Oil Constitutes 70% of GDP in Libya: Minister of Economy

published:22/09/2022 08:20 GMT

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...More