Libya

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Libya - In Short.

Overview of Libya

Berbers have inhabited central north Africa since ancient times, but the region has been settled and ruled by Phoenicians, Greeks, Carthaginians, Persians, Egyptians, Greeks, Romans, and Vandals. In the the 7th century, Islam spread through the region; in the mid-16th century, Ottoman rule began. The Italians supplanted the Ottoman Turks in the area around Tripoli in 1911 and did not relinquish their hold until 1943 when they were defeated in World War II. Libya then passed to UN administration and achieved independence in 1951. Following a 1969 military coup, Col. Muammar al-QADHAFI assumed leadership and began to espouse his political system at home, which was a combination of socialism and Islam. During the 1970s, QADHAFI used oil revenues to promote his ideology outside Libya, supporting subversive and terrorist activities that included the downing of two airliners – one over Scotland, another in Northern Africa – and a discotheque bombing in Berlin. UN sanctions in 1992 isolated QADHAFI politically and economically following the attacks; sanctions were lifted in 2003 following Libyan acceptance of responsibility for the bombings and agreement to claimant compensation. QADHAFI also agreed to end Libya’s program to develop weapons of mass destruction, and he made significant strides in normalizing relations with Western nations. Unrest that began in several Middle Eastern and North African countries in late 2010 erupted in Libyan cities in early 2011. QADHAFI’s brutal crackdown on protesters spawned an eight-month civil war that saw UN authorization of air and naval intervention by the international community, the toppling of the QADHAFI regime, and the setting up of a National Transitional Council (NTC). In 2012, the NTC handed power to an elected parliament, the General National Congress (GNC). Voters chose a new parliament to replace the GNC in June 2014 – the House of Representatives (HoR), which relocated to the eastern city of Tobruk after fighting broke out in Tripoli and Benghazi in July 2014. In December 2015, the UN brokered an agreement among a broad array of Libyan political parties and social groups – known as the Libyan Political Agreement (LPA). Members of the Libyan Political Dialogue signed the LPA in December 2015. In January 2016, The HoR and defunct-GNC-affiliated political hardliners continued to oppose the GNA and hamper the LPA’s implementation. In September 2017, UN Special Representative Ghassan SALAME announced a new roadmap for national political reconciliation. In November 2018, the international partners supported SALAME’s recalibrated Action Plan for Libya that aimed to break the political deadlock by holding a National Conference, subsequently held in early 2019, but attendees failed to reach an agreement. Despite continued clashes since then, the warring parties agreed to a UN-administered ceasefire in October 2020. In early 2021, the UN-led Libyan Political Dialogue Forum selected an interim president and prime minister of its executive council. The council was charged with preparing for December 2021 presidential and parliamentary elections.
Value
Country Full Name
Libya
Country Code
LBY
Region
Middle East & North Africa
Income Group
Upper middle income
Currency Unit
GDP
25418916029
Population
6871287
Land Area
1759540
Net National Income Per Capita
3484.84555
GDP per Capita (PPP)
10846.29154

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Libya - Economic

Economy of Libya

Libya’s economy, almost entirely dependent on oil and gas exports, has struggled since 2014 given security and political instability, disruptions in oil production, and decline in global oil prices. The Libyan dinar has lost much of its value since 2014 and the resulting gap between official and black market exchange rates has spurred the growth of a shadow economy and contributed to inflation. The country suffers from widespread power outages, caused by shortages of fuel for power generation. Living conditions, including access to clean drinking water, medical services, and safe housing have all declined since 2011. Oil production in 2017 reached a five-year high, driving GDP growth, with daily average production rising to 879,000 barrels per day. However, oil production levels remain below the average pre-Revolution highs of 1.6 million barrels per day.The Central Bank of Libya continued to pay government salaries to a majority of the Libyan workforce and to fund subsidies for fuel and food, resulting in an estimated budget deficit of about 17% of GDP in 2017. Low consumer confidence in the banking sector and the economy as a whole has driven a severe liquidity shortage.

Unemployment Rate

Inflation Rate

Libya - GDP Composition

GDP Composiiton & Value Added of Libya

Last Updated: Jan, 2021, Updated For 2020.

Libya - GDP, Value Added

Demographics of Libya

well over 90% of the population lives along the Mediterranean coast in and between Tripoli to the west and Al Bayda to the east; the interior remains vastly underpopulated due to the Sahara and lack of surface water as shown in this population distribution map
Geographic Location

Northern Africa, bordering the Mediterranean Sea, between Egypt, Tunisia, and Algeria

Races

Berber and Arab 97%, other 3% (includes Egyptian, Greek, Indian, Italian, Maltese, Pakistani, Tunisian, and Turkish)

Languages

Arabic (official), Italian, English (all widely understood in the major cities); Berber (Nafusi, Ghadamis, Suknah, Awjilah, Tamasheq)major-language

Religion

Muslim (official; virtually all Sunni) 96.6%, Christian 2.7%, Buddhist <1%, Hindu <1%, Jewish <1%, folk religion <1%, other  <1%, unafilliated <1% (2020 est.)note: non-Sunni Muslims include native Ibadhi Muslims (<1% of the population) and foreign Muslims

Dependency & Expectancy of Libya

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Libya - Social Media Briefing

Libya - Social Media & Social Commerce

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Politics & Policies of Libya

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ABEDA, AfDB, AFESD, AMF, AMU, AU, BDEAC, CAEU, COMESA, FAO, G-77, IAEA, IBRD, ICAO, ICC (NGOs), ICRM, IDA, IDB, IFAD, IFC, IFRCS, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, LAS, MIGA, NAM, OAPEC, OIC, OPCW, OPEC, PCA, UN, UNCTAD, UNESCO, UNIDO, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO (observer)

Import of Libya

Export of Libya

Import Destination

Export Destination