Country Snapshot

Population (2019, millions)¹6.7
Population Projections (2030, millions)¹7.6
Economically active population in agriculture (as % of Economically active population)12, 20192.1 
CapitalTripoli
Surface Area (km²)²1,759,540
Weather¹¹In Tripoli: Hottest month, August, 22-30°C (average daily minimum and maximum); coldest month, January, 8-16°C; driest month, July, 1 mm average rainfall; wettest month, December, 94 mm average rainfall
Languages³Official: Arabic - Others: Italian, English and Berber (Nafusi, Ghadamis, Suknah, Awjilah and Tamasheq)
Main Religions³Main: Sunni Muslim - Others: Christian and others
Time⁴Eastern European Time (EET) +0200 UTC
Driving Orientation⁵Right Side
Internet Country Code⁶.ly
Country Calling Code+218
Plug, Socket and Voltage⁷ Type C, D, F and L - 127V, 230V/50Hz
CurrencyDinar (LYD) - 1/1000 = Dirham
Exchange Rate (As of 29 January 30, 2019, per USD)⁸1.38 (buy rate) 
GDP at Market Prices (2018, current, billions of USD)⁹48.31
GDP Growth (2017, annual %)⁹7.84
Average GDP Growth (2014-2018, annual %)⁹(0.22)
GDP per Capita, PPP (2018, current international $)⁹20,706
Inflation, Consumer Prices (2013, annual %)⁹2.6
Average Inflation, Consumer Prices (2010-2013, annual %)⁹6.74
Total Reserves in Months of Imports (2016)⁹69.98

Sources:
¹United Nations Population Division, Department of Economic and Social Affairs.
²COMESA Statistics, COMESTAT Data Hub.
³CIA World Factbook.
⁴Time and Date Portal.
⁵Chartsbin Portal, "Worldwide Driving Orientation by Country".
⁶Wikipedia, "List of Internet top-level domains"; and, Internet Assigned Numbers Authority, Root Zone Database.
⁷International Electrotechnical Commission, World Plugs.
⁸ Central Bank of Libya.
⁹World Bank, World Development Indicators 2019.
¹¹Economist Intelligence Unit.
¹2AFDB Socio Economic Database

Reasons to Invest in Libya

Source: Libya Privatization and Investment Board Online Portal. 

Population

Population Projections (millions)

Population (2019)6.7
Population Projections (2030)7.4

Source: United Nations Population Division, Department of Economic and Social Affairs.

Population Residing in Urban Areas (%)

Population Projections (2019)80.93
Percentage of Population Residing in Urban Areas (2030)83.63

Source: United Nations Population Division, Department of Economic and Social Affairs.

Youth Literacy Rates (2015, %)

Youth Literacy Rate, Population 15-24 Years, Both Sexes 99.95
Youth Literacy Rate, Population 15-24 Years, Female 99.93
Youth Literacy Rate, Population 15-24 Years, Male 99.96

Source: United Nations Educational, Scientific and Cultural Organization, UNESCO Institute of Statistics.

Labour

Unemployment (2018, % of Total Labour Force, Modeled ILO Estimate)

Unemployment, Total 17.28
Unemployment, Female 24.6
Unemployment, Male 14.91

Source: World Bank, World Development Indicators 2019.

Labour Force (2017, % of Ages 15+, Modeled ILO Estimate)

Labour Force Participation Rate, Total 52.37
Labour Force Participation Rate, Female 25.7
Labour Force Participation Rate, Male78.96
Labour Force, Total (number)2,507,512

Source: World Bank, World Development Indicators 2019.

Economy - Overview

GDP

 20142015201620172017
GDP at Market Prices (current, billions of USD)41.1427.8426.2238.1148.31
GDP Growth (annual %)-24.0-8.86-2.7926.677.84

Source: World Bank, World Development Indicators 2019.

Value Added by Sector (% of GDP)

Indicator20182019
Agriculture1.141.18
Manufacturing5.105.20
Industry 90.3889.28
Services 27.4828.54
Construction4.654.63
Electricity, gas and water1.441.47
Mining and quarrying79.2077.98
Education0.850.86
Finance, real estate and business services 6.146.30
Public administration and Defense14.8815.57
Health and Social Work0.700.72
Other services4.204.33
Transport, storage and communication  1.501.55
Wholesale and retail trade, hotels and restaurants4.624.76

Source: AFDB Socio Economic Database.

Trade Profile

Import Partners (Imported Value, thousands, USD)

 20142015201620172018
World18,090,93212,632,25210,184,4499,904,7746,637,676
Italy3,223,5101,814,2131,309,2211,353,7761,569,355
Egypt1,159,901629,203613,585454,459659,623
Greece324,580182,193403,699331,658554,961
Tunisia0594,049486,814432,986548,606
Germany805,463439,050356,233370,728436,171

Source: International Trade Center COMTRADE Statistics.

Export Partners (Exported Value, thousands, USD)

 20142015201620172018
World18,090,93212,632,25210,184,4499,904,7746,637,676
Italy3,223,5101,814,2131,309,2211,353,7761,569,355
Egypt1,159,901629,203613,585454,459659,623
Greece324,580182,193403,699331,658554,961
Tunisia0594,049486,814432,986548,606
Germany805,463439,050356,233370,728436,171

Source: International Trade Center COMTRADE Statistics.

