Libya
Libya is a textbook example of the dangers of the natural resource curse. The hydrocarbons sector accounts on average for around 70% of GDP, 90% of fiscal revenues and 95% of export earnings. Meanwhile, on the political front the country has endured years of instability following the uprising of 2011.
The Libyan National Army (LNA) continue their assault on Tripoli, home to the UN-recognised Government of National Accord (GNA). All election and re-unification prospects with the rival government, the House of Representative (HoR), in Tobruk, have faded. With the conflict likely to spread, oil production and real GDP are expected to decline in 2019. (Source: Libya Annual Country Profile, published June 2019.)
Macroeconomic Data
(2018)
|
Fiscal Balance (as a % of GDP) |
-5.3 |
|
Consumer Price Index (% change y-o-y, avg) |
9.3 |
|
Current Account Balance (as a % of GDP) |
16.7 |
|
Real GDP (annual % change) |
15.7 |
|
GDP per Capita, US$ |
9,527.9 |
|
Import Cover (months) |
68.8 |
|
Population, million |
6.5 |
| Total External Debt (as a % of GDP) |
9.1 |