Macro-economic Trend
Libya had seen fantastic growth rate, however these proved unsustainable in the face of global oil recession and international sanctions. Consequently the GDP per capita shrank by 40% in the 1980s. Successful diversification and integration into the international community helped current GDP per capita to cut further deterioration to just 3.2% in the 1990s.
Libyan GDP per capita was about $40 in the early 1950s and it rose to $1,018 by 1967. In 1966 alone, per capita GDP rose by 42 percent.
Below is a chart of trend of gross domestic product of Libya at market prices estimated by the International Monetary Fund with figures in millions of Libyan dinars (LYD).
| Year | GDP | USD to LYD | Inflation Index (2000 = 100) |
Per Capita Income (as % of USA) |
|---|---|---|---|---|
| 1980 | 10,882 | 0.29 LYD | 25 | 104.37 |
| 1985 | 8,227 | 0.29 LYD | 45 | 46.13 |
| 1990 | 8,185 | 0.28 LYD | 57 | 30.42 |
| 1995 | 10,679 | 0.34 LYD | 89 | 24.45 |
| 2000 | 17,668 | 0.51 LYD | 100 | 20.70 |
| 2005 | 50,693 | 1.22 LYD | 80 | 18.49 |
Mean wages were $9.51 per manhour in 2009 (amounts to a compensation of $1598 for 21 working days of 8 hours).
Read more about this topic: Economy Of Libya