Libya’s Top Import Products (USD ‘000)

ChapterDescription20142015201620172018
 All products    18,090,932     12,632,252     10,184,449        9,904,774        6,637,676 
27Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes       2,591,267        1,135,116        1,187,852        1,728,745        1,388,742 
10Cereals          844,063           657,678           436,312           603,404           650,404 
84Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof       1,802,498           828,701           678,762           696,435           391,985 
85Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles       1,723,550        1,132,560           982,981           640,070           356,761 
30Pharmaceutical products          383,510           313,471           341,084           372,963           339,466 

Source: COMSTAT database

Libya’s Top Export Products (USD ‘000)

ChapterDescription20142015201620172018
 All products    8,949,056     9,195,061     8,149,801   17,437,278   13,405,523 
27Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes    8,337,465     8,223,521     5,164,049   15,421,524   13,175,710 
72Iron and steel        114,113           85,562           86,393         140,148           80,315 
99Other products          20,712         503,981                     0           14,534           21,315 
74Copper and articles thereof          51,367           37,396           54,183           76,598           20,137 
31Fertilizers          47,511           90,150           53,121           40,879           19,031 

Source: COMSTAT database

Investment Profile

FDI Inflows (millions of USD)

Year20142015201620172018
FDI Outflows 77.0 394.8 440.0 110.0 314.9 

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Inward Stock (millions of USD)

Year20142015201620172018
FDI Inward Stock 18,462 18,462 18,462 18,462 18,462 

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Outward Stock (millions of USD)

Year20142015201620172018
FDI Outward Stock19,338 19,733 20,173 20,283 20,598 

Source: United Nations Conference on Trade and Development, World Investment Report 2019

FDI Inflows Main Source Countries (in terms of number of projects)

United Kingdom, Tunisia, Italy, United Arab Emirates, United States, Egypt, Russia, Norway, Singapore, and France.

Source: Financial Times, fDi Markets, 2018

FDI Inflows Main Sectors (in terms of number of projects)

Coal, Oil and Natural Gas, Business Services, Financial Services, Real Estate, Hotels and Tourism, Metals, Transportation, Industrial Machinery, Equipment and Tools, Building and Construction Materials, and Chemicals.

Source: Financial Times, fDi Markets, 2018

FDI Inflows Main Companies (in terms of number of projects)

Hotel Properties, Woodside Petroleum (Woodside Energy), Hyflux, InterContinental Hotels Group (IHG), National Bank of Abu Dhabi (NBAD), Qatari Diar Real Estate Investment Company, Red Sea Housing Services, Shell Exploration and Production Libya, Tenaris, and Tunisie Profiles Aluminium (TPR). 

Source: Financial Times, fDi Markets, 2018

Doing Business

Overall Doing Business Ranking

2020186/190
2019186/190

Source: World Bank, Doing Business, 2020

Starting a Business

2020 Rank164/190
Procedures (number)10
Time (days)35
Cost (% of income per capita*)24.6
Paid-in Minimum Capital (% of income per capita*)30.0

*GNI per capita used: USD 6,330
Source: World Bank, Doing Business, 2020

Paying Taxes

Paying Taxes

2020 Rank130/190
Payments (number per year)19
Time (hours per year)889
Total Tax Rate (% of profit)32.6
Profit Tax (% of profit) 22.1
Labor Tax and Contributions (% of profit)10.3
Other Taxes (% of profit)0.2

Source: World Bank, Doing Business, 2020

Trading Across Borders

2020 Rank129/190
Time to Export: Border Compliance (hours)72
Cost to Export: Border Compliance (USD)575
Time to Export: Documentary Compliance (hours) 72
Cost to Export: Documentary Compliance (USD)50
Time to Import: Border Compliance (hours) 79
Cost to Import: Border Compliance (USD) 637
Time to Import: Documentary Compliance (hours) 96
Cost to Import: Documentary Compliance (USD) 60

Assumptions:
* It is assumed that shipment travels from a warehouse in the largest business city of the exporting economy to a warehouse in the largest business city of the importing economy.
* It is assumed that each economy imports a standardized shipment of 15 metric tons of containerized auto parts (HS 8708) from its natural import partner—the economy from which it imports the largest value (price times quantity) of auto parts. It is assumed that each economy exports the product of its comparative advantage (defined by the largest export value) to its natural export partner—the economy that is the largest purchaser of this product.
* A shipment is a unit of trade. Export shipments do not necessarily need to be containerized, while import shipments of auto parts are assumed to be containerized.
* Shipping cost based on weight is assumed to be greater than shipping cost based on volume.
* If government fees are determined by the value of the shipment, the value is assumed to be $50,000.
* The mode of transport is the one most widely used for the chosen export or import product and the trading partner, as is the seaport, airport or land border crossing.
* Time is measured in hours, and 1 day is 24 hours.
* Costs do not include tariffs.
Source: World Bank, Doing Business, 2020

Investment Regime

Legal Framework

Investment Code - Law N. 9 of 2010 (Promotion of Investment)

Investment Incentives

Source: Source: Deloitte, Guide to Fiscal Information, Key Economies in Africa 2018 and Investment in Africa , KPMG 2017