Libya:
Economy

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Other pages in this profile of Libya:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


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

Libya: Economy

Libya:
Economy