Libya
Libya is a textbook example of the dangers of the natural resource curse. The hydrocarbons sector accounts on average for around 70% of GDP, 90% of fiscal revenues and 95% of export earnings. Meanwhile, on the political front the country has endured years of instability following the uprising of 2011.
The Libyan National Army continues its assault on Tripoli, home to the internationally recognised Government of National Accord. Surprisingly, oil production remains largely uninterrupted, even increasing to a six-year high, recorded at an average of 1.06 million bpd in 2019 H1. Nevertheless, risks to oil supply and production remain high while the conflict continues. With GDP, exports and fiscal revenues remaining largely dependent on oil production; any disruptions to this industry will severely impact the economy and the country as a whole. Overall, real GDP is forecast to contract by 1.3% in 2019. (Source: Libya Quarterly Update, published August 2019.)
Macroeconomic Data
(2018)
|
Fiscal Balance (as a % of GDP) |
-4.5 |
|
Consumer Price Index (% change y-o-y, avg) |
9.3 |
|
Current Account Balance (as a % of GDP) |
15.4 |
|
Real GDP (annual % change) |
15.7 |
|
GDP per Capita, US$ |
10,794.9 |
|
Import Cover (months) |
49.9 |
|
Population, million |
6.7 |
| Total External Debt (as a % of GDP) |
7.8 |