Libya’s Gross Domestic Product (GDP) for 2021, i.e. a decade after the NATO-backed uprising, has declined by more than 30%, compared to 2010. This is according to statistics issued by the US Macro-Trends Research Platform.
In a report, the US Platform stated that “The Libyan GDP in 2010 amounted to 75.3 billion dollars, with per capita income estimated at 11.6 thousand dollars. The GDP value of Libya represents 0.02 percent of the world economy.”
The report indicated that the country’s GDP “decreased to 42.8 billion dollars in 2011, and the per capita income hit 6.3 thousand dollars.”
It also explained that the country’s GDP “grew by 5% in 2010, but it declined in 2011 by more than 50%.”
GDP was forecast to continuously increase between 2022 and 2027 by a total of 9.7 billion US dollars (+23.75%). This is estimated to amount to 50.54 billion US dollars in 2027, according to Statista.com.
The annual percentage growth rate of GDP at market prices is based on constant local currency. Aggregates are based on constant 2015 prices, expressed in US dollars. GDP is the sum of gross value added by all resident producers in the economy, plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for the depreciation of fabricated assets or for the depletion and degradation of natural resources.
Notably, the Libyan Oil Minister, Mohamed Aoun, stated that oil and gas production will increase by the end of 2023.
During a meeting with the Dutch Ambassador in Tripoli, Dolf Hogewoning, Aoun added that oil production could reach 2 million barrels per day, “if efforts are combined, and work is done with high efficiency, and international companies cooperate with Libya.”
He highlighted the role of the Dutch oil and gas company, Shell, and its history of work in the country.
Libya’s total oil revenues rose to 105.5 billion Libyan dinars ($22.01 billion) in 2022, compared to 103.4 billion dinars ($21.5 billion) in 2021, the Central Bank of Libya (CBL) announced earlier this month.
In recent months, Libya’s oil sector has stabilized, and production has risen to 1.2 million barrels per day. Aoun has expressed his hopes that “oil production will return to 2010 levels within two or three years.”
