A recent study conducted by the World Bank has unveiled that the per capita share of Libya’s Gross Domestic Product (GDP) has plummeted by 50%, between 2011 and 2020.
The study further suggests that had the Libyan economy continued on a positive trajectory without conflict and political division, it could have witnessed a 68% increase.
Libya’s economy has been significantly affected by ongoing conflicts, the repercussions of the COVID-19 pandemic, and events in Ukraine, compounded by catastrophic floods in the country’s east. These factors have resulted in long-term economic, and social ramifications for the nation’s fragile situation.
The study indicates that per capita, GDP could have been 118% higher if there were no conflict.
Furthermore, it predicts the continuation of economic growth deceleration in 2022, exacerbated by oil production disturbances and conflict-related disruptions.
Libya is grappling with rising unemployment rates, with the official rate standing at 19.6%. Over 85% of workers are employed in the public and informal sectors.
In 2022, public finance revenues saw a 16% increase, driven by elevated oil revenues, which make up 97% of the public finance income.
Notably, the Central Bank of Libya (CBL) announced that the country’s revenue for the first nine months of 2023, amounted to 86.4 billion Libyan dinars.
The monthly statement covers revenue and general expenditure for the period from 1 January 2023, to 30 September 2023.
It was reported that revenues in September alone reached 8.2 billion. The total general revenue in Libya from January to August 2023 amounted to approximately 78.2 billion.
The CBL explained that the general revenue during this period was derived from oil sales, amounting to 67.1 billion, oil royalties of 7.3 billion, and oil royalties from previous years totalling 10.3 billion.
The general revenue included taxes amounting to 481 million, customs revenue of 225 million, telecommunications revenue of 352 million, and domestic fuel sales of 120 million. Additionally, there were other revenues totalling 485 million.