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Libya Economic Outlook

After three years of economic contraction, GDP grew an estimated 55.1% in 2017, due to the significant increase in oil production. With the dire security, political, and humanitarian situation accompanied by the sharp decline in oil prices, real GDP in Libya contracted more than 50% in 2014 and continued to shrink through 2015 and 2016, although at a slower rate. With the Organization of the Petroleum Exporting Countries agreement to cut oil production to 32.5 million barrels a day starting January 2017, oil prices rose slightly and fluctuated between $52 and $60 from August to November 2017. Exempt from this agreement, Libya increased oil production substantially toward the end of 2016 and throughout 2017, boosting forecasted growth in real GDP for 2017 and 2018. The economic outlook remains highly uncertain and dependent on fluctuating oil prices and progress in achieving stability.

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Key Facts

Capital: Tripoli
Area: 1,760,000 sq km
Total Population 2017: 6.4 Million
Urban Population 2017: 73.50%
Female Population 2017: 49.70%
GDP: US$ 47.8 Billion
GNI Per Capita 2015: US$ 6,030
Inflation Rate: 13.00%
Crude Birth Rate (per 1000): 19.10%
Human Development Index (rank / 188): 102
Human Development Index (scale 0 to 1): 0.716
Membership Date: 21/07/1972
Cumulative Approvals (1967-2016): UA 0.6 Million

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Regional Development, Integration and Business Delivery Office (RDIB)

Director General, Mr. Mohamed El Azizi

African Development Bank Group
Immeuble Zahrabed
Avenue du Dollar, Les Berges Du Lac II, Tunis 1053, Tunisia

Tel: (+216) 71102953
Fax: (+216) 71194523

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