- As of 2017, Libya’s nominal (current) Gross Domestic Product (GDP) is $38,107,728,083 (USD).
- Libya’s real GDP (inflation adjusted) was $46,627,921,660 in 2017.
- In 2017, the GDP Growth Rate was 26.68 percent, a change of $9,819,079,047 US dollars from 2016, when Real GDP was $36,808,842,613.
- Libya’s GDP per capita was $7,086 in 2017, up $1,416 from $5,670 in 2016. This is a 25.0 percent increase in GDP per capita.
What will Libya’s GDP be in 2021?
According to Trading Economics global macro models and analysts, Libya’s GDP is anticipated to reach 51.00 USD billion by the end of 2021. According to our econometric models, the Libyan GDP is expected to trend around 52.00 USD billion in 2022.
Is Libya wealthy or impoverished?
Libya’s economy is predominantly based on petroleum profits, which account for nearly 95 percent of export earnings and 60 percent of GDP. Libya has one of the highest nominal per capita GDPs in Africa, thanks to its oil income and small population.
Libya saw positive growth after 2000, with an estimated 10.6% increase in GDP in 2010. The Libyan Civil War, which led in a 62.1 percent decline of the economy in 2011, halted this progress. In 2012, the economy recovered by 104.5 percent after the war. Following the Second Libyan Civil War, it crashed once more. Libya’s PPP GDP per capita is now 60% more than it was before the war.
What is the current state of Libya’s economy?
Libya has made tremendous headway toward resolving its ten-year conflict and reunification in 2021. This resulted in a significant increase in oil output and economic activity, as well as an improvement in fiscal, trade, and current account balances. Nonetheless, food insecurity, poverty, and poor public service delivery continue to plague households. The difficulties in holding national elections in December 2021 enhance the risk of a worsening political and security scenario, jeopardizing progress toward peace and recovery.
Recent Developments
Following a substantial downturn in the hydrocarbon sector in 2020, mainly to worsening conflict and a blockade of oil terminals and fields, the sector, and thus the Libyan economy as a whole, is seeing a significant resurgence. Oil production averaged 1.2 million barrels per day in the first half of 2021, compared to 0.3 million barrels per day in the first nine months of 2020 and 0.9 million barrels per day in the fourth quarter.
Outlook
Libya’s economic recovery will continue if the political process progresses positively and the security situation remains secure. If presidential and parliamentary elections, as well as the reunification of state institutions, take place in the next months, and oil production continues,
What was Libya’s wealth under Gaddafi?
Muammar Gaddafi became Libya’s de facto leader on September 1, 1969, after leading a group of young Libyan Army soldiers in a bloodless coup against King Idris I. The Revolutionary Command Council (RCC), led by Gaddafi, dissolved the monarchy and the existing constitution and founded the Libyan Arab Republic, with the motto “freedom, socialism, and unity,” after the king fled the country.
After assuming power, the RCC government began a process of allocating monies to provide universal education, health care, and housing. In the country, public education became free, and primary education became compulsory for both sexes. Medical treatment was made free to the people, but the RCC government was unable to finish the mission of providing homes for all. Under Gaddafi, the country’s per capita income soared to more than $24,000, the highest in Africa. Increased domestic political repression paralleled the rise in prosperity, which was accompanied by a divisive foreign policy.
During the 1980s and 1990s, Gaddafi openly supported rebel movements including as Nelson Mandela’s African National Congress, Yasser Arafat’s Palestine Liberation Organization, the Provisional Irish Republican Army, and the Polisario Front, in collaboration with the Eastern Bloc and Fidel Castro’s Cuba (Western Sahara). Gaddafi’s regime was suspected or known to be involved in or facilitating attacks by these and other proxy forces. In addition, Gaddafi invaded numerous African neighboring republics, most notably Chad in the 1970s and 1980s. All of his activities deteriorated Libya’s foreign relations with a number of countries, particularly Western powers, culminating in the US bombing of Libya in 1986. Gaddafi justified his government’s conduct by emphasizing the importance of supporting anti-imperialist and anti-colonial movements all over the world. Gaddafi, for example, backed anti-Zionist, pan-Arab, pan-Africanist, Arab, and black civil rights causes. Gaddafi’s unpredictable behavior prompted some outsiders to infer that he was mentally ill, a notion refuted by Libyan officials and other close Gaddafi watchers. Despite receiving substantial financial and technical help from the Soviet Union and its allies, Gaddafi maintained tight ties with pro-American governments in Western Europe, primarily by courting Western oil firms with promises of lucrative Libyan energy sectors. In exchange for nuclear disarmament, poor relations between Libya and the West were mostly normalized after the 9/11 attacks, and sanctions against the country were eased.
