Libya Economy: Population, GDP, Inflation, Business, Trade …
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Libyas economic freedom remains unrated due to a lack of reliable data. The governments compilations of official economic data are inadequate, and data on Libya in many of the international sources relied upon for Index grading are incomplete. Libyas economic freedom will be ranked in future editions when more reliable information becomes available.
Libyas economy is at a critical juncture as security deteriorates and sectarian tensions deepen. With the states legitimacy eroding, the government confronts the daunting challenge of stabilizing the macroeconomic environment in the midst of political turmoil. The economic infrastructure is significantly degraded, and economic uncertainty remains very high.
Dictator Muammar Qadhafi was overthrown in 2011, and political upheaval continues to this day. In June 2014, Libya held its second parliamentary election since the fall of Qadhafi; in November, the Supreme Constitutional Court ruled that the elected parliament was constitutionally illegitimate. Pro-Islamist militias allied with the Muslim Brotherhood have established parallel institutions. Oil and natural gas provide about 80 percent of GDP, 95 percent of export revenues, and 99 percent of government revenues. Economic recovery began in 2012, but political instability, factional clashes, and security threats from Libyan followers of the Islamic State in Iraq and Syria (ISIS) are serious deterrents to growth. The government faces major challenges in disarming and demobilizing militias, improving the rule of law, and reforming the state-dominated economy.
In the absence of an effective national government, pervasive corruption continues in both the private sector and the government. The fall of the Qadhafi regime initially raised hopes that the level of graft would decline, but oil interests, foreign governments, smuggling syndicates, and armed groups still wield undue influence. The role of the judiciary remains unclear without a permanent constitution.
The top income tax rate is 10 percent, but other taxes make the top rate much higher in practice. The top effective corporate tax rate is 20 percent. Taxation has not been enforced effectively since early 2011. Large oil revenues have funded excessive government spending in the past. Instability and a weak central government continue to hamper the effective management of public finance.
Regulatory efficiency is severely undermined by ongoing political instability. The labor market remains destabilized, and the large informal sector is an important source of employment. Sharply decreased revenues from lower oil prices and increased payments for state salaries and subsidies on fuel and food led to an estimated budget deficit of about 50 percent of GDP in 2014, up from about 4 percent in 2013.
Libya has a 0 percent average tariff rate. Regulatory barriers interfere with trade. The government screens new foreign investment. State-owned enterprises distort the economy, and political instability undermines international trade and investment. The financial system is hampered by unstable political and economic conditions, and limited access to financing severely impedes any meaningful private business development.
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Libya Economy: Population, GDP, Inflation, Business, Trade ...
- Libya's reconstruction of Derna: 'A windfall for the Haftar clan' - Le Monde - September 21st, 2024 [September 21st, 2024]
- Court convicts former ambassadors, health officials, and cultural attachs at Libyan mission in Ukraine - Libya Herald - September 21st, 2024 [September 21st, 2024]
- Libyan European Transport Forum takes place in Tunis from 19 to 20 September - Libya Herald - September 21st, 2024 [September 21st, 2024]
- Sudan Situation: Sudanese Refugees and Asylum-Seekers in Libya - As of 15 Sep 2024 - ReliefWeb - September 21st, 2024 [September 21st, 2024]
- Egypt follows deadly overturning incident of vehicle carrying Egyptians in Libya - Egypt Today - September 21st, 2024 [September 21st, 2024]
- From Russia to Libya: Israel Has Adopted the Appalling Practice of Drafting Asylum Seekers - Haaretz - September 16th, 2024 [September 16th, 2024]
- With reconstruction in mind, can Turkey-Egypt thaw offer lifeline for Libya? - Al-Monitor - September 16th, 2024 [September 16th, 2024]
- FIFA Futsal World Cup: Libya emerge victorious, Angola stumble in opening ties. - CAFOnline.com - September 16th, 2024 [September 16th, 2024]
- Libya's central bank chaos must serve as a wake-up call for the West - Euronews - September 14th, 2024 [September 14th, 2024]
- One year since flooding devastated Libya - WBUR News - September 14th, 2024 [September 14th, 2024]
