Aaron O'Neill
Research lead for society, economy, and politics: Europe & global
Libya - Statistics & Facts
With an area of approximately 1.7 million square kilometers, Libya is the 17th largest country in the world. Located in North Africa, Libya is home to approximately 6.58 million people, and its capital, Tripoli, is estimated to be home to almost 1.3 million of them. Around 40 percent of the population live in the three largest cities in the country, Tripoli, Benghazi and Misrata. Despite the fact that Libya’s population has grown steadily, the fertility rate in the country is on a decline.
The official language spoken in Libya is Arabic. Italian and English are among the languages that are spoken and understood in Libya, especially in the metropolises. Islam is the primarily religion in the country, and it makes up for 97 percent of people’s religious affiliation.
Libya is the country with the largest oil reserves in Africa, thus making the oil sector among the most successful ones in the continent, accounting for 80 percent of the country`s GDP and 97 percent of its exports. In 2015, Libya produced around 432,000 barrels daily, a significant decrease from pre-war 2010, when oil production registered around 1,6 million barrels a day, or even more. One of the most important export partner of Libya is Italy, with the lion's share in exports. China is the main import partner of Libya, and accounts for almost 15 percent of all imports, mostly petroleum, petroleum products, and natural gas.
In 2020, Libya imported goods with an estimated value of about 13.4 billion U.S. dollars, while exporting goods worth approximately 7.7 billion U.S. dollars, leaving the country with a trade deficit. The same year, Libya’s gross domestic product amounted to a total of 19.21 billion U.S. dollars, and it's expected to grow further. Still, Libya's economy is not considered the most stable. Its inflation rate, for instance, is one of the the highest across the globe.
Libya is the country with the largest oil reserves in Africa, thus making the oil sector among the most successful ones in the continent, accounting for 80 percent of the country`s GDP and 97 percent of its exports. In 2015, Libya produced around 432,000 barrels daily, a significant decrease from pre-war 2010, when oil production registered around 1,6 million barrels a day, or even more. One of the most important export partner of Libya is Italy, with the lion's share in exports. China is the main import partner of Libya, and accounts for almost 15 percent of all imports, mostly petroleum, petroleum products, and natural gas.
In 2020, Libya imported goods with an estimated value of about 13.4 billion U.S. dollars, while exporting goods worth approximately 7.7 billion U.S. dollars, leaving the country with a trade deficit. The same year, Libya’s gross domestic product amounted to a total of 19.21 billion U.S. dollars, and it's expected to grow further. Still, Libya's economy is not considered the most stable. Its inflation rate, for instance, is one of the the highest across the globe.
