Libya Overview: Development news, research, data | World Bank
WEBAchieving stability and security could help Libya reach its goal of nearly doubling oil production by 2025, impacting the global oil supply. Stability in Libya could also help absorb economic migrants from neighboring countries, such as Tunisia and Egypt, as well as sub-Saharan Africa.
Libya's Economic Update — October 2021 - World Bank Group
WEBDownload Libya report: English. Libya made significant progress towards ending its decade-long conflict and moving towards reunification in 2021. This resulted in a strong rebound of oil production and economic activity, and a consequent upswing in fiscal, trade, and current account balances.
Libya - Oil, Agriculture, Trade | Britannica
WEBEconomy of Libya. Libya’s per capita income is among the highest in Africa. Oil revenues remain Libya’s main source of income. At the beginning of the 21st century, oil and natural gas together accounted for almost three-fourths of the national income and nearly all of the country’s export earnings, although they employed less than one ...
Libya's Economy Shows Resilience and Potential for Prosperity …
WEBWASHINGTON, June 6, 2023 — Libya's economy shows resilience despite facing low and volatile economic growth. The World Bank estimates a 1.2 percent contraction in Libya's economy for 2022, primarily attributed to a decline …
WEBMay 9, 2022 · Crude oil and natural gas export revenues are a significant part of Libya’s economy. In 2021, oil revenues accounted for an estimated 98% of Libya’s total government revenues, according to Libya’s Central Bank.
WEBOUTLOOK AND RISKS. 17. Libya’s economic fortunes will hinge on oil and gas production for the foreseeable future. Hydrocarbon production is projected to grow by around 15 percent in 2023 following an increase in oil production from 1 million barrels per day (mbd) in 2022 to around 1.2 mbd in 2023.
Libya Economic Outlook | African Development Bank Group
WEBAfrican Economic Outlook 2023. Supporting Climate Resilience and a Just Energy Transition in Africa. Recent macroeconomic and financial developments In 2022, real GDP contracted sharply, by 12.1%, after growing 28.3% in 2021.
Libya’s biggest oilfield halts production as crisis deepens | Oil and ...
WEB3 Mar 2022. Production was halted at Libya’s biggest oil field and protesters threatened to keep a key export terminal closed, as the OPEC nation plunged deeper into political crisis.
Libya’s oil industry is in disarray just as the world needs it more ...
WEBJun 20, 2022 · Cairo CNN — Libya was thrust back into the spotlight last week when it announced that it is pumping a million fewer barrels of oil than it did last year. That was big news for oil-consuming...
Economy of Libya - Wikipedia
WEBThe economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa.
Skip to content