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Libyan oil revenues up sharply to $14 billion

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Staff Writer | January 5, 2018
Libyan oil revenues up sharply
Oil exploration   Budget deficit for 2017 stood at 10.6 billion Libyan dinars

Libya earned $14 billion in oil revenues in 2017, nearly three times more than in the previous year.

This is allowing it to halve its budget deficit, the central bank said, amid a partial recovery in oil output despite continued political and economic turmoil.

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.


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