Libya Economy – Yahoo! Education

Libya Economy:

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 (purchasing power parity):
$37.48 billion (2004 est.)

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)

Labor force:
1.59 million (2004 est.)

Labor force — by occupation:
services: 54%, agriculture: 17%, industry: 29% (1997 est.)

Unemployment rate:
30% (2004 est.)

Population below poverty line:
NA

Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA

Inflation rate (consumer prices):
2.9% (2004 est.)

Investment (gross fixed):
9.9% of GDP (2004 est.)

Budget:
revenues: $13.52 billion
expenditures: $12.23 billion including capital expenditures of $5.6 billion (2004 est.)

Public debt:
8.8% of GDP (2004 est.)

Agriculture — products:
Wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans; cattle

Industries:
petroleum, iron and steel, food processing, textiles, handicrafts, cement

Industrial production growth rate:
NA

Electricity — production:
20.89 billion kWh (2002 est.)

Electricity — consumption:
19.43 billion kWh (2002 est.)

Electricity — exports:
0 kWh (2002 est.)

Electricity — imports:
0 kWh (2002 est.)

Oil — production:
1.52 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:
1.32 trillion cu m (2004 est.)

Current account balance:
$9.9 billion (2004 est.)

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:
$7.22 billion (f.o.b. 2004 est.)

Imports — commodities:
machinery, transport equipment, semi-finished goods, food, consumer products

Imports — partners:
Italy 25.5%, Germany 11%, South Korea 6.1%, UK 5.4%, Tunisia 4.7%, Turkey 4.6% (2004)

Reserves of foreign exchange and gold:
$24.18 billion (2004 est.)

Debt — external:
$4.07 billion (2004 est.)

Economic aid — recipient:
$4.4 million ODA (2002 est.)

Currency:
Libyan dinar (LYD)

Exchange rates:
Libyan dinars per US$: 1.31 (2004 est.), 1.29 (2003 est.), 1.27 (2002 est.), 0.61 (2001 est.), 0.51 (2000 est.)

Fiscal year:
calendar year

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Libya Economy: