Libyan Economy Sees Mixed Fortunes from 2000 to 2025

A review of economic indicators for Libya between 2000 and 2025 reveals a complex picture, with some metrics showing steady growth while others exhibit fluctuations.

Remittance Inflows and GDP Growth

Remittance inflows as a percentage of GDP have generally trended upwards over the past two decades, except for a brief dip in 2011. Meanwhile, gross domestic product (GDP) has experienced significant volatility, with a peak in 2008 and a trough in 2015.

Inflation, Financial Services, and Trade

Consumer price inflation has been rising steadily since 2010, reaching a high of 12% in 2022.
The use of financial services, as measured by outstanding loans from commercial banks, has also grown significantly over the past two decades, although with some fluctuations.
Imports have grown steadily while exports experienced a decline between 2010 and 2015.

Geographical Outreach and Internet Penetration

Libya’s geographical outreach, as measured by the number of commercial bank branches per square kilometer, has increased modestly since 2004.
However, internet penetration rates have stagnated since 2010.

Government Debt and Credit

Credit to government and state-owned enterprises as a percentage of GDP has fluctuated over the past two decades.
General government net debt has continued to rise since 2000.

Gross National Income and Non-Oil Fiscal Balance

Gross national income has experienced steady growth, with an increase of over 50% between 2000 and 2023.
Overall non-oil fiscal balance has improved significantly since 2015, although it remains negative.

Bank Lending, Deposits, and ATMs

Bank lending and deposit spreads have shown fluctuations.
The number of automated teller machines (ATMs) per square kilometer has increased steadily.

Private Credit and External Loans

Private credit by deposit money banks to GDP has generally trended upwards over the past two decades.
External loans and deposits of reporting banks in relation to the banking sector have fluctuated.

Fiscal Balance and Bank Concentration

The overall fiscal balance for general government has improved significantly since 2015, although it remains negative.
Bank concentration has decreased slightly since 2000.
Foreign bank assets among total bank assets have increased modestly.

Conclusion

In conclusion, Libya’s economy has experienced mixed fortunes over the past two decades, with some indicators showing steady growth and others exhibiting fluctuations. While there are signs of improvement in certain areas, such as overall fiscal balance and private credit, other metrics remain a concern.