=en |date=5 January 2008 }} Bosnian firm clinches $52mn Libya deal</ref> They tend to earn relatively high wages, taking either skilled or hard manual jobs. 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. 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.<ref name="World Bank 2006"/>

==External trade and finance==
[[File:2006Libyan exports.PNG|thumb|350px|Libyan export destinations in 2006.]]
The Government is in the process of preparing a financial sector reform program. Recent legislation setting corporate governance standards for financial institutions makes progress towards better management and greater operational independence of public banks. However, Libyan public banks still lack management structures supported by skills in critical areas like [[credit (finance)|credit]], investment, [[risk management]], and information and control systems.

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. 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.

Financial sector reform has also progressed with partial [[interest rate]] [[liberalization]]. Interest rates have been liberalized on deposits, while a lending rate ceiling has been set above the [[discount window|discount rate]]. The [[Libyan Stock Exchange]], established in 2007, is the first exchange of its kind in the country.

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]].<ref>{{Cite web |url=http://www.independent.ie/business/irish/libya-stake-in-circle-oil-frozen-as-eu-turns-screw-on-gaddafi-2576731.html |title=Libya Stake in Circle Oil Frozen |access-date=13 March 2011 |archive-date=13 March 2011 |archive-url=https://web.archive.org/web/20110313231738/http://www.independent.ie/business/irish/libya-stake-in-circle-oil-frozen-as-eu-turns-screw-on-gaddafi-2576731.html |url-status=live }}</ref>

Tunisia's exports to Libya, exceeding 18% growth between 2020 and 2024.<ref>{{cite web |url=https://www.libyanexpress.com/tunisia-reports-marked-growth-in-exports-to-libya/ |title=Tunisia reports marked growth in exports to Libya |work=Libyan Express |date=24 April 2025|access-date=24 April 2025}}</ref>

Two trans-African automobile routes pass through Libya:
* [[Cairo-Dakar Highway]]
* [[Tripoli-Cape Town Highway]]

==Statistics==
'''Household income or consumption by percentage share:'''
<br>''lowest 11%:''
NA%
<br>''highest 10%:''
NA%

'''Industrial production growth rate:'''
2.7% (2009)

'''Electricity - production:'''
24 billion kWh (2007 est)

'''Electricity - production by source:'''
<br>''fossil fuel:''
100%
<br>''hydro:''
0%
<br>''nuclear:''
0%
<br>''other:''
0% (1998)

'''Electricity - consumption:'''
22.17 billion kWh (2007 est)

'''Electricity - exports:'''
104 million kWh (2007)

'''Electricity - imports:'''
77 million kWh (2007)

'''Agriculture - products:'''
wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans, cattle, corn

==International rankings==
{| class="wikitable"
|-
! Organisation
! Survey
! Ranking
|-
| ''[[The Economist]]''
| [http://www.economist.com/theworldin/international/displayStory.cfm?story_id=3372495&d=2005 The World in 2005 - Worldwide quality-of-life index, 2005]
| 70 out of 111
|-
| [[Energy Information Administration]]
| [http://www.eia.doe.gov/emeu/international/contents.html Greatest Oil Reserves by Country, 2006]
| 9 out of 20
|-
| [[Reporters Without Borders]]
| [https://web.archive.org/web/20090421060910/http://www.rsf.org/article.php3?id_article=24025 Press Freedom Index (2007)]
| 155 out of 169
|-
| [[Transparency International]]
| [https://web.archive.org/web/20090604225607/http://www.transparency.org/news_room/in_focus/2007/cpi2007/cpi_2007_table Corruption Perceptions Index 2007]
| 131 out of 180
|-
| [[United Nations Development Programme]]
| [http://hdr.undp.org/reports/global/2005/ Human Development Index 2005]
|58 out of 177
|}

==Notes==
{{Reflist}}

==References==
* [[Energy Information Administration]] (2007) [https://web.archive.org/web/20070926162829/http://www.eia.doe.gov/emeu/cabs/Libya/pdf.pdf ''Libya: Country Analysis Brief'']
* [[World Bank]] (2006), [http://siteresources.worldbank.org/INTLIBYA/Resources/libyacountryeconomicreport.pdf ''Libya: Economic Report''], Social & Economic Development Group
* P. Mobbs (2002) [http://minerals.usgs.gov/minerals/pubs/country/2001/lymyb01.pdf ''Mineral Industry of Libya'']
* T. Ahlbrandt (2001) [http://pubs.usgs.gov/bul/b2202-f/b2202-ftextonly.pdf ''Sirte Basin Province: Sirte-Zelten Total Petroleum System''] [[USGS]]
* [http://www.cbl-ly.com/eabout.htm Central Bank Of Libya Economic Bulletin] Socialist People's Libyan Arab Jamahiriya
* National Authority for Information and Statistics, Socialist People's Libyan Arab Jamahiriya.
* Pilat D., ''Innovation and Productivity in Services - State of the Art'', [[Organisation for Economic Co-operation and Development]], Directorate for Science, Technology, and Industry, Paris. 2000
* GSPLA. ''Agriculture achievements in 20 years''. Secretariat of Agriculture Land Reclamation and Animal Wealth. 1989
* GSPLA. ''Agriculture in Libya''. Facts and Figure 1970.
* Mohamed Al Genedal. ''Agriculture in Libya''. Arab Book Publishers 1978.
* Ali Rahuma. ''Cost of barley and wheat production in some state managed agricultural projects''. J. Agric. Res. 1989
* ''Future of food economics in the Arab State''. Vol. 4. Statistics. 1979.
* ''Statistical index 1970''. Ministry of Economic and Planning.

==See also==
* [[Central Bank of Libya]]
* [[List of companies of Libya]]
* [[List of banks in Libya]]
* United Nations Economic Commission for: [[United Nations Economic Commission for Africa|Africa]] & [[United Nations Economic and Social Commission for Western Asia|Western Asia]]

==External links==
{{Commons category}}
* [https://web.archive.org/web/20070420162048/http://www.libyaconnected.com/Business.html Libya Connected - Business in Libya]
* [https://web.archive.org/web/20110615021847/http://sepmstrata.org/Libya-Hassan/Petroleum-History-Libya.html History of Exploratation of the Petroleum Geology of Libya]
* [http://www.oilandgasinfrastructure.com/home/oilandgasafrica/libya Map of the oil and gas infrastructure in Libya]

{{Economy of Libya}}
{{Libya topics}}
{{OPEC}}
{{Africa topic|Economy of}}

[[Category:Economy of Libya| ]]
[[Category:African Union member economies|Libya]]
[[Category:OPEC|Libya]]
[[Category:Economy of the Arab League]]