No Result
View All Result
Tuesday, July 8, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

Libya’s oil revenues up LD 4.14 bn to end November, total spending down

bySami Zaptia
December 10, 2019
Reading Time: 2 mins read
A A

By Sami Zaptia.

(Logo: Tripoli CBL).

London, 10 December 2019:

Libya’s oil revenues were up by LD 4.14 bn from a projected LD 24.2 bn to LD 28.34 bn and total budget spending was down from a projected LD 42.9 bn to LD 40.2 bn, the Central Bank of Libya (CBL) reported in its latest bulletin covering the period 1/1/2019 to 30/11/2019.

State spending for the period was in surplus by LD 2.73 bn. Oil revenues contributed 93 percent of the state budget.

On the macro level, the CBL reported that Real GDP is up from LD 34.9 bn in 2017 to LD 47.1 bn in 2018. It forecasts that GDP will be up to LD 49.7 by end of 2019.

RELATED POSTS

A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL ‎

CBL demands imports are conducted through official banking instruments and the elimination of the FX black market

Inflation was also down from 28.5 percent in 2017 to minus 1 percent by end of November 2019.

The parallel/black market exchange rate for the US dollar has also collapsed dramatically from a peak LD 9.2 per dollar in 2017 down to LD 3.92 per dollar in November 2019.

However, with the exception of the foreign currency levy, all other state revenues were down on forecasts. Tax remittances were down from a projected LD 1.1 bn to LD 842 million. Customs duties were down from a forecast LD 733 million down to LD 275 million.

Revenues from communications such as mobile service providers Al Madar and Libyana and the state internet service provider LTT were also down from a projected LD 688 million to LD 201 million. CBL profits were similarly down from a forecast LD 275 million to LD 125 million.

State revenues from local fuel sales were down from the forecast LD 733 million to LD 300 million. Other state duties and revenues were down from a forecast LD 688 million to LD 557 million.

However, it was revenues from the recently introduced (September 2018) foreign currency sales levy which were up from a projected LD 14.48 bn to LD 21.1 bn that kept the budget in surplus.

On outgoings, state-sector salaries still took up the largest share of the budget at 54 percent of total outgoings, coming in at LD 21.6 bn down on the forecast LD 23.14 bn.

Operational spending (20 percent) was down from forecast LD 8.55 bn to LD 8.25 bn. Spending on projects and development (9 percent) were down from LD 4.58 to LD 3.61 bn. Spending on subsidies (17 percent) was however slightly up from a forecast LD 6.63 bn to LD 6.70 bn.

These figures led to total spending coming in at LD 40.2 bn as opposed to a forecast LD 42.90 bn.

Tags: black market dollar exchange ratebudgetCBL Central Bank of LibyaGDPinflationoil revenuesstate sector salariessubsidiessurplus

Related Posts

CBL receives results from meetings with international banks
Business

A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL ‎

July 2, 2025
Libya Herald exclusive: Responding to the prime minister’s call yesterday to the private sector and banks to do more, leading businessman Husni Bey responds
Business

Op-Ed: Reputational Damage Is Worse Than Losing Money

July 2, 2025
Benghazi port receives 398 containers of mixed goods, 25,000 tons of wheat, 28,500 tons of barley and 6,000 tons of cement
Business

All imports into Libya must be paid for through official bank transactions

July 2, 2025
World Bank holds off on Tunisian $50m power plant fund; implications for Libya
Business

Libya’s economy showed recovery in 2024, remained resilient despite reliance on hydrocarbons and ongoing political and security instability: World Bank

July 1, 2025
CBL receives results from meetings with international banks
Business

CBL demands imports are conducted through official banking instruments and the elimination of the FX black market

July 1, 2025
Harouge Oil reaches record 45,000 bpd production – to increase it by 25,000 bpd
Business

Harouge Oil Operations Company replaces Al-Ghani field pipeline

July 1, 2025
Next Post

Serious violations of human rights in Libya: UNSMIL’s Salame

Total’s acquisition of Marathon's Waha concession approved by Libya

ADVERTISEMENT

Top Stories

  • Libya Herald exclusive: Responding to the prime minister’s call yesterday to the private sector and banks to do more, leading businessman Husni Bey responds

    Op-Ed: Reputational Damage Is Worse Than Losing Money

    0 shares
    Share 0 Tweet 0
  • All imports into Libya must be paid for through official bank transactions

    0 shares
    Share 0 Tweet 0
  • A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL ‎

    0 shares
    Share 0 Tweet 0
  • CBL demands imports are conducted through official banking instruments and the elimination of the FX black market

    0 shares
    Share 0 Tweet 0
  • Libya’s economy showed recovery in 2024, remained resilient despite reliance on hydrocarbons and ongoing political and security instability: World Bank

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL ‎

Op-Ed: Reputational Damage Is Worse Than Losing Money

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.