In-Depth Analysis
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.
Libya’s economy suffered a dramatic slump in 2020, due to a pitched battle for Tripoli and the near-complete collapse in oil production. There has been significant progress in finding a political compromise as warring factions agree on an interim government to lead the country to elections in December. Oil production has now returned to pre-conflict levels and promises to reach 1.45 million barrels per day by the end of the year. Coming off a low base, Libya is set to register enormous growth in real GDP this year. (Source: Libya Quarterly Update, published March 2021.)
Macroeconomic Data
(2020)
|
Fiscal Balance (as a % of GDP) |
-49.4 |
|
Consumer Price Index (% change y-o-y, avg) |
22.3 |
|
Current Account Balance (as a % of GDP) |
-39.9 |
|
Real GDP (annual % change) |
-60.3 |
|
GDP per Capita, US$ |
3,899.0 |
|
Import Cover (months) |
44.45 |
|
Population, million |
6.9 |
| Total External Debt (as a % of GDP) |
23.6 |