Economy — Libya
GDP, employment, industries, public finance, and currency.
Profile updated 2026-06-02
⚡ Economy at a glance
GDP, employment, industries, public finance, and currency. Key figure for 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…
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Economic overview
- Economic Overview
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.
- Industries
petroleum, food processing, textiles, handicrafts, cement
- GDP - per capita (PPP)
$15,100.00 (USD)
- GDP - real growth rate
-6.1%
GDP & growth
- GDP - Gross Domestic Product (PPP)
$70,650,000,000 (USD)
- GDP Per Capita
$15,100.00 (USD)
- GDP - real growth rate
-6.1%
- GDP - official exchange rate
$29,720,000,000 (USD)
- GDP - composition, by end use
- household consumption: 80%
- government consumption: 21.8%
- investment in fixed capital: 4.1%
- investment in inventories: 0.8%
- exports of goods and services: 27.3%
- imports of goods and services: -34%
- GDP by Sector- agriculture
1.8%
- GDP by Sector- Industry
40.2%
- GDP by Sector- services
58%
- Industrial Growth Rate
2.7%
Prices & money
- Inflation Rate
3%
- Exchange Rate per US Dollar
Libyan dinar (LYD)
- Currency Name and Code
Lybian Dinar (LYD)
- Fiscal Year
calendar year
- Commercial Bank Prime Lending Rate
6%
Employment & labor
- Labor Force
1,729,000
- Unemployment Rate
30%
- Major Industries
petroleum, food processing, textiles, handicrafts, cement
- Agriculture Products
wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans; cattle
Public finance
- Annual Budget
$42,310,000,000 (USD)
- Public Debt (% of GDP)
8%
- Budget Surplus or Deficit - percent of GDP
-0.5%
- Taxes and other revenues - percent of GDP
58.6%