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Libya:
Economy

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Economy - overview
Definition
The Libyan economy depends primarily upon revenues from the oil sector, which contribute about 95% of export earnings, about one-quarter of GDP, and 60% of public sector wages. Substantial revenues from the energy sector coupled with 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. Libyan officials in the past five years have made progress on economic reforms as part of a broader campaign to reintegrate the country into the international fold. This effort picked up steam after UN sanctions were lifted in September 2003 and as Libya announced in December 2003 that it would abandon programs to build weapons of mass destruction. Almost all US unilateral sanctions against Libya were removed in April 2004, helping Libya attract more foreign direct investment, mostly in the energy sector. Libyan oil and gas licensing rounds continue to draw high international interest; the National Oil Company set a goal of nearly doubling oil production to 3 million bbl/day by 2015. Libya faces a long road ahead in liberalizing the socialist-oriented economy, but initial steps - including applying for WTO membership, reducing some subsidies, and announcing plans for privatization - are laying the groundwork for a transition to a more market-based economy. The non-oil manufacturing and construction sectors, which account for more than 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. Libya's primary agricultural water source remains the Great Manmade River Project, but significant resources are being invested in desalinization research to meet growing water demands.
GDP (purchasing power parity)
Definition - World rank and map
$74.75 billion (2007 est.)
GDP (official exchange rate)
Definition
$57.06 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
6.8% (2007 est.)
GDP - per capita
Definition - World rank and map
$12,300 (2007 est.)
GDP - composition by sector
Definition
agriculture: 2.1%
industry: 83.1%
services: 14.9% (2007 est.)
Labor force
Definition
1.83 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 17%
industry: 23%
services: 59% (2004 est.)
Unemployment rate
Definition - World rank and map
30% (2004 est.)
Population below poverty line
Definition
7.4% (2005 est.)
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
6.7% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
8.9% of GDP (2007 est.)
Budget
Definition
revenues: $39.85 billion
expenditures: $19.47 billion (2007 est.)
Public debt
Definition - World rank and map
4.7% of GDP (2007 est.)
Agriculture - products
Definition
wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans; cattle
Industries
Definition
petroleum, iron and steel, food processing, textiles, handicrafts, cement
Industrial production growth rate
Definition - World rank and map
5.6% (2007 est.)
Electricity - production
Definition - World rank and map
21.15 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
18.18 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
2,944.9 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
1.72 million bbl/day (2006 est.)
Oil - consumption
Definition - World rank and map
266,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
43.1 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
1.326 million bbl/day (2004)
Oil - imports
Definition - World rank and map
1,233 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
45 billion bbl (2007 est.)
Natural gas - production
Definition - World rank and map
10.84 billion cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
5.591 billion cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
906 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
5.246 billion cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
1.43 trillion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
$24.28 billion (2007 est.)
Exports
Definition - World rank and map
$40.47 billion f.o.b. (2007 est.)
Exports - commodities
Definition
crude oil, refined petroleum products, natural gas, chemicals
Exports - partners
Definition
Italy 40.6%, Germany 12.2%, US 7.4%, Spain 7.4%, France 6.3% (2006)
Imports
Definition - World rank and map
$14.47 billion f.o.b. (2007 est.)
Imports - commodities
Definition
machinery, semi-finished goods, food, transport equipment, consumer products
Imports - partners
Definition
Italy 19%, Germany 7.7%, China 7.6%, Tunisia 6.4%, France 5.7%, Turkey 5.4%, South Korea 4.3%, US 4.3% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$79.6 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$4.837 billion (31 December 2007 est.)
Stock of direct foreign investment - at home
Definition
$6.286 billion (2007 est.)
Stock of direct foreign investment - abroad
Definition
$3.333 billion (2007 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
ODA, $24.44 million (2005 est.)
Currency (code)
Definition
Libyan dinar (LYD)
Exchange rates
Definition
Libyan dinars per US dollar - 1.2604 (2007), 1.3108 (2006), 1.3084 (2005), 1.305 (2004), 1.2929 (2003)
Fiscal year
Definition
calendar year


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