An economic report published by the “Gulf Business Vision” news website has highlighted the chronic imbalance in the structure of the Libyan economy.
The report confirmed that 98% of Libya’s income comes from oil export revenues, while non-oil revenues account for only 2% of the total income.
It showed that years of conflict have hampered the state’s ability to collect taxes, hindering plans for economic diversification, at a time when revenues from telecommunications and other non-oil sectors remain extremely low.
The report also pointed out that government spending accounted for 94% of the budget, against a significant contraction in capital expenditure allocated for investment and development.