Libya economy pdf. Based on information available at the time of these discussions, the staff report was completed on May 30, 2024. 1 mbpd in 2024, GDP is anticipated to shrink by 2. 4 As government revenue is reliant on hydrocarbons, the volatility of oil prices translates into highly volatile levels of public domestic revenue, which can also be seen in Figure 1 above The aim of this report is to prepare an initial study that identifies the most prominent challenges facing the current Libyan economy and the extent of their impact on business development and on political and economic stability, before suggesting some thematic issues for discussion at the national level to elaborate a national strategy. 2 and 1. May 30, 2024 · Libya’s economy is largely dependent on oil and gas production, and fluctuations in international energy prices—denominated in US dollars—have a significant impact on the economy and put pressure on the exchange rate in both the official and parallel markets. 3 mbpd, respectively; GDP growth is expected to rebound to 9. . 13 We estimate that Libya’s net oil export revenues totaled $30 billion in 2023, similar to 2022 totals. Libya’s economic fortunes will hinge on oil and gas production for the foreseeable future. Sep 17, 2025 · Diplomatic representation in the US Diplomatic representation from the US Economy Economic overview Real GDP (purchasing power parity) Real GDP per capita Exports Feb 17, 2011 · The illicit economy, dominated by smuggling, is a diferent matter, and exists outside — but alongside — the state, with its comparative importance ebbing and flowing based on how well or poorly Libya’s governance and formal economy are doing otherwise. The Libyan Economy after the Revolution: Still No Clear Vision economy collapsed overthrow of in February Muammar regime later especially oil production virtually (the mainstay all economic of the Libyan economy) was some witnessed recovery a dramatic production when the war ended and economy expected, the longer term economic economy has only just got back to fact, yet reached by sustained The Staff Report prepared by a staff team of the IMF for the Executive Board’s consideration on July 1, 2024, following discussions that ended on May 10, 2024, with the officials of Libya on economic developments and policies. Hydrocarbon production is projected to grow by around 15 percent in 2023 following an increase in oil production from 1 million barrels per day in 2022 to around 1. Crude oil and natural gas export revenues are a significant part of Libya’s economy, accounting for an estimated 97% of Libya’s total government revenues and an estimated 93% of the country’s total value of exports in 2023. 7 percent this year. 2 million barrels per day in 2023 and increase gradually thereafter. Libya’s economic trajectory over the past three decades has been heavily affected by international sanctions, political dynamics, and oil market fluctuations (Figure 20). 6 Latest news and information from the World Bank and its development work in Libya. Macroeconomic framework: Libya is divided de facto in an eastern area and a western area, both supported by different foreign powers. On the contrary, the priority is meeting current expenditure and subsidy payments. Jan 6, 2025 · Libya’s economic outlook relies heavily on the oil and gas sector, which constitutes a significant portion of its GDP, government revenue, and exports. Hydrocarbons make up more than half of Libya’s GDP and 95 percent of Libyan exports. With oil production expected to average 1. This is hindering, according to the African Economic Outlook from 2024, the carryout of public investments. For these purposes, Libya boasts an economy based mostly on the Libya’s financing landscape is volatile due to the country’s reliance on hydrocarbons and lack of economic diversity. As oil output recovers in 2025 and 2026, reaching 1. Libya Economy Profile of Libya Doing Business 2020 Indicators (in order of appearance in the document) About Doing Business The Doing Business project provides objective measures of business regulations and their enforcement across 190 economies and selected cities at the subnational and regional level. Access Libya’s economy facts, statistics, project information, development research from experts and latest news. 7eq0 jj2wa khvf laxq qgddzbm6 h2zb wc6i vuivs j5oldj osc2un