Economy - overview:
Libya's economy, almost entirely dependent on oil and gas exports, struggled during 2015 as the country plunged into civil war and world oil prices dropped to seven-year lows. In early 2015, armed conflict between rival forces for control of the country’s largest oil terminals caused a decline in Libyan crude oil production, which never recovered to more than one-third of 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 about 49% of GDP. Libya’s economic transition away from Qadhafi’s notionally socialist model has completely stalled as political chaos persists and security continues to deteriorate. Libya’s leaders have hindered economic development by failing to use its financial resources to invest in national infrastructure. The country suffers from widespread power outages in its largest cities, caused by shortages of fuel for power generation. Living conditions, including access to clean drinking water, medical services, and safe housing, have all declined as the civil war has caused more people to become internally displaced, further straining local resources.Extremists affiliated with the Islamic State of Iraq and the Levant (ISIL) attacked Libyan oilfields in the first half of 2015 and ISIL has a presence in many cities across Libya including near oil infrastructure, threatening future government revenues from oil and gas.

GDP (purchasing power parity):
$92.87 billion (2015 est.) $98.9 billion (2014 est.) $130.2 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 83
[see also: GDP country ranks ]

GDP (official exchange rate):
$29.72 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-6.1% (2015 est.) -24% (2014 est.) -13.6% (2013 est.)
country comparison to the world: 216
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$15,100 (2015 est.) $16,000 (2014 est.) $21,100 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 106
[see also: GDP - per capita country ranks ]

Gross national saving:
-24.6% of GDP (2015 est.) 1.4% of GDP (2014 est.) 37.3% of GDP (2013 est.)
country comparison to the world: 179
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 80%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 21.8%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 4.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.8%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 27.3%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -34% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 1.8%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 40.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 58% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans; cattle

Industries:
petroleum, petrochemicals, aluminum, iron and steel, food processing, textiles, handicrafts, cement

Industrial production growth rate:
-13% (2015 est.)
country comparison to the world: 198
[see also: Industrial production growth rate country ranks ]

Labor force:
1.195 million (2015 est.)
country comparison to the world: 138
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 17%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23%
[see also: Labor force - by occupation - industry country ranks ]
services: 59% (2004 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
30% (2004 est.)
country comparison to the world: 187
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
note: about one-third of Libyans live at or below the national poverty line
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $10.19 billion
[see also: Budget revenues country ranks ]
expenditures: $24.85 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
34.3% of GDP (2015 est.)
country comparison to the world: 68
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-49.3% of GDP (2015 est.)
country comparison to the world: 219
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
6.6% of GDP (2015 est.) 6.5% of GDP (2014 est.)
country comparison to the world: 174
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
12.1% (2015 est.) 3.3% (2014 est.)
country comparison to the world: 213
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9.52% (31 December 2010) 3% (31 December 2009)
country comparison to the world: 24
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
7% (31 December 2015 est.) 6% (31 December 2014 est.)
country comparison to the world: 121
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$45.42 billion (31 December 2015 est.) $48.02 billion (31 December 2014 est.)
country comparison to the world: 53
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$54.66 billion (31 December 2014 est.) $53.34 billion (31 December 2013 est.)
country comparison to the world: 65
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$-13.84 billion (31 December 2015 est.) $-16.48 billion (31 December 2014 est.)
country comparison to the world: 191
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$18.47 billion (2015 est.) -$12.39 billion (2014 est.)
country comparison to the world: 185
[see also: Current account balance country ranks ]

Exports:
$10.51 billion (2015 est.) $16.46 billion (2014 est.)
country comparison to the world: 87
[see also: Exports country ranks ]

Exports - commodities:
crude oil, refined petroleum products, natural gas, chemicals

Exports - partners:
Italy 17.7%, France 13.1%, Germany 11.9%, Netherlands 8.5%, Switzerland 6.1%, Spain 6%, Greece 4.8%, Austria 4.3% (2014)

Imports:
$11.24 billion (2015 est.) $20.43 billion (2014 est.)
country comparison to the world: 92
[see also: Imports country ranks ]

Imports - commodities:
machinery, semi-finished goods, food, transport equipment, consumer products

Imports - partners:
Italy 15.1%, China 12.3%, Turkey 11.8%, Egypt 5.7%, South Korea 5.1%, Tunisia 4.7%, Spain 4.4% (2014)

Reserves of foreign exchange and gold:
$61.63 billion (31 December 2015 est.) $89.25 billion (31 December 2014 est.)
country comparison to the world: 35
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$5.244 billion (31 December 2014 est.) $6.028 billion (31 December 2013 est.)
country comparison to the world: 128
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$16.04 billion (31 December 2015 est.) $16.04 billion (31 December 2014 est.)
country comparison to the world: 84
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$21.59 billion (31 December 2015 est.) $20.91 billion (31 December 2014 est.)
country comparison to the world: 54
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Libyan dinars (LYD) per US dollar - 1.38 (2015 est.) 1.27 (2014 est.) 1.27 (2013 est.) 1.26 (2012 est.) 1.22 (2011 est.)