Economy of Libya
Population: 6.68 M (2018)
GDP per Capita: 7,242 USD (2018)
48,360 M.

GDP USD

(2018)

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30,100 M.

EXPORTS USD

(2018)

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19,400 M.

IMPORTS USD

(2018)

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2018 %

PUBLIC DEBT

(2018)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 7.95 % (2018)
GDP of 2010 USD USD 50.30 B. (2018)
GDP Current USD USD 48.36 B. (2018)
GDP per Capita Current USD USD 7,242 (2018)
GDP per capita, PPP USD 18,425 (2018)
GDP per Capita, 2010 USD USD 7,537 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 9.94 % (2008)
Government Spending USD 8.66 B. (2008)
Government Debt % GDP % ()

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 158.84 (2018)
Trade Openness 102.35 % (2018)
Exports of Goods and Services % GDP 62.23 % (2018)
Exports Goods & Services USD 30.10 B. (2018)
Exports Annual Growth 22.59 % (2018)
Imports as % GDP 40.12 % (2018)
Total Imports USD 19.40 B. (2018)
Foreign Direct Investment % GDP 1.07 % (2013)
Foreign Direct Investment USD 0.70 B. (2013)
Current Account Balance % GDP USD % (2018)
Current Account Balance USD B. (2018)
Trade Balance % GDP 22.11 % (2018)
Trade Balance USD B. (2018)
Foreign Exchange Reserves incl Gold USD 85.34 B. (2018)
Remittances % GDP 0.03 % (2006)
Remittances USD 6 M. (2006)
Balance of Payments USD 347 M. (2015)

Labor Market

Indicator Value
Labor Force 2.55 M. (2019)
Unemployment Rate 17.30 % (2019)
Unemployment Rate Females 24.57 % (2019)
Unemployment Rate Males 15.46 % (2019)
Youth Unemployment (ages 15-24) 42.03 % (2019)
Labor Force Participation Rate 52.38 % (2019)
Labor Force (Percent Female) 34.04 % (2019)
Female Labor Force Participation Rate 25.74 % (2019)
Male Labor Force Participation Rate 78.96 % (2019)
Dependent People 48.61 % (2018)

Agriculture Sector

Indicator Value
Forest Area 0.10 % (2016)
Forest Area km² 2,170 km² (2016)
Agricultural Land 8.72 % (2016)
Agricultural Land km² 153,500 km² (2016)
Employment 7.72 % (2019)
Value added % GDP 1.85 % (2008)
Agriculture Value added USD 1.61 B. (2008)
Crop Production Index 115.30 (2016)
Precipitation 56 mm (2014)
Arable Land 1 % (2016)
Cereal Yield 767 kg/hectare (2017)
Food production index 117 (2016)
Rural Population 20 % (2018)
Fertilizer use of Arable Land 12 kg/hectare (2016)
Livestock Production Index 119 (2016)
Economy of Libya

According to the World Bank and its latest published data, the economy of the Libya presents a growth rate of 7.95 % (2018) to the previous year.

With a population that reaches 6.68 M (2018) and a gross domestic product of USD 48.36 B. (2018), it translates a Gross Domestic Product per Capita of USD 7,242 placing its inhabitants on the threshold of an Upper middle income country (according to the World Bank's updated classification).

Libya also has a workforce of 2.55 M. (2019) with an unemployment rate of 17.30 % (2019), where women represent 24.57 % (2019) and men 15.46 % (2019), the unemployment rate for young people between 15-24 years old stood at 42.03 % (2019). The total number of dependent people stands at 48.61 % (2018).

The central government spent 9.94 % (2008) of its gross domestic product that year, which in absolute terms is USD 8.66 B. (2008). Its consolidated public debt reached of its GDP, not exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Libya exported USD 30.10 B. (2018), which represents 62.23 % (2018) of its gross domestic product, in that same sense its imports reached USD 19.40 B. (2018) with a direct foreign investment of USD 0.70 B. (2013).

Libya has a forest area of 2,170 km² (2016), which represents 0.10 % (2016) of its total area, an average rainfall of 56 mm (2014) per year and a population of 20 % (2018) living in rural areas. With a total area of 153,500 km² (2016) available for agriculture and 7.72 % (2019) of its employments, the agricultural sector contributes to the economy of the Libya about USD 1.61 B. (2008) (1.85 % (2008) of its GDP).