Cost of conflict in Libya exceeds $576 billion, ESCWA study finds
The cost of the conflict in Libya since its outbreak in 2011 exceeds 783 billion Libyan dinars (LYD), i.e. $576 billion according to the official exchange rate (bearing in mind that different rates coexist in the Libyan market).
This is one of the key findings of a new report issued today by the United Nations Economic and Social Commission for Western Asia (ESCWA) on the "Economic Cost of the Libyan Conflict".
According to the report, the conflict in Libya has drastically shrunk the economy as reflected in the large decline in gross domestic product (GDP) and in investment rates. Consumption has also decreased owing to the massive return of foreign workers to their home countries and reduced incomes of Libyan citizens.
Foreign trade has been disrupted by a significant reduction of exports in some key products such as oil. However, the impact has been much higher on imports, mainly due to a contraction in the construction and building sectors.