A civil war erupted in early 2011 as part of the broader “Arab Spring.” On February 27, 2011, the anti-Gaddafi forces organized a committee known as the National Transitional Council. It was supposed to serve as a transitional authority in rebel-controlled territories. On March 21, 2011, a multinational coalition led by NATO soldiers intervened in support of the rebels after killings by government forces and rebel forces. On June 27, 2011, the International Criminal Court issued an arrest warrant for Gaddafi and his entourage. Gaddafi’s regime was deposed after opposition forces captured Tripoli on August 20, 2011, while pockets of resistance controlled by pro-Gaddafi forces lasted another two months, particularly in Gaddafi’s birthplace of Sirte, which he named the new capital of Libya on September 1, 2011. The end of the Libyan Arab Jamahiriya was marked with the fall of the last surviving pro-Gaddafi outposts in Sirte on October 20, 2011, and Gaddafi’s subsequent assassination.
During Gaddafi’s reign as leader, Libya’s name was changed multiple times. The Libyan Arab Republic was the name from 1969 until 1977. The name of the country was changed to the Socialist People’s Libyan Arab Jamahiriya in 1977. Gaddafi coined the name Jamahiriya, which roughly translates to “state of the masses.” After the United States bombed Libya in 1986, the country was called the Great Socialist People’s Libyan Arab Jamahiriya.
What percentage of the Libyan population lives in poverty?
Libya has had a wealth of natural resources for a long time. Despite the resources’ ability to pull many people out of poverty, poverty nevertheless exists in this North African country. Understanding the roots of poverty in Libya is critical to improving the quality of life for many Libyans.
Although accurate figures on poverty in Libya are lacking, it is estimated that around 33% of Libyans live in poverty or close to it. Many Libyans struggle to meet their basic necessities due to a lack of clean drinking water and functioning sewer facilities.
Despite the fact that Libya has Africa’s largest oil reserves and the world’s tenth largest reserves, the country remains impoverished. The country’s economy has long been reliant on petroleum extraction, although this has recently resulted in poverty.
The economy of Libya is nearly entirely reliant on oil and gas. The country’s oil reserves account for 50% of its GDP and 95% of its exports. There is very little economic possibility in this country outside of petroleum production. Tourism and international interaction have long been prohibited in Libya, limiting job options for many.
This has become increasingly difficult in recent years. Libya has been engulfed in civil war since 2014, and oil prices have plummeted to a seven-year low. As a result, crude oil production has decreased, and many people continue to live in poverty as a result of an economy that has been hampered by political unrest.
Another source of poverty in Libya is the country’s political unrest. Libya is still plagued by bloodshed and instability, even after Muammar Gaddafi was deposed in an armed revolt in 2011. Control of the government has shifted several times as a transitional administration passed power to an elected parliament, which was then replaced by another elected parliament by voters.
These improvements have thus far failed to bring peace to Libya. Living circumstances are deteriorating as a result of the civil war, which is putting a strain on local resources. Although the reasons of poverty in Libya are tough to address, there is yet hope for peace.
Is Egypt impoverished?
Despite its status as a middle-income country, Egypt is confronted with a number of long-standing development issues. According to HIECS data, Egypt’s income poverty rate climbed from 27.8% in 2015 to 32.5 percent in 2018, with 32 million individuals living below the national poverty threshold.
Is Algeria impoverished?
Algeria is classified as an upper-middle-income country by the World Bank. The country is primarily reliant on natural gas and oil exports. However, it has numerous economic issues, including significant unemployment among women and young, as well as regional inequality.
What is Libya’s main source of revenue?
Overview According to the Economic Complexity Index, Libya was the world’s number 102 economy in terms of GDP (current US$), number 93 in total exports, number 90 in total imports, number 124 in terms of GDP per capita (current US$), and the number 118 most complicated economy in 2020. (ECI).
Exports Libya’s top exports are crude petroleum ($5.46 billion), gold ($1.65 billion), petroleum gas ($717 million), scrap iron ($104 million), and refined petroleum ($98.1 million), which are mostly exported to Italy ($1.77 billion), Turkey ($1.65 billion), the United Arab Emirates ($887 million), Germany ($768 million), and China ($712 million).
Imports Libya’s top imports are refined petroleum ($1.69 billion), rolled tobacco ($516 million), cars ($405 million), broadcasting equipment ($262 million), and wheat ($246 million), all of which are primarily imported from China ($1.88 billion), Turkey ($1.65 billion), Italy ($1 billion), the United Arab Emirates ($1 billion), and Greece ($719 million).
Location Libya shares land borders with Algeria, Chad, Egypt, Niger, Sudan, and Tunisia, as well as marine borders with Greece, Italy, and Malta.
Who buys oil from Libya?
The majority of Libyan oil (85 percent) is exported to European markets. Libya supplied 11% of the EU’s oil imports in 2010, accounting for 403 million barrels (64.1106 m3), making it the third largest exporter behind Norway and Russia.