Libyan Economy, Libya Economy
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Economy - overview: The Libyan economy depends primarily upon revenues from the oil sector, which contribute 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. Libyan officials in the past four 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. 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 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.
GDP: 3.9% (FY99)
GDP - real growth rate: 4.9% (2004 est.)
GDP - per capita: Purchasing power parity - $6,700 (2004 est.)
GDP - composition by sector: Agriculture: 8.7% industry: 45.7% services: 45.6% (2004 est.)
Population below poverty line: NA
Household income or consumption by percentage share: Lowest 10%: NA highest 10%: NA
Distribution of family income - Gini index:
Inflation rate (consumer prices):
Labor force: 1.59 million (2004 est.)
Labor force - by occupation: Agriculture 17%, industry 29%, services 54% (1997 est.)
Unemployment rate: 30% (2004)
Budget: Revenues: $13.52 billion expenditures: $12.23 billion, including capital expenditures of $5.6 billion (2004 est.)
Industries: Petroleum, iron and steel, food processing, textiles, handicrafts, cement
Industrial production growth rate: NA
Electricity - production: 20.89 billion kWh (2002)
Electricity - production by source:
Electricity - consumption: 19.43 billion kWh (2002)
Electricity - exports: 0 kWh (2002)
Electricity - imports: 0 kWh (2002)
Oil - production: 1.518 million bbl/day (2004 est.)
Oil - consumption: 216,000 bbl/day (2001 est.)
Oil - exports: NA
Oil - imports: NA
Oil - proved reserves: 38 billion bbl (2004 est.)
Natural gas - production: 6.18 billion cu m (2001 est.)
Natural gas - consumption: 5.41 billion cu m (2001 est.)
Natural gas - exports: 770 million cu m (2001 est.)
Natural gas - imports: 0 cu m (2001 est.)
Natural gas - proved reserves: 1.321 trillion cu m (2004)
Agriculture - products: Wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans; cattle
Exports: $18.65 billion f.o.b. (2004 est.)
Exports - commodities: Crude oil, refined petroleum products, natural gas
Exports - partners: Italy 37%, Germany 16.6%, Spain 11.9%, Turkey 7.1%, France 6.2% (2004)
Imports: $7.224 billion f.o.b. (2004 est.)
Imports - commodities: Machinery, transport equipment, semi-finished goods, food, consumer products (1999)
Imports - partners: Italy 25.5%, Germany 11%, South Korea 6.1%, UK 5.4%, Tunisia 4.7%, Turkey 4.6% (2004)
Debt - external: $4.069 billion (2004 est.)
Economic aid - recipient: $4.4 million ODA (2002)
Currency:
Currency code:
Exchange rates: Libyan dinars per US dollar - 1.305 (2004), 1.2929 (2003), 1.2707 (2002), 0.6051 (2001), 0.5122 (2000)
Fiscal year: Calendar year
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The information here has been derived from Public Domain Sources such as the CIA World Factbook. No liability can be taken for any inaccuracies.
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