Economy of Libya

Economy of Libya
	Tripoli, financial capital of Libya
Currency	Libyan dinar (LYD, ل.د)
Fiscal year	calendar year
Trade organisations	OPEC, COMESA, CEN-SAD, AMU
Country group	Developing/Emerging; Upper-middle income economy;
Statistics
Population	7,417,134 (2024)
GDP	$44.812 billion (nominal, 2024 est.); $106.12 billion (PPP, 2024 est.);
GDP rank	98th (nominal, 2024); 98th (PPP, 2024);
GDP growth	10.2% (2023); 2.4% (2024e); 13.7% (2025f); 4.1% (2026f);
GDP per capita	$6,482 (nominal, 2024 est.); $17,800 (PPP, 2024 est.);
GDP per capita rank	103rd (nominal, 2024); 107th (PPP, 2024);
GDP by sector	agriculture 1.3%; industry 52.3%; services 46.4%; (2017 est.);
Inflation (CPI)	2% (2024)
Population below poverty line	NA%; about one-third of Libyans live at or below the national poverty line;
Gini coefficient	N/A
Human Development Index	0.718 high (2022)
Labour force	2,534,196 (2023); 38.7% employment rate (2012);
Labour force by occupation	agriculture: 17%; industry: 23%; services: 59%; (2004);
Unemployment	18.74% (2023 est.)
Main industries	petroleum, steel, iron, food processing, textiles, cement
External
Exports	$32.38 billion (2021 est.)
Export goods	crude oil, refined petroleum products, natural gas, chemicals
Main export partners	Italy 26%; Spain 10%; Germany 9%; China 7%; France 6% (2022);
Imports	$25.406 billion (2021 est.)
Import goods	machinery, transport equipment, semi-finished goods, food, consumer products
Main import partners	Turkey 15%; China 12%; Italy 12%; Greece 10%; UAE 7% (2022);
FDI stock	$92.427 billion (2023 est.); Abroad: $20.97 billion (31 December 2017 est.);
Current account	$5.675 billion (2021 est.)
Gross external debt	$3.02 billion (31 December 2017 est.)
Public finances
Government debt	4.7% of GDP (2017 est.)
Foreign reserves	$74.71 billion (31 December 2017 est.)
Budget balance	−25.1% (of GDP) (2017 est.)
Revenues	28.005 billion (2019 est.)
Expenses	37.475 billion (2019 est.)
Economic aid	recipient ODA $9 million (2010), $642 million (2011), $87 million (2012)
	All values, unless otherwise stated, are in US dollars.

The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa.

After 2000, Libya recorded favorable growth rates with an estimated 10.6% growth of GDP in 2010. This development was interrupted by the 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. As of 2024, Libya's per capita PPP GDP stands at only 65% of its pre-war level in 2010.