We address the question of the degree of spatial non-locality of the self energy in the iron-based superconductors, a subject which is receiving considerable attention. Using LiFeAs as a prototypical example, we extract the self energy from angular-resolved photoemission spectroscopy (ARPES) data. We use two distinct electronic structure references: density functional theory in the local density approximation and linearized quasiparticle self consistent GW (LQSGW). We find that in the LQSGW reference, spatially local dynamical correlations provide a consistent description of the experimental data, and account for some surprising aspects of the data such as the substantial out of plane dispersion of the electron Fermi surface having dominant xz/yz character. Hall effect and resistivity data are shown to be consistent with the proposed description.