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Libya Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
6,754,507 (July 2018 est.)GDP (PPP)
$61.97 billion (2017 est.)Economy almost entirely dependent on oil and gas exports; it has been plagued since 2014 by political instability
GDP growth rate
64% (2017 est.)Data are distorted by political instability and oil and gas prices
GDP (PPP) per capita
$9,600 (2017 est.)Low but relatively high within Africa
Local currency
Libyan dinar (LYD)The currency has lost much of its value since 2014 but there is a gap between official and black market exchange rates
Financial stability (Public debt)
4.7% of GDP (2017 est.)High financial instability due to the overall crisis (this is more reflected in the high level of inflation than in the level of public debt)
Inflation
28.5% (2017 est.)Very high
Language
Arabic (official), Italian, English, BerberItalian and English are widely understood in the major cities; in the rest of the country English proficiency is very low (100/100)
Corruption perception index (Source: Transparency International)
170/180Extremely high level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
0%There is no VAT
Corporate Tax
20%An additional tax (Jehad Tax) is assessed at 4% on taxable corporate profits
Duties
0%A service fee of 5% on the value on most imports also exists. There are various exemptions to this service fee, epsecially within the oil sector. Other dues and taxes on importation are estimated at 0.5%.
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