Libya News

  Add News  

Libya’s Economic Outlook- April 2017

Hit by the ongoing conflict, the Libyan economy continued to suffer from recession in 2016. It is estimated that GDP lost half of its pre-revolution level. Budget revenues and exports proceeds reached the lowest amounts on record because of low oil production and prices. Consequently, the twin deficits remained high. Real incomes eroded, exacerbated by unparalleled high inflation. The conflict has also hit the population hard. Around 1.3 million people have no access to life-saving health care services and resources.

The lengthy conflict is taking a heavy toll on the Libyan economy and the well-being of the population. Obstructed by the conflict, production of oil, the main source of income in Libya, has been steadily declining over the last 4 years to reach around 0.38 million barrel per day (bpd) in 2016, which is less than 1/4 of pre-revolution levels. As a result, the Libyan economy shrank by an estimated 2.5% in 2016, with estimated real GDP falling to less than half of its pre-revolution level.

The economic outlook assumes that a new functioning government is endorsed this year. In this context, the dynamics in the hydrocarbon sector triggered during the last quarter of 2016 is expected to continue, translating into higher production of oil, which is projected to progressively reach 1 million bpd by end-2017, still rep-resenting only two thirds of potential. On this basis, GDP is projected to increase by 40%. Although improving, the twin deficits will remain, as revenues from oil will not be sufficient to cover high budget expenditures and consumption-driven imports. This should keep the budget deficit at about 18.8% of GDP and the current account deficit at 15.3% of GDP in 2017.



Home Advertising Our Services Contact us Login Register

Libya Add Your Topic

Dear Visitor you can add free your News, Jobs, Tenders or any topic categorized under by clicking at the appropriate link below.

  Libya Tenders  

  Libya News  

  Libya Events  

  Libya Jobs  

  Libya Jobs Seekers  

  Libya Training  

  Libya NOC News  

  Libya Government  

  Libya xGPC News  

  Doing Business in Libya  

  International Companies  

  Libyan Companies  

  Libyan Training  

  Libya Auctions  

  Libya Laws  

  Libya Regulations  

  Libya Projects  

  Libya Telecom and Technology  

  Libya Announcements  

  Libya Scholarships  

  Libya Airports  

  Libya Exhibitions  

  Libya Sea Ports  

  Libya Free Zones  

  Libya Banks  

  Libya Small business  

  Libya Finance & Economy  

  Libya Healthcare  

  Libya Real Estate  

  Libya Islamic Finance  

  Libya Industries  

  Libya Construction  

  Libya Competitions  

  Libya Agriculture  

  Libya Culture  

  Libya Demography  

  Libya Geography  

  Libya Roads  

  Libya Business  

  Libya Oil  

  Business in Libya  

  Libya Grants  

  Libya Volunteer  

  Libya Rent