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World > Africa > Libya > Economy (Facts)

Libya - Economy (Facts)
Economy - overview: 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 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, 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 billion bbl/day by 2010. 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 - real growth rate: 6.1% (2006 est.)
GDP (purchasing power parity): $72.68 billion (2006 est.)
GDP (official exchange rate): $34.2 billion (2006 est.)
GDP - per capita (PPP): $12,300 (2006 est.)
GDP - composition by sector: agriculture: 7.3%
industry: 51.3%
services: 41.4% (2006 est.)
Population below poverty line: 7.4% (2005 est.)
Household income or consumption by percentage share: lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices): 3.1% (2006 est.)
Labor force: 1.787 million (2006 est.)
Labor force - by occupation: agriculture: 17%
industry: 23%
services: 59% (2004 est.)
Unemployment rate: 30% (2004 est.)
Budget: revenues: $33.34 billion
expenditures: $19.3 billion; including capital expenditures of $5.6 billion (2006 est.)
Industries: petroleum, iron and steel, food processing, textiles, handicrafts, cement
Industrial production growth rate: NA
Electricity - production: 19.44 billion kWh (2004)
Electricity - consumption: 18.08 billion kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 1.72 million bbl/day (2006 est.)
Oil - consumption: 237,000 bbl/day (2004 est.)
Oil - exports: 1.326 million bbl/day (2004)
Oil - imports: 1,233 bbl/day (2004)
Oil - proved reserves: 42 billion bbl (2006 est.)
Natural gas - production: 8.06 billion cu m (2004 est.)
Natural gas - exports: 2.13 billion cu m (2004 est.)
Natural gas - imports: 0 cu m (2004 est.)
Agriculture - products: wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans; cattle
Exports: $37.02 billion f.o.b. (2006 est.)
Exports - commodities: crude oil, refined petroleum products, natural gas, chemicals
Exports - partners: Italy 37.4%, Germany 14.8%, Spain 7.8%, US 6.2%, France 5.6%, Turkey 5.4% (2006)
Imports: $14.47 billion f.o.b. (2006 est.)
Imports - commodities: machinery, semi-finished goods, food, transport equipment, consumer products
Imports - partners: Italy 18.8%, Germany 7.8%, China 7.5%, Tunisia 6.2%, France 5.8%, Turkey 5.2%, South Korea 4.8%, US 4.6%, UK 4% (2006)
Debt - external: $4.492 billion (2006 est.)
Economic aid - recipient: ODA, $18 million (2004 est.)
Currency: Libyan Dinar (LYD)
Currency code: LYD
Exchange rates: Libyan dinars per US dollar - 1.3108 (2006), 1.3084 (2005), 1.305 (2004), 1.2929 (2003), 1.2707 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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