Home
Request Trial
Request TrialSign In
  • Sign In
  • Forecasts And Analysis
  • Consulting
  • About Us
  • Contact
  • Countries
    • Africa
      • Algeria
      • Angola
      • Botswana
      • Cameroon
      • Côte d'Ivoire
      • Democratic Republic of Congo
      • Egypt
      • Ethiopia
      • eSwatini
      • Gabon
      • Ghana
      • Kenya
      • Lesotho
      • Libya
      • Malawi
      • Mauritius
      • Morocco
      • Mozambique
      • Namibia
      • Nigeria
      • Rwanda
      • Senegal
      • South Africa
      • Sudan
      • Tanzania
      • Tunisia
      • Uganda
      • Zambia
      • Zimbabwe

Libya

The Libyan economy is dominated by its 48,363 million barrels of proven oil reserves; the largest of any African nation. Currently in protracted civil war, oil exports have plummeted as negotiations surrounding a ceasefire continue. With few alternative sources of fiscal revenues or export earnings, finding a resolution remains essential.

Free Trial

Seven months after a military blockade halted exports, Libya’s oil sector saw a significant boom in the fourth quarter of 2020 as a military ceasefire to the ongoing civil war was reached. The resurgence, which saw daily production increase from less than 100,000 to over 1.25 million bpd in less than three months’ time, took most analysts by surprise, sending jitters through global energy markets. Domestically the development was welcomed; Libya’s economy is exceedingly dependent on petrodollars for funding government subsidies and purchasing imports. The question now is whether the ceasefire will lead to a stable political disposition which could create the environment for further investment, or whether the dark days of conflict and blockade will return. (Source: Libya Quarterly Update, published December 2020.)

Macroeconomic Data

(2019)

Fiscal Balance (as a % of GDP)

-11.6

Consumer Price Index (% change y-o-y, avg)

-2.2

Current Account Balance (as a % of GDP)

11.2

Real GDP (annual % change)

3.7

GDP per Capita, US$

10,825.8

Import Cover (months)

45.0

Population, million

6.8

Total External Debt (as a % of GDP)

8.4

Related Services

In-Depth Analysis
Detailed Country Reports for 54 African countries with analysis and forecasts through 2050.
Event-Driven Analysis
Rapid response analysis to the latest African economic and political events as they occur.
Fixed Income
Insight into key economic and political events which could influence trading in African debt markets, with notification of upcoming events.
  • NKC African Economics
    • About us
    • Forecasts and analysis
    • Consulting
    • Careers
    • Contact us
  • Get in touch
    • Cecilia Square
    • Building B, 2nd Floor
    • 100 Cecilia Street
    • Paarl
    • 7646 South Africa
    • Tel: +27(0)21 863-6200
    • Email
  • Help and software
    • Help using our services
    • Software and downloads
    • Latest technology developments
  • Privacy
    • Privacy policy
    • Cookies
  • Follow Us
    • LinkedIn
    • Twitter
    • Facebook
© Oxford Economics 2019 - all rights reserved.