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Scirj Volume VII, Issue IV, April 2019 Edition
ISSN: 2201-2796

The impact of oil export fluctuations in the gross domestic product: Analytical study on the Libyan economy (Through the period 2008-2018)

Iman Elhusadi

Abstract: The study aims to analyse the reality of oil exports (oil crude, oil derivatives and natural gas) and their contribution to the growth of gross domestic product during the period 2008 to 2018 by tracking the economic indicators that reflect the changes occurred as a result of the Arab Spring revolutions (the Libyan revolution as model). We tried to determine the state of the national economy, where the researcher concentrated on GDP, and the oil exports through tracking the indicators issued by the Planning Secretariat, and the National Information and Documentation Authority, the annual publications and reports of the Libyan Central Bank. We used the descriptive analytical approach. Our study demonstrated that during the years 2008-2018 the country witnessed a contraction in economic activity, as the political unrest in Libya has negatively impacted on economy, and it caused a 70% drop in oil and gas production. This decline played an important role in the decline of exports of oil and natural gas in the Libyan economy. The important result of the study is the oil sector plays a vital and important role in the Libyan economy as it is the main source of income, foreign exchange returns, financial revenues, and these fluctuations in oil sector led to lower GDP.

Reference this Paper: The impact of oil export fluctuations in the gross domestic product: Analytical study on the Libyan economy (Through the period 2008-2018) by Iman Elhusadi published at: "Scientific Research Journal (Scirj), Volume VII, Issue IV, April 2019 Edition, Page 102-114 ".

Search Terms: Gross Domestic Product, oil exports, Oil crude, Natural gas, Economy, Fluctuations

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