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Libya Economy




Libya    Economy Top of Page
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 agricultural output, and Libya imports about 75% of its food requirements. Higher oil prices in 1999 and 2000 led to an increase in export revenues, which improved macroeconomic balances 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 - $45.4 billion (2000 est.)
GDP - real growth rate: 6.5% (2000 est.)
GDP - per capita: purchasing power parity - $8,900 (2000 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): 18.5% (2000 est.)
Labor force: 1.5 million (2000 est.)
Labor force - by occupation: services and government 54%, industry 29%, agriculture 17% (1997 est.)
Unemployment rate: 30% (2000 est.)
Budget: revenues:  $6.85 billion

expenditures:  $4.4 billion, including capital expenditures of $NA (2000 est.)
Industries: petroleum, food processing, textiles, handicrafts, cement
Industrial production growth rate: NA%
Electricity - production: 18.9 billion kWh (1999)
Electricity - production by source: fossil fuel:  100%

hydro:  0%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 17.577 billion kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 0 kWh (1999)
Agriculture - products: wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans; cattle
Exports: $13.9 billion (f.o.b., 2000 est.)
Exports - commodities: crude oil, refined petroleum products
Exports - partners: Italy 33%, Germany 24%, Spain 10%, France 5%, Turkey 4%, Tunisia 4% (1999)
Imports: $7.6 billion (f.o.b., 2000 est.)
Imports - commodities: machinery, transport equipment, food, manufactured goods
Imports - partners: Italy 24%, Germany 12%, Tunisia 9%, UK 7%, France 6%, South Korea 5% (1999)
Debt - external: $4.1 billion (2000 est.)
Economic aid - recipient: $8.4 million (1995)
Currency: Libyan dinar (LYD)
Currency code: LYD
Exchange rates: Libyan dinars per US dollar - 0.5101 (January 2001), 0.5081 (2000), 0.4616 (1999), 0.3785 (1998), 0.3891 (1997), 0.3651 (1996)

note:  Libya currently has two rates for foreign trade; one for government operations and foreign companies and one for Libyan individuals (0.45 dinars per US dollar in December 1998)
Fiscal year: calendar year

 

Countryfacts Information Courtesy: CIA Worldbook








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