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Libya Libya

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Libya – Quick View
ECR score46.85 (Mar 2011)
ECR rank79 (Mar 2011)
Economic
GDP (2010)USD 38.55 billion
GNI per capita PPP (2010)USD 17,067.6
FDI inflow (2009)USD 1,711 (-58.37%)
Inflation (2009)4.5%
Central bank assets (March 2008)USD 48,894.34 million
Unemployment rate (2007)13.5%
Government deficit (2009)USD 6,534.74 million (-70.40%)
Tax revenue (2009)USD 36,176.32 million (-33.26%)
Political
Government typeJamahiriya
Recent political crisis2011 anti-government protests
Economic freedom score (2011)173rd
Freedom of information score (2010)160th
Corruption perception index (2010)146th
Structural
Birth rate23 per ‘000
Population balanceUnder 14 - 30.13%
Population balanceOver 65 – 4.24%
Life expectancy yearsMale 71.7 years
Life expectancy yearsFemale 76.9 years
Mortality rate4.1 per ‘000
Literacy rate88.3%
Internet access5.5%

[Top] Economic Overview

Gross domestic product (GDP)

Libya’s GDP in 2010 was LYD 49.58 billion, growing by 10.64% over the previous year.

Libya GDP and GDP growth

(Source: IMF)

The GDP growth rate in 2010 was 10.64% compared to -2.31% in 2009.

GDP per capita

The GDP per capita in 2010 was LYD 7,676.32 compared to LYB 7,076.12 in 2009.

Libya GDP per capita at constant prices

(Source: IMF)

Gross national income (GNI)

Libya’s GNI was USD 77,185.24 million in 2009, which declined by 0.91% over the previous year.

Libya Gross National Income

(Source: World Bank)

GNI per Capita, PPP

Total GNI per capita at PPP was USD 17,067.6 in 2010 compared to USD 16,429.9 in 2009.

Libya GNI per capita, PPP

(Source: UNDP)

Income tax rate

The tax rate levied on individual income in Libya is 15%. If individual income exceeds LYD 200,000, the tax rate can become as high as 90%.

(Source: heritage.org)

Corporate tax

The effective corporate tax levied in Libya is 41.6%.

(Source: heritage.org)

Inflation rate

The inflation rate in 2010 was 4.5% compared to 2.83% in 2009.

 

Libya Inflation

(Source: IMF)

FDI Inflow

The net FDI inflows to Libya was USD 1,711 million in 2009, which declined by 58.37% over the previous year.

 

Libya FDI inflow

(Source: World Bank)

Banking sector assets

Total banking sector assets in Libya were LYD 60,052 million in 2008, which grew by 1.2% over the previous year.

 

Total Banking Sector Assets of Libya (LYD million)

 

March 2008

2007

Total Assets

60,052

59,340

Net foreign assets

105,972

100,516

Central bank

103,404

98,309

Deposit money bank

2,568

2,206

Net domestic assets

-75,946

-70,835

Domestic credit

-60,670

-54,927

Other items

-15,276

-15,908

(Source: fic.wharton.upenn.edu)

[Top] Financial Indicators & Government Financial

Consumer price index

The CPI in Libya in 2010 was 118.99.

 

Libya Consumer Price Index

(Source: IMF)

Interest rates on deposits

Interest offered on deposits in Libya was 2.5% in 2010 which remained unchanged from the previous year.

(Source: IMF)

Money supply (Currency in Circulation)

 

Libya Money Supply

(Source: AFDB page no - 248)

Government expenditure

Total government expenditure and net lending in Libya was LYD 43,678 million in 2009, which declined by 2.58% over the previous year.

Total expenditure of government of Libya (LYD million)

 

2009

2008

Total Expenditures and Net Lending

43,678

44,836

Current expenditure

22,039

17,579

Wages and Salaries

8,874

7,764

Capital expenditure

24,839

25,907

Net Lending

- 3,200

1,350

(Source: AFDB page no - 248)

 

Official exchange rate

Libya Exchnage rate
(Source: AFDB page no - 248)

Government finances

Fiscal balance

Libya registered a fiscal surplus of LYD 8,306 million in 2009 compared to LYD 28,061 million in 2008.

 

Libya Fiscal Balance

(Source: AFDB page no - 248)

Total revenue

Libya's total revenue was LYD 51,984 million in 2009, which declined by 28.69% over the previous year.

