Libya's Minister of Economy: GDP is linked to inflation

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Libya's Minister of Economy: GDP is linked to inflation

September 21, 2022 - 20:10
Written by: AbdulkaderAssad

The Minister of Economy in the Government of National Unity (GNU), Mohammed Al-Huweij, said that the oil sector in Libya constitutes about 70% of the gross domestic product (GDP), and contributes to financing more than 90% of the total public revenues in the country.

Al-Huweij added in an interview with Al-Jazeera Mubasher TV Channel that the decline in GDP is related to crude production, saying that the decreased oil exports led to a drop in the country's GDP because the Libyan economy is a rentier one.

Al-Huweij also attributed the inflation in Libya to the alteration in the exchange rate of the dinar, pointing out that the Government of National Unity started new investments in the oil sector to develop wells. He also said that the government would begin a full partnership with specialized international companies.