Country Report Libya February 2011

Economic performance: Net foreign assets continue to grow

Libya's net foreign assets continue to grow as the state accrues ever more oil revenue. Data from the Central Bank of Libya show that net foreign assets rose by 5.8% in the ten months to the end of October 2010, having grown by 3.3% in 2009. The slowdown in the growth of assets in 2009 was striking, given the rate of growth over the previous four years, which averaged 39.2%. However, in registering higher growth in 2010, the data show that Libya's investment activity is picking up once more in the wake of the global economic downturn. At LD135.5m (US$107.2m), Libya's net foreign assets are equal to 170% of GDP.

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