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Libya Economy: from the All Country Info reference guide to country facts

Libya Economy

Libya Economy: A summary of information about Libya Economy, from government research data as well as independent research and other sources.

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Libya: Economy

Economy - overview
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.
GDP
purchasing power parity - $39.3 billion (1999 est.)
GDP - real growth rate
2% (1999 est.)
GDP - per capita
purchasing power parity - $7,900 (1999 est.)
GDP - composition by sector
agriculture: 7%
industry: 47%
services: 46% (1997 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
18% (1999 est.)
Labor force
1.2 million (1997 est.)
Labor force - by occupation
services and government 54%, industry
29%, agriculture 17% (1997 est.)
Unemployment rate
30% (1998 est.)
Budget
revenues: $3.6 billion
expenditures: $5.1 billion, including capital expenditures of $NA
(1998 est.)
Industries
petroleum, food processing, textiles, handicrafts, cement
Industrial production growth rate
NA%
Electricity - production
16.92 billion kWh (1998)
Electricity - production by source
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)
Electricity - consumption
15.736 billion kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
wheat, barley, olives, dates, citrus,
vegetables, peanuts; beef, eggs
Exports
$6.6 billion (f.o.b., 1998 est.)
Exports - commodities
crude oil, refined petroleum products, natural
gas
Exports - partners
Italy 40%, Germany 17%, Spain 12%, France 4%,
Sudan 4%, UK 3% (1997)
Imports
$7 billion (f.o.b., 1998 est.)
Imports - commodities
machinery, transport equipment, food,
manufactured goods
Imports - partners
Italy 23%, Germany 12%, UK 9%, France 7%, Tunisia
5%, Belgium 4% (1997)
Debt - external
$4 billion (1998 est.)
Economic aid - recipient
$8.4 million (1995)
Currency
1 Libyan dinar (LD) = 1,000 dirhams
Exchange rates
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)
Fiscal year
calendar year
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