Total Revenue of government of Libya (LYD million)

 

2009

2008

Total Revenues and Grants

51,984

51,984

Tax Revenue

45,982

68,895

Non Tax Revenue

6,002

4,002

(Source: AFDB page no - 248)

Tax revenue

Libya's total tax revenue was LYD 45,982 million in 2009, compared to LYD 68,895 million in 2008.

(Source: AFDB page no - 248)

Current account balance - surplus/deficit

The current account balance in 2010 was estimated at 20.14% of GDP compared to 15.67% in 2009.

 

Libya Current account balance

(Source: AFDB page no - 248)

Balance of payments

Balance of Payments (LYD million)

 

2009

2008

Trade balance

31,436

49,962

Services Balance

-4,025

-3,166

Net Income

267

-2,004

Current transfers, net total

-13,130

-2,357

Current account balance

14,548

42,434

(Source: AFDB page no - 248)

[Top] Labour Force and Employment Overview

The total labour force in Libya amounted to 2.37 million in 2009 compared to 2.29 million in 2008.   

Libya Labour force

(Source: World Bank)

Labour force participation rate

The labour force participation rate in Libya was 52.6% in 2008. (Source: africaneconomicoutlook.org)

Unemployment rate

The unemployment rate in Libya was 13.5% in 2007. (Source: africaneconomicoutlook.org)

Minimum wages

In 2009, the minimum wage in Libya was USD 208 per month. (Source: estandardsforum.org)

Level of Unionisation

Libya does not recognise trade union rights. The General Trade Union Federation of Workers (GTUFW) is the only union and is linked to the government. Independent trade unions are banned in Libya and only workers of Libyan nationality can become members.

(Source: ITUC)

[Top] Political Stability

The government in Libya is called the "Jamahiriya" which means state of masses. Libya is governed by the general public through local councils.

The head of state is Mu'ammar al-Qadhafi, who has been in power since 1969, when he seized power in a military coup. The prime minister is the head of the government.

Libya has a unicameral legislature; the General People's Congress (GPC) has 760 members. The members for the unicameral legislature are elected through municipal people's committees.

(Source: state.gov, estandardsforum.org)

In February 2011, the citizens started anti-government protests and protests against the four decade rule of Muammar al-Qadhafi. There have been clashes between the supporters and opponents of Muammar al-Qadhafi. Since then, most parts of the country have not  been under direct government rule. International organisations including the United Nations have condemned the violence against civilians.

(Source: globalsecurity.org)

Regulatory environment in Libya

Libya Economic Freedom Indices

 

(Source:Heritage.org)

Libya's economic freedom score is 38.6, making its economy the 173rd freest in the 2011 Index of Economic Freedom. Libya was ranked last in the Middle East/North Africa region.

Corruption perception

Libya was placed in 146th position in the Corruption Perceptions Index (CPI) 2010 with a score of 2.2. CPI measures the perceived level of public-sector corruption in 178 countries and territories around the world.

(Source: transparency.org)

Freedom of information

The media in Libya is restricted. Libya exercises strict control over the media. Most of the newspapers are directly or indirectly owned by the government.

(Source: BBC)

Libya is ranked 160th on the world Press Freedom Index 2010, with a score of 63.5. (Source: rsf.org)

Newspapers

  • Al-Fajr al-Jadid
  • Al-Shams
  • Al-Jamahiriyah
  • The Tripoli Post
  • Birniq

(Source: BBC)

Judicial system

The Judicial system in Libya includes three levels of courts - the courts of first instance, the courts of appeals and the Supreme Court.

The Supreme Court is the final court of justice. The GPC appoints the justices to the Supreme Court. Libya also has special revolutionary courts and military courts, which operate independently.

(Source: state.gov)

[Top] Demographic Overview

In mid-2009, the total population of Libya was 6.4 million,  compared to 6.3 million in 2008. Women accounted for 48.3% of the total population and men for 51.7%.

(Source: AFDB page no - 245)

 

Libya Population by Gender

 

Gender Ratio

Libya had a gender ratio of 107 men per 100 women in 2009.

(Source: UN)

65.63% of the population belongs within the age group of 15 to 64 years, followed by 30.13% of the population being below 14 years of age and 4.24% of the population above 65 years of age.

