Libya Economic Outlook

  • Thanks to a rapid resumption of hydrocarbon production and exports, Libya’s economy recovered in 2012 from a severe contraction experienced in 2011, with real GDP growth 95.5% in 2012 against a contraction of 59.7% in 2011; inflation decelerated to 6.9% in 2012 from 15.9% 2011, and GDP growth is projected to normalise to 15% and 8.1% by 2013 and 2014, respectively, while inflation is expected to decline further to 4.7% in 2013 and 3.4% in 2014.
  • The peaceful conduct of elections in July 2012 was a promising indication of Libya’s successful political transition, but the subsequent difficulties in forming a new government have highlighted the challenges of achieving stability.
  • Libya’s successful transition and sustainable development hinges on the evolving security situation, the new government’s economic strategy, the resolution of regional tensions over hydrocarbon resources, and the international price of oil.


Department North Africa Region

Director North Africa Region, Mr. Jacob Kolster

Temporary Relocation Agency (TRA)
15 Avenue du Ghana
P.O.Box 323-1002, Tunis-Belvédère, Tunisia

Phone: (+216) 71102065
Fax: (+216) 71330087


Key Facts

Capital: Tripoli
Area: 1,760,000 sq km
Total Population 2012: 6.5 Million
Urban Population 2012: 78.30%
Female Population 2012: 50.09%
GDP: US$ 75.0 Billion
GNI Per Capita 2012: US$ 9,977
Inflation Rate: 6.90%
Crude Birth Rate (per 1000): 22.03%
Human Development Index (rank / 187): 64
Human Development Index (scale 0 to 1): 0.769
Membership Date: 21/07/1972
Cumulative Approvals (1967-2012): UA 0.6 Million

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