First Published: 2013-11-12

Oil disruption affect Libya economy
Libyan economy to shrink 5.1% this year due to oil disruption triggered by protest blockades, while government will experience budget deficit.
Middle East Online

DUBAI - The Libyan economy is expected to contract by 5.1 percent this year due to oil output disruptions triggered by protest blockades, the International Monetary Fund warned on Tuesday.

The government will also experience a budget deficit, instead of enjoying a surplus, due to falling oil revenues, said Masood Ahmed, the IMF Middle East and Central Asia director.

"The Libyan economy is likely to contract this year, rather than expand," due to disruption to production, Ahmed said at a Dubai conference, where he launched the IMF's Regional Economic Outlook report.

The report predicted a 5.1 percent shrinkage of the Libyan economy this year.

Economic growth in the North Africa country had surged last year by 104.5 percent, compensating for a massive contraction of 62.1 percent in 2011, the year the regime of the late dictator Moamer Gathafi was toppled.

Protesters, including ex-rebels, demanding a fairer distribution of resources and jobs, have been blocking oil fields and export terminals, causing around $13 billion in losses to Libya's oil-dependent economy, authorities say.

Current output is estimated to have dropped to 250,000 barrels per day, from 1.5 million bpd before the protests erupted in July, an official at Libya's National Oil Company said last week.

 

Tunisia goes for democracy to counter schemes of Ennahda and Marzouki

Biden: You cannot think free where you cannot challenge orthodoxy

Does Abbas have enough political influence to stop violence in Jerusalem?

Iran sees ‘no more room’ for talks on design of Arak reactor

Ladies first at Global Entrepreneurship Summit

Turkey offers military assistance to Iraq

Bomb hits police post near Helwan University in Egypt

UN demands staff member release in South Sudan

US envoy: IS ‘impaled itself’ on Kobane

Morocco King and Biden discuss ‘compelling alternative’ to dissuade potential jihadists

In response to Amnesty report: UAE remains committed to protection of human rights

World blacklists Ansar al-Sharia group in Libya

Dempsey places heavy responsibility on Iraq fractured army

Barbarism of suicide bombers rocks Arbil in fresh bloody attack

Egypt gives its blessing to Qatar return to Arab fold

France identifies second citizen in IS execution video

Israel returns to policy of punitive house demolitions

France reveals worrying numbers: More than 1000 jihadist nationals in Syria

Without Khamenei support, Rouhani risks much in Iran nuclear gamble

Saudi King urges Egypt to support Qatar return to Arab fold

Turkey may go ahead with redevelopment of Gezi Park

Suicide bomber blows up car in Iraqi Kurdish capital

Iraq government transfers $500 million to Kurdish region

Syria economy back to 1980s size

Netanyahu: Israel at the height of ongoing terror attack

Spanish lawmakers urge Madrid to recognise Palestine

Is GCC spat over Qatar finally over?

Turkey fears new wave of Syria refugees if Aleppo falls

Saudi Arabia expands buffer zone with Iraq

Spain parliament takes step towards recognising Palestine

Deadliest Jerusalem attack in years raises fears of escalation

Syria Kurds make new gains in heart of Kobane

Ben Ali son-in-law in Tunisia to challenge jail sentence

Iran parliament rejects Rouhani's science minister pick

Iran nuclear deal in doubt amid differences on key issues

Jordan queen: our silence is the greatest gift for IS

Iran nuclear talks enter final round in Vienna

35.8 million people trapped in modern-day slavery

Tunisia holds first multi-candidate presidential poll

Four Israelis killed in Jerusalem synagogue attack

US to begin scanning travelers from Mali for Ebola

Saudi National Guard chief to seek more US support

Israel blocks entry to Norwegian doctor

Can Obama seal historic nuclear deal with Iran?

Deadly clashes force Tripoli airport closure