Libya is the country with the largest oil reserves in Africa, thus making the oil sector among the most successful ones in the continent, accounting for 80 percent of the country`s GDP and 97 percent of its exports. In 2015, Libya produced around 432,000 barrels daily, a significant decrease from pre-war 2010, when oil production registered around 1,6 million barrels a day, or even more. One of the most important export partner of Libya is Italy, with the lion's share in exports. China is the main import partner of Libya, and accounts for almost 15 percent of all imports, mostly petroleum, petroleum products, and natural gas.
In 2020, Libya imported goods with an estimated value of about 13.4 billion U.S. dollars, while exporting goods worth approximately 7.7 billion U.S. dollars, leaving the country with a trade deficit. The same year, Libya’s gross domestic product amounted to a total of 19.21 billion U.S. dollars, and it's expected to grow further. Still, Libya's economy is not considered the most stable. Its inflation rate, for instance, is one of the the highest across the globe.
