Libya's GDP composition in 2023 was dominated by the mining, manufacturing, and utilities sector at 65.63%, highlighting the nation's dependency on hydrocarbons. Services accounted for 23.84%, followed by wholesale, retail trade, restaurants, and hotels at 4.72%. Transport, storage, and communication contributed 3.44%, while construction and agriculture held smaller shares at 1.48% and 0.9% respectively. Over the past two years, fluctuations in global oil prices significantly affected the mining sector, whereas services experienced steady growth. The five-year CAGR suggests a moderate shift towards diversifying the economy, focusing primarily on developing the non-oil sectors.
Future trends to watch in Libya's GDP composition include:
- Efforts to reduce oil dependency by promoting renewable energy and mining diversification.
- Initiatives to bolster the service sector, especially tourism and finance.
- Improvements in infrastructure to enhance transport and communication, facilitating economic diversification.
- Increased focus on agricultural productivity through technology and localized production strategies.
Top countries in GDP Composition by Sector
| # | 6 Countries | Percent | Last Year | |
|---|---|---|---|---|
| 1 | 1 Mining, Manufacturing, Utilities | 65.63 | 2016 | |
| 2 | 2 Services | 23.84 | 2016 | |
| 3 | 3 Wholesale, retail trade, restaurants and hotels | 4.72 | 2016 | |
| 4 | 4 Transport, storage and communication | 3.44 | 2016 | |
| 5 | 5 Construction | 1.48 | 2016 | |
| 6 | 6 Agriculture, hunting, forestry, fishing | 0.9 | 2016 |
