Libya joined OPEC in 1962 and, apart from petroleum, Libya’s other natural resources are natural gas and gypsum. The sale of crude oil has given Libya one of the highest nominal per capita GDPs in Africa. The Libyan economy depends primarily on the oil sector, which represents about 69 percent of export earnings. Oil reserves in Libya are the largest in Africa and among the ten largest globally, with an estimated 46.4 billion barrels. Moreover, the oil and gas sector accounts for about 60 percent of Libya's total GDP. However, Libya’s sales of oil and natural gas collapsed during the 2011 revolution, rebounded in 2012 and 2013, and fell again in late 2013 and throughout 2014 due to unrest at Libyan oil ports. Oil production jumped again toward the end of 2019 to reach its normal level of 1.3 million barrels per day.
Despite the lengthy conflict in Libya with its heavy toll on the Libyan economy and the wellbeing of the population, many experts still believe that once conditions improve, Libya has an immense potential to develop its untapped resources and to become once again a prosperous country.
At the beginning of 2019, the World Bank Group announced a new strategy of support for Libya, which focused on restoring key services to Libyan citizens and promoting economic recovery as a critical contribution to the ongoing peace process.
One of the main goals of the World Bank strategy is to accelerate economic recovery by helping build the capacity of the government to manage public funds, while developing the private and financial sectors. The second part of this strategy aims to promote transparency, accountability and inclusion in the government decision-making and service delivery.
For more about economic statistics and to get the best information about doing business in Libya, visit the “World Bank in Libya” website.