The socialist-oriented economy depends primarily
upon revenues from the oil sector, which contributes practically all
export earnings and about one-quarter of GDP. These oil revenues and a
small population give Libya one of the highest per capita GDPs in
Africa, but little of this income flows down to the lower orders of
society. In this statist society, import restrictions and inefficient
resource allocations have led to periodic shortages of basic goods and
foodstuffs. The nonoil manufacturing and construction sectors, which
account for about 20% of GDP, have expanded from processing mostly
agricultural products to include the production of petrochemicals,
iron, steel, and aluminum. Climatic conditions and poor soils severely
limit farm output, and Libya imports about 75% of its food
requirements. Higher oil prices in 1999 led to an increase in export
revenues and helped to stimulate the economy. Following the suspension
of UN sanctions in 1999, Libya has been trying to increase its
attractiveness to foreign investors, and several foreign companies
have visited in search of contracts.

purchasing power parity - $39.3 billion (1999 est.)

2% (1999 est.)

purchasing power parity - $7,900 (1999 est.)

agriculture: 7%
industry: 47%
services: 46% (1997 est.)

NA%

lowest 10%: NA%
highest 10%: NA%

18% (1999 est.)

1.2 million (1997 est.)

services and government 54%, industry
29%, agriculture 17% (1997 est.)

30% (1998 est.)

revenues: $3.6 billion
expenditures: $5.1 billion, including capital expenditures of $NA
(1998 est.)

petroleum, food processing, textiles, handicrafts, cement

NA%

16.92 billion kWh (1998)

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

15.736 billion kWh (1998)

0 kWh (1998)

0 kWh (1998)

wheat, barley, olives, dates, citrus,
vegetables, peanuts; beef, eggs

$6.6 billion (f.o.b., 1998 est.)

crude oil, refined petroleum products, natural
gas

Italy 40%, Germany 17%, Spain 12%, France 4%,
Sudan 4%, UK 3% (1997)

$7 billion (f.o.b., 1998 est.)

machinery, transport equipment, food,
manufactured goods

Italy 23%, Germany 12%, UK 9%, France 7%, Tunisia
5%, Belgium 4% (1997)

$4 billion (1998 est.)

$8.4 million (1995)

1 Libyan dinar (LD) = 1,000 dirhams

Libyan dinars (LD) per US$1 - 0.4687 (January 2000),
0.4616 (1999), 0.3785 (1998), 0.3891 (1997), 0.3651 (1996), 0.3532
(1995); official rate: 0.45 (December 1998)

calendar year