Libya GDP Annual Growth Rate
The Gross Domestic Product (GDP) in Libya contracted 12.06 percent in 2013 from the previous year. GDP Annual Growth Rate in Libya averaged 5.78 percent from 2000 until 2013, reaching an all time high of 104.37 percent in 2012 and a record low of -52.50 percent in 2011. GDP Annual Growth Rate in Libya is reported by the Central Bank of Libya.
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Libya has one of the highest GDP per capita in Africa. Libya’s territory (90 percent of which is a desert) has the largest oil reserves in Africa and one of the largest in the world. As a result, Libya’s economy is highly dependent on oil production which accounts for 94 percent of government revenues. In 2011, as part of the Arab Spring, Libya went through a civil war that ousted the dictatorial regime. During the conflict oil production was disrupted which resulted in a GDP contraction of over 40 percent. Yet, it is expected that with the recovery of oil industry, the high rates of growth will be back. This page provides - Libya GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.