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 |
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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 |
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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 |
Libya
Inflation & Debt
Inflation |
2013: 2.6% 2014: 2.8% 2015*: 14.1% 2016*: 14.2% 2017*: 12.5% *Estimate |
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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) |
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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) |
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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 |
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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) |
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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 |
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Mercer Cost of living index | N/A |
C02 Emissions per capita | 8.1 (2013) |