It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. The GDP value of Libya represents 0.04 percent of the world economy. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. Libya GDP - real growth rate GDP - real growth rate: 64% (2017 est.) These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa. Libya has the lowest growth, with a 66.65% contraction as four economies will see a contraction below 25% or more, including Macao SAR, Lebanon, and Venezuela. source: World Bank 10Y 25Y The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. Download historical data for 20 million indicators using your browser. The Economic Community of West African States, also known as ECOWAS (CEDEAO in French), is a regional political and economic union of fifteen countries located in West Africa.Collectively, these countries comprise an area of 5,114,162 km 2 (1,974,589 sq mi), and in 2015 had an estimated population of over 349 million.. Trade Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. Economic indicators; GDP: Gross domestic product (million current US$) 2014: 41319 : GDP: Gross domestic product (million current US$) 2010: 80942 : GDP: Gross domestic product (million current US$) 2005: 45451 : GDP growth rate (annual %, const. The labor market remains destabilized. As much of the Libyan economy relies on crude oil production, the reestablishment of the industry goes a long way in encouraging the growth of the country's GDP. Real GDP (constant, inflation adjusted) of Libya reached $46,627,921,660 in 2017. Disinflation is expected to persist over the forecast period (minus 2.8% in average) as parallel market rates converge further towards the official one. World Bank national accounts data, and OECD National Accounts data files. Libya’s territory (90 percent of which is a desert) has the largest oil reserves in Africa and one of the largest in the world. Libya ranked 186th out of 190 countries in the World Bank’s 2019 Doing Business report. Libya GDP Per Capita - Historical Data; Year GDP Per Capita (US $) Annual Growth Rate (%) … To learn more about cookies, click here. Libya since 2011 . Libya gdp growth rate … The Gross Domestic Product (GDP) in Libya was worth 52.08 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. The research has employed annual time series data that contain 873 observations for nine variables for both countries. Third, as Libyan parties and international partners seek a … GDP Annual Growth Rate in Libya is expected to reach -45.00 percent by the end of 2020, according to Trading Economics global macro models and analysts expectations. Experts say. Libya Economic Outlook Macroeconomic performance and outlook Real GDP growth slowed to an estimated 4% in 2019, due to lower oil prices. This high degree of dependency makes oil production and oil price movements drive the economy. Libya GDP Growth Rate chart, historic, and current data. The economic impact was already felt in 2019 as real GDP growth slowed sharply to 2 .5 percent, down from what seemed a promising steady recovery during 2017–18, with a record growth performance of 20 .8 percent on average . Libya's sky-high economic growth rate cannot be attributed to smart planning, a resource boom or effective governance. Economic growth contracted by 8.1% in 2016. Current Libya GDP Growth Rate is -62.08%. Economic Trivia: Energy industry contributes to 80% of Libya's GDP, giving it one of highest per capita GDPs in Africa. In 2019, GDP growth for Libya was 2.5 %. Though Libya GDP growth fluctuated substantially in recent years, it tended to increase through 2000 - 2019 period ending at 2.5 % in 2019. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). Oil (and to some extent gas) represents some 65 percent of the country’s GDP, 96 percent of export revenues, and nearly 98 percent of government revenues. This site uses cookies to optimize functionality and give you the best possible experience. Rather, the North African … Growth projections have been revised down since the April 2020 Regional Economic Outlook, the IMF says in its latest update to the report. Find Out, Online tool for visualization and analysis. Worse yet, Libya is expected to suffer from a … Agriculture's share in Libya's economy is negligible, accounting for 1.3% of GDP in 2017, according to latest estimates of CIA World Factbook, and employing 7.7% of the workforce (2019 - World Bank). In the long-term, the Libya GDP Annual Growth Rate is projected to trend around 3.00 percent in 2021 and 7.00 percent in 2022, according to our econometric models. Because oil GDP growth (annual %) World Bank national accounts data, and OECD National Accounts data files. Prospects for further production growth will rely therefore on a settlement between competing parties about how best to handle Libya’s current and potential oil wealth. Highest per capita GDP in Africa drive the economy learn how the World economy one of the highest per... Macroeconomic performance and Outlook real GDP ( constant, inflation adjusted ) of Libya 's,. The highest nominal per capita GDP in Africa in Africa countries in the Bank! 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