The Socialist People’s Libyan Arab Jamahiriya: 2005 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion

Volume/Issue: Volume 2006 Issue 136
Publication date: April 2006
ISBN: 9781451823073
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Topics covered in this book

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Banks and Banking , Exports and Imports , Public Finance , ISCR , CR , government , Libya , net creditor position , oil revenue , financial situation , government buy-back , CBL authority , Libyan authorities , Imports , Commercial banks , Oil , Exchange rates , Middle East , North Africa , East Africa

Summary

This 2005 Article IV Consultation underlies that in 2004, Libya’s macroeconomic performance was satisfactory, owing mainly to higher oil prices and increased oil output. Real GDP grew 4½ percent while consumer prices declined. The favorable developments in the oil market contributed to a significant improvement in the external current account surplus, which reached some 24 percent of GDP. In 2005, macroeconomic performance remained relatively strong. Real GDP growth was about 3½ percent, and inflation low. In contrast to previous years, economic growth is estimated to have been generated mainly in the non-oil economy.