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IMF: Libya tops global economic growth in 2018

The Address | Benghazi – Libya

LIBYA – According to the International Monetary Fund (IMF) data, Libya ranked first in the world in real GDP growth in 2018.

Libya’s real GDP growth reached 16.4% this year. Libya relies 95% on oil revenues, and it has 48 billion barrels of oil reserves and 54.6 trillion cubic feet of natural gas reserves.

The Libyan National Oil Corporation (NOC) said last month that its revenues from oil and gas sales in the first seven months of 2018 amounted to about $ 13.6 billion.

Revenues for the period increased by $ 600 million over the total revenues of 2017, which amounted to $ 13 billion.

At the time, NOC predicted that the country’s revenues from oil and gas resources during the year 2018 as a whole will total $ 23.4 billion, an annual increase of 80%, provided that the Corporation can continue its activities normally.