Libya/Economy

Economy - overview: The socialist-oriented economy depends primarily upon revenues from the oil sector, which contributes 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. In this statist society, import restrictions and inefficient resource allocations have led to periodic shortages of basic goods and foodstuffs. The nonoil 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 farm output, and Libya imports about 75% of its food requirements. Higher oil prices in 1999 led to an increase in export revenues and helped to stimulate the economy. Following the suspension of UN sanctions in 1999, Libya has been trying to increase its attractiveness to foreign investors, and several foreign companies have visited in search of contracts.

GDP: purchasing power parity - $39.3 billion (1999 est.)

GDP - real growth rate: 2% (1999 est.)

GDP - per capita: purchasing power parity - $7,900 (1999 est.)

GDP - composition by sector:
agriculture: 7%
industry: 47%
services: 46% (1997 est.)

Population below poverty line: NA%

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

Inflation rate (consumer prices): 18% (1999 est.)

Labor force: 1.2 million (1997 est.)

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

Unemployment rate: 30% (1998 est.)

Budget:
revenues: $3.6 billion
expenditures: $5.1 billion, including capital expenditures of $NA (1998 est.)

Industries: petroleum, food processing, textiles, handicrafts, cement

Industrial production growth rate: NA%

Electricity - production: 16.92 billion kWh (1998)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 15.736 billion kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture - products: wheat, barley, olives, dates, citrus, vegetables, peanuts; beef, eggs

Exports: $6.6 billion (f.o.b., 1998 est.)

Exports - commodities: crude oil, refined petroleum products, natural gas

Exports - partners: Italy 40%, Germany 17%, Spain 12%, France 4%, Sudan 4%, UK 3% (1997)

Imports: $7 billion (f.o.b., 1998 est.)

Imports - commodities: machinery, transport equipment, food, manufactured goods

Imports - partners: Italy 23%, Germany 12%, UK 9%, France 7%, Tunisia 5%, Belgium 4% (1997)

Debt - external: $4 billion (1998 est.)

Economic aid - recipient: $8.4 million (1995)

Currency: 1 Libyan dinar (LD) = 1,000 dirhams

Exchange rates: Libyan dinars (LD) per US$1 - 0.4687 (January 2000), 0.4616 (1999), 0.3785 (1998), 0.3891 (1997), 0.3651 (1996), 0.3532 (1995); official rate: 0.45 (December 1998)

Fiscal year: calendar year