Economy of Libya
| 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 (purchasing power parity): | $72.68 billion (2006 est.) |
| GDP (official exchange rate): | $34.2 billion (2006 est.) |
| GDP - real growth rate: | 6.1% (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.) |
| Labor force: | 1.787 million (2006 est.) |
| Labor force - by occupation: | agriculture: 17% industry: 23% services: 59% (2004 est.) |
| Unemployment rate: | 30% (2004 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.) |
| Investment (gross fixed): | 7.4% of GDP (2006 est.) |
| Budget: | revenues: $33.34 billion expenditures: $19.3 billion; including capital expenditures of $5.6 billion (2006 est.) |
| Public debt: | 5.6% of GDP (2006 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: | 19.44 billion kWh (2004) |
| Electricity - production by source: | fossil fuel: 100% hydro: 0% nuclear: 0% other: 0% (2001) |
| 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 - consumption: | 5.93 billion cu m (2004 est.) |
| Natural gas - exports: | 2.13 billion cu m (2004 est.) |
| Natural gas - imports: | 0 cu m (2004 est.) |
| Natural gas - proved reserves: | 1.472 trillion cu m (1 January 2005 est.) |
| Current account balance: | $14.5 billion (2006 est.) |
| 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) |
| Reserves of foreign exchange and gold: | $57.48 billion (2006 est.) |
| Debt - external: | $4.492 billion (2006 est.) |
| Economic aid - recipient: | ODA, $18 million (2004 est.) |
| Currency (code): | 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 |