- Civil society should work together to be the drivers of change and overcome the divide in Libya, says USG DiCarlo [EN/AR] - ReliefWeb - September 14th, 2024 [September 14th, 2024]
- EU EXTERNAL PARTNERS: Frontex Denies Involvement in Pushbacks and Defends 400 Million Expansion Tender Thousands Pushed Back to Niger from Algeria... - September 14th, 2024 [September 14th, 2024]
- One-Year Commemoration of the Eastern Libya Floods - UNICEF - September 14th, 2024 [September 14th, 2024]
- Internal Shadows: The Unseen Plights of Libya's IDPs - Carnegie Endowment for International Peace - September 14th, 2024 [September 14th, 2024]
- Focus - Libya: One year after deadly floods, reconstruction in full swing in Derna - FRANCE 24 English - September 12th, 2024 [September 12th, 2024]
- Libya's Derna floods: Mourning a year later the loss of mums, dads and kids - BBC.com - September 12th, 2024 [September 12th, 2024]
- Turkey interested in Libya's offer of offshore exploration, says energy minister - Reuters - September 12th, 2024 [September 12th, 2024]
- A year on, Libya flood survivors grieve for their dead - Reuters - September 12th, 2024 [September 12th, 2024]
- Libya, EIA forecasts oil production of 600.000 barrels in the remaining months of 2024 - Agenzia Nova - September 12th, 2024 [September 12th, 2024]
- UNICEF Fact sheet: One - Year commemoration of the Eastern Libya floods [EN/AR] - ReliefWeb - September 12th, 2024 [September 12th, 2024]
- Goals and summary of the Benin 2-1 Libya in the Qualifiers CAF - VAVEL.com - September 12th, 2024 [September 12th, 2024]
- Libya is a step further towards adapting to climate change: GIZ - Libya Herald - September 12th, 2024 [September 12th, 2024]
- In Libya's Derna, Haftar using reconstruction to boost popularity one year after floods - Middle East Eye - September 10th, 2024 [September 10th, 2024]
- Top U.S. General Meets With Alleged War Criminal in Libya - The Intercept - September 10th, 2024 [September 10th, 2024]
- Libya: Internal Security Agency must be held accountable for deaths in custody, enforced disappearances and arbitrary detention - Amnesty... - September 10th, 2024 [September 10th, 2024]
- UNICE Fact sheet: One - Year commemoration of the Eastern Libya floods [EN/AR] - ReliefWeb - September 10th, 2024 [September 10th, 2024]
- Eastern Libya signs MoU to construct its section of the Egypt Libya - Chad Transit Road Project - Libya Herald - September 10th, 2024 [September 10th, 2024]
- Libya factions agree to appoint central bank governor in bid to ease crisis - Reuters.com - September 10th, 2024 [September 10th, 2024]
- Never mind the BRICS, focus on Libya - Duvar English - September 10th, 2024 [September 10th, 2024]
- Libya Construction Expo 2024 will be held from 28 to 31 October at Tripoli International Fairgrounds - Libya Herald - September 10th, 2024 [September 10th, 2024]
- AmCham Libya supporting high-level Libyan delegation to WEFTEC 2024 5 to 9 October, New Orleans, Louisiana - Libya Herald - September 10th, 2024 [September 10th, 2024]
- Libya at the brink of an imminent power crisis due to shortage of fuel - The North Africa Post - September 10th, 2024 [September 10th, 2024]
- Benin vs Libya Prediction and Betting Tips | 10th September 2024 - Sportskeeda - September 10th, 2024 [September 10th, 2024]
- Egyptian food exports to Libya amounted to US$ 183 million up to July an increase of 18 percent - Libya Herald - September 10th, 2024 [September 10th, 2024]
- Turkey Blocks Libya Arms Inspection For 12th Time, Raising Concerns About Commitment To Embargo - GreekCityTimes.com - September 10th, 2024 [September 10th, 2024]
- Africa News Tonight: China-Africa summit winds down, UN tries to end dispute over Libya central bank, Malawi aims to boost road safety - VOA Africa - September 10th, 2024 [September 10th, 2024]
- Notorious human trafficker sanctioned by the UN killed in Western Libya - The Jerusalem Post - September 10th, 2024 [September 10th, 2024]
- Libya central bank governor, other bankers flee to avoid militias, FT says - Reuters - September 2nd, 2024 [September 2nd, 2024]
- Expert predicts revolution in Libya, fears crisis far worse than 2011 - The Jerusalem Post - September 2nd, 2024 [September 2nd, 2024]
- Libya: UN report urges accountability for years of human rights violations in Tarhuna - OHCHR - September 2nd, 2024 [September 2nd, 2024]
- Africa File, August 29, 2024: North African Competition in the Sahel; Libya on the Edge; Burkina Faso is Spiraling - Institute for the Study of War - September 2nd, 2024 [September 2nd, 2024]
- 'Crumbling': Libya's warring factions dig in for fight over oil profits - Middle East Eye - September 2nd, 2024 [September 2nd, 2024]
- Oil Drops in Technical Correction From Rally on Libya Disruption - Yahoo Finance - September 2nd, 2024 [September 2nd, 2024]
