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Libya ranked first in the world on GDP growth: IMF

The Address | Benghazi – Libya

LIBYA – Libya has been ranked first in the world, in the International Monetary Fund (IMF) data regarding real GDP growth for 2018.

Libya’s real GDP growth reached 16.4 percent this year, the IMF’s official website reported.

Libya’s economy relies on the oil revenues, where its oil reserves are estimated at 48 billion barrels.

Last month, the Tripoli-based National Oil Corporation (NOC) announced that its revenues from oil and gas for the first seven months of this year reached about $ 13.6 billion.

Head of NOC, Mustafa Sanalla, said, by the end of last September, that Libya’s oil production recently climbed to the highest since 2013, where its output reached 1.278 million barrels a day, and can go even higher if security at the nation’s energy facilities can be improved, Bloomberg reported.

The oil ports and fields, most of which are located in Cyrenaica, Fezzan and areas under the control of the Libyan National Army (LNA), are protected and secured by the LNA, led by Marshal Khalifa Haftar, after being freed in 2016 from extremists and armed groups that had stopped exporting Libyan oil for years and caused billions of dollars in losses to the oil sector, according to the National Oil Corporation.

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