Libyan oil revenues up sharply to $14 billionStaff Writer | January 5, 2018
Libya earned $14 billion in oil revenues in 2017, nearly three times more than in the previous year.
Oil exploration Budget deficit for 2017 stood at 10.6 billion Libyan dinars
Libya's budget deficit for 2017 stood at 10.6 billion Libyan dinars ($7.85 billion), down from 20.3 billion dinars the previous year, the bank said in statement published late on Thursday. Oil revenues had totalled $4.8 billion in 2016.
Its oil earnings accounted for more than 86 percent of Libya's total national revenues of 22.31 billion dinars.
Of 32.7 billion dinars worth of state spending, 20.3 billion dinars went on state salaries and 6 billion dinars on subsidies, the statement said. ■