To put this into perspective, in a national economy heavily dominated by the hydrocarbon sector, the entire agriculture sector itself contributes only an estimated 6 percent of total GDP.Agriculture contributes 3.6 percent of GDP, industry (mainly the hydrocarbon sector) 56.7 percent, and services 39.7 percent (The main products of the industrial sector are petroleum, petrochemicals, aluminium, iron and steel, processed foods, textiles, handicrafts, and cement.The core economic ideology was reflected in three slogans: ‘The occupier of the house is the owner’, ‘No wage workers but partners’, and ‘Trade is exploitation’.

Macroeconomic performance and outlook. Living conditions, including access to clean drinking water, medical services, and safe housing have all declined since 2011, As the oil sector is the major source of growth, economic activities remain constrained by recurrent clashes around oil infrastructure aiming to control oil wealth.The status quo scenario determined by resource competition in a context of delayed resolution of the political strife and the persistence of internal division and inoperative institutions makes stabilization unlikely, According to the World Bank Group. The gross domestic product (GDP) measures of national income and output for a given country's economy. note: data are in 2017 dollars. In early 1981 the state took over all import-export and distributive functions.

Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). EN GDP growth will be negative in 2020 (minus 0.6%) and stabilize around 1.4% over 2021-22, resulting in a GDP per capita at 61% of its 2010 level.

This fragile situation is weakened further by recurring clashes around oil terminals and in large cities, mostly aiming to gain control over oil wealth.

The gross domestic product (GDP) is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time.

As in former communist countries, a group of traders became rich from scratch in a few years. The same year marked the beginning of a campaign to place the means of production under systems of worker self-management.

The In short, agriculture has long been stagnant. It is believed, in any case, that most production from Libyan waters in previous years was accounted for by unlicensed foreign vessels. Overview: In 2018 Libya was the number 87 economy in the world in terms of GDP (current US$), the number 68 in total exports, the number 90 in total imports, and the number 113 most complex economy according to the Economic Complexity Index (ECI).In 2018, Libya exported $27.9B and imported $12.8B, resulting in a positive trade balance of $15B.

The Human Capital Index (HCI) database provides data at the country level for each of the components of the Human Capital Index as well as for the overall index, disaggregated by gender. GDP Growth Rate in 2017 was 26.68%, representing a change of 9,819,079,047 US$ over … In May 1980 the currency system was virtually entirely demonetized, with a deliberately redistributive purpose.

Libya GDP - per capita (PPP) Factbook > Countries > Libya > Economy.

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