Population by Age

No of People

0-14

1,934,319

15-64

4,213,164

65+

272,443

(Source: AFDB page no - 245)

Mortality rate

The total mortality rate in Libya was 4.1 deaths per thousand people in 2009. The total infant mortality rate in Libya was 17 deaths per thousand live births.

(Source: AFDB page no – 245, World Bank)

Birth rate

The birth rate in Libya was 23 births per thousand people compared to 23.3 births per 1000 people in 2008.

(Source: AFDB page no - 245)

Life expectancy rate

The average life expectancy rate at birth was 74.3 years in 2009. The life expectancy rate at birth for males and females was recorded at 71.7 years and 76.9 years respectively.

(Source: UN, AFDB page no – 245)

Migration and urbanisation

In mid-2010, the international migrant stock of Libya was 682,500 or 10.4% of the total population. (Source: UN)

In 2009, 77.7% of the population lived in urban areas compared to 78% in 2008. (Source: AFDB)

Human development index

Libya ranked 53rd on the Human Development Index 2010 conducted by the United Nations. The HDI provides a composite measure of three dimensions of human development: living a long and healthy life (measured by life expectancy), being educated (measured by adult literacy and gross enrolment in education) and having a decent standard of living (measured by purchasing power parity, PPP, income). 

 (Source: UNDP)

[Top] Soft Infrastructure

Literacy rate

The adult literacy rate (above 15 years) in Libya was estimated at 88.3% in 2010 compared to 87.8% in 2009.

(Source: UNDP)

The education system in Libya consists of three stages - pre-school education, primary education and secondary education.

Primary education is compulsory and starts at the age of six. Primary education is divided into three stages, grades 1 to 4, grade 5 to 6 and grade 7­ to 9.

Secondary education lasts for three or four years. Students are eligible for secondary education after obtaining the primary education certificate. This education system consists of a number of different types of schools, such as general and specialised secondary schools, vocational training centre, sector specialised secondary schools and institutes.

(Source: UNESCO)

Public expenditure on education was 2.7% of GDP between 1999 and 2008.

(Source: africaneconomicoutlook.org)

Health care

Health care in Libya is provided by the government. The health care system in Libya is not well developed due to the lack of healthcare personnel and poorly-equipped facilities.

Libya has 480 nurses and midwives, 120 physicians, 20 dentists, 20 pharmacists, and 370 hospital beds for every 100,000 individuals.

The main causes of death include cardiovascular diseases, cancer and diabetes amongst others.

Public expenditure on health was 1.9% of GDP in 2007, compared to 1.6% in 2006.

(Source: UNDP)

[Top] Hard Infrastructure

The main form of public transport used in Libya is road travel.

Roadways

Libya has 100,024 km of roads, of which 57.2% are paved. (Source: estandardsforum.org)

Ports

Libya has following ports:

  • Port of Abu Kammash
  • Port of Ajdabiya
  • Port of Al Khoms
  • Port of Benghazi
  • Port of Derna
  • Port of Homs
  • Port Marsa El Brega
  • Port of Misurata
  • Port of Ras el Hilal
  • Port of Ras Lanuf
  • Port of Sirte
  • Port of Tobruq
  • Port of Tripoli
  • Port of Zuara

(Source:world port source)

Airports

 

Town

Airport name

Runway length (ft)

Benghazi

Benina

11,800

El Beida

Labraq

11,800

Ghadames

New Ghadames

11,800

Ghat

Ghat

11,800

Kufra

Kufra

12,000

Sebha

Sebha

11,800

Sirte

Gardabya

12,000

Beda M3

Beda M3

7,400

Bu Attifel A100

Bu Attifel A100

7,000

Hamada Nc-5

Hamada Nc-5

7,700

Majed

Majed

7,200

Marsa Brega S-21

Marsa Brega S-21

7,200

(Source: Air charter world)

Telecommunications networks

Libya had 17.15 fixed telephone lines per 100 people in 2009.

Libya Fixed Telephone lines per 100 inhabitants

(Source: UN)

Libya had 77.94 mobile phone subscriptions per 100 inhabitants in 2009.

Libya Mobile cellular subscribers

(Source: UN)

Internet users

Libya had 353,900 internet users in June 2010, accounting for 5.5% of the total population.

 

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