- Libya upheaval: Why Turkey is mum over heightened tensions in Tripoli - Al-Monitor - September 2nd, 2024 [September 2nd, 2024]
- Libya: The President of the Senate asks to shed light on the death of Bija - Agenzia Nova - September 2nd, 2024 [September 2nd, 2024]
- Libya : Ousted central bank governor flees with the keys - Africa Intelligence - September 2nd, 2024 [September 2nd, 2024]
- U.S. calls for steps to maintain the credibility of the CBL - Libya Herald - September 2nd, 2024 [September 2nd, 2024]
- U.S. crude oil rebounds nearly 2% on major supply disruption in Libya and Iraq output cut - CNBC - September 2nd, 2024 [September 2nd, 2024]
- Libya: Italian cuisine protagonist of the Mena Agro Food Expo 2024 in Benghazi - Agenzia Nova - September 2nd, 2024 [September 2nd, 2024]
- Is there an end in sight for the Libya oil crisis? - The National - September 2nd, 2024 [September 2nd, 2024]
- All of Libya Held Hostage by Gunmen Targeting the Central Bank - The Washington Institute - August 25th, 2024 [August 25th, 2024]
- Sophie Kemkhadze joins as the new Resident Representative in Libya - United Nations Development Programme - August 25th, 2024 [August 25th, 2024]
- EU official targets Trkiye over growing influence in Africa, Libya - Trkiye Today - August 25th, 2024 [August 25th, 2024]
- Libya's instability will worsen further without a unified government and elections, UN envoy says - The Associated Press - August 22nd, 2024 [August 22nd, 2024]
- Will turmoil in Libya spill over into the region? - Al Jazeera English - August 22nd, 2024 [August 22nd, 2024]
- Libya: Behind abduction and failed central bank coup in Tripoli - Al-Monitor - August 22nd, 2024 [August 22nd, 2024]
- UN officials warn of further instability in Libya without elections soon - The Jerusalem Post - August 22nd, 2024 [August 22nd, 2024]
- Production at Libya's Sharara oilfield rises to 85,000 bpd to supply refinery, sources say - Reuters - August 22nd, 2024 [August 22nd, 2024]
- Small volumes of gas flowing to Italy from Libya - MEED - August 22nd, 2024 [August 22nd, 2024]
- Libya: the Brega oil company distributes fuel to citizens affected by floods in the south - Agenzia Nova - August 22nd, 2024 [August 22nd, 2024]
- Libyan Industry Union organises workshop on Libyan Industrial Exports - Reality and Prospects - Libya Herald - August 22nd, 2024 [August 22nd, 2024]
- Conflict Is Brewing in Libya Once Again - OilPrice.com - August 22nd, 2024 [August 22nd, 2024]
- Libya's Almadar Aljadid, Vox Solutions ink SMS and voice gateway deal - Connecting Africa - August 22nd, 2024 [August 22nd, 2024]
- UN warns of rapidly deteriorating situation in Libya - Morning Star Online - August 22nd, 2024 [August 22nd, 2024]
- Arbitrary detentions and impunity widespread in Libya, warns UNs Trk - Welcome to the United Nations - July 10th, 2024 [July 10th, 2024]
- Mass Graves of Migrants in Libya: An End to a Dream for a Better Life in Europe - Asharq Al-awsat - English - July 10th, 2024 [July 10th, 2024]
- Marshal Haftar Meets with Greek Ambassador to Strengthen Bilateral Relations - Libya Update - July 10th, 2024 [July 10th, 2024]
- Morocco And The UN: Paving The Path To Peace In Libya OpEd - Eurasia Review - July 10th, 2024 [July 10th, 2024]
- Libya and Russia discuss reactivating the construction of the railway project - Libya Herald - July 10th, 2024 [July 10th, 2024]
- UN probing reported mass grave on Libya-Tunisia border - Yahoo! Voices - July 10th, 2024 [July 10th, 2024]
- NDA Partners with Turkish Firm TGG to Construct Modern Tower Complex in Benghazi - Libya Update - July 10th, 2024 [July 10th, 2024]
- Efforts to increase trade between Indonesia and Libya - Libya Herald - July 10th, 2024 [July 10th, 2024]
- EU says ready to support Libya's efforts to achieve peace and transitional justice - The Libya Observer - July 10th, 2024 [July 10th, 2024]
- AmCham Libya hosts meetings during recent visit of U.S. Embassy Commercial and Economic Officer David Morrison - Libya Herald - July 8th, 2024 [July 8th, 2024]
- Spanish doctors visit Libya in their 12th campaign 500 surgeries would have been performed since 2022 - Libya Herald - July 8th, 2024 [July 8th, 2024]
- Libyan olive oil wins gold and silver in U.S. olive oil competition - Libya Herald - July 8th, 2024 [July 8th, 2024]
- As fighting rages in Sudan, refugee aid efforts expand to two new countries - ReliefWeb - July 8th, 2024 [July 8th, 2024]
- Libya's special envoy resigned. What's next for the country? - Atlantic Council - May 27th, 2024 [May 27th, 2024]
- Comment: The IVECO-TbCo impasse was resolved by hard work and determination to continue a business relationship ... - Libya Herald - May 27th, 2024 [May 27th, 2024]
- Two Libyan olive oil brands win gold at Athens International Olive Oil Competition 2024 - Libya Herald - May 27th, 2024 [May 27th, 2024]