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Libya

Includes Libya real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.

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. Rankings of Libya best banks and safest banks are also available.

Basic Information

Government Type: Operates under a transitional government

Capital City: Tripoli (Tarabulus)

GDP & Economic Information

Macroeconomy & Sovereign Data

Central Bank Central Bank of Libya
Currency Libyan dinars (LYD)

International Reserves USD 73.9 billion (2015)

International Monetary Fund (IMF), data retrieved January 2017
Gross Domestic Product – GDP USD 51.4 billion (2017, estimate)
GDP (Purchasing Power Parity) Intl$ 105.6 billion (2017, estimate)

GDP Data

Real GDP growth 2006: 6.5%
2007: 6.4%
2008: 2.7%
2009: -0.8%
2010: 5%
2011: -62.1%
2012: 104.5%
2013: -13.6%
2014: -24%
2015: -6.4% *
2016: -3.3% *
2017: 13.7%*

*Estimate
GDP per capita – current prices USD 7,972.2 (2017, estimate)
GDP per capita – PPP Intl$ 16,374.2 (2017, estimate)
GDP (PPP) – share of world total 1980*: 0.60%
1990*: 0.28%
2000*: 0.19%
2010*: 0.21%
2017*: 0.08%

*Estimate
GDP – composition by sector agriculture: 1.9%
industry: 43.2%
services: 54.9%
(2016 estimate)
Gross domestic expenditure on R&D; (% of GDP) N/A
Inflation 2013: 2.6%
2014: 2.8%
2015*: 14.1%
2016*: 14.2%
2017*: 12.5%

*Estimate

Inflation & Debt

Inflation 2013: 2.6%
2014: 2.8%
2015*: 14.1%
2016*: 14.2%
2017*: 12.5%

*Estimate
Government Bond Ratings Standard & Poor’s: N/A

Moody’s: N/A

Standard & Poor’s / Moody’s (Updated January 2017)
Unemployment rate N/A
Household saving rates N/A
Public debt (General government gross debt as a % of GDP) 2013: 3.7%
2014: 36.4%
2015*: 73.8%
2016*: 101.8%
2017*: 100.2%

*Estimate
Public deficit (General government net lending/borrowing as a % of GDP) 2013: -4%
2014: -40.3%
2015*: -52.5%
2016*: -56.6%
2017*: -43.8%

*Estimate
Market value of publicly traded shares N/A
Largest Companies N/A

Import/Export

Exports as percent of GDP (Exports of goods and services) 54.8% (2011)
Shares in world total merchandising export 0.06% (2015)
Shares in world total commercial services export 0.002% (2014)
Total exports USD 10.7 billion (2016 estimate)
Export commodities Crude oil, refined petroleum products, natural gas, chemicals
Total imports USD 9.6 billion (2016 estimate)
Import commodities Machinery, semi-finished goods, food, transport equipment, consumer products

Exports – major partners Italy 32.1%, Germany 11.3%, China 8%, France 8%, Spain 5.6%, Netherlands 5.4%, Syria 5.3% (2015)
Imports – major partners
China 14.8%, Italy 12.9%, Turkey 11.1%, Tunisia 6.5%, France 6.1%, Spain 4.6%, Syria 4.5%, Egypt 4.4%, South Korea 4.3% (2015)

Competitiveness & Trade

Current account balance USD -19.0 billion (2017 estimate)
Current account balance by percentage of GDP -36.9% (2017 estimate)
FDI inflows 2013: USD 702 million
2014: USD 50 million
2015: USD 726 million
FDI Outflows 2013: USD 6.0 million
2014: USD 78.0 million
2015: USD 864.3 million
Value of cross-border M&A, by country of purchaser N/A


United Nations Conference on Trade and Development (UNCTAD) – World Investment Report
Cross-border M&A deals worth over $3 billion completed in 2014 N/A
Cross-border M&A deals worth over $3 billion completed in 2015 N/A
Best countries for doing business Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Overall ranking: 188 out of 190 countries (2017)

Subcategories:

Starting a business: 163 out of 190 countries

Enforcing Contracts: 143 out of 190 countries

Registering Property: 187 out of 190 countries

Getting Credit: 185 out of 190 countries

Protecting Minority Investors: 185 out of 190 countries

Trading Across Borders: 114 out of 190 countries

Paying Taxes: 121 out of 190 countries

Dealing with Construction Permits: 187 out of 190 countries

Getting Electricity: 128 out of 190 countries

Resolving Insolvency: 169 out of 190 countries
Global competitiveness ranking N/A
Index of Economic Freedom N/A

Population & Geographic Data

Time Zone UTC+2

Total Area 1,759,540 sq km

Total Population 1990: 4.26 million
2000: 5.18 million
2010: 6.041 million
2016*: 6.385 million
2021*: 6.71 million

*Estimate
Urban population as % of total population 1960: 27%
1980: 70%
2000: 76%
2015: 79%
Population median age 28.5 years (2016 estimate)
Population growth rate 1.8% (2016 estimate)
Life expectancy 76.5 years (2016 estimate)
% of population living on less than $3.10 a day N/A
Inequality of wealth distribution (Gini index) N/A
Freedom House rating
Political Rights: 7
Civil Liberties: 6 (2017)

(1 represents the most free, 7 the least free rating)
Total telephone subscribers as % of population
Fixed 10.00% Mobile 157.00% (2015)
(fixed-telephone subscribers and mobile-cellular subscribers)
Internet users as % of total population
19.02% (2015)

Language & Religon

Languages Arabic (official), Italian, English (all widely understood in the major cities); Berber (Nafusi, Ghadamis, Suknah, Awjilah, Tamasheq)
Literacy
Total population: 91%
Male: 96.7%
Female: 85.6% (2015 est.)

(age 15 and over can read and write)
Religions Muslim (official; virtually all Sunni) 96.6%, Christian 2.7%, Buddhist 0.3%, Hindu <0.1, Jewish <0.1, folk religion <0.1, unafilliated 0.2%, other <0.1
(2010 est.)

World Rankings

Population 6.71 M
Mercer Cost of living index N/A
C02 Emissions per capita 8.1 (2013)

Global Finance Rankings & Awards: Libya

Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.


Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings

Moody’s

Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000

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