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. The expected weakness in world hydrocarbon prices throughout 2009 will reduce Libyan government tax income and constrain Libyan economic growth in 2009. 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 five 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. UN Sanctions against Libya were lifted in September 2003. The process of lifting US unilateral sanctions began in the spring of 2004; all sanctions were removed by June 2006, helping Libya attract greater foreign direct investment, especially 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 million bbl/day by 2012. 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):
$88.86 billion (2008 est.)
$83.59 billion (2007)
$78.27 billion (2006)
GDP (official exchange rate):
$108.5 billion (2008 est.)
GDP - real growth rate:
6.3% (2008 est.)
6.8% (2007 est.)
5.9% (2006 est.)
GDP - per capita (PPP):
$14,400 (2008 est.)
$13,800 (2007 est.)
$13,300 (2006 est.)
GDP - composition by sector:
agriculture: 1.5%
industry: 61.7%
services: 36.8% (2008 est.)
Labor force:
1.916 million (2008 est.)
Labor force - by occupation:
agriculture: 17%
industry: 23%
services: 59% (2004 est.)
Unemployment rate:
30% (2004 est.)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Investment (gross fixed):
8.1% of GDP (2008 est.)
Budget:
revenues: $56.35 billion
expenditures: $29.12 billion (2008 est.)
Public debt:
3.6% of GDP (2008 est.)
Inflation rate (consumer prices):
10.5% (2008 est.)
Central bank discount rate:
4% (31 December 2007)
Commercial bank prime lending rate:
6% (31 December 2007)
Stock of money:
$18.04 billion (31 December 2007)
Stock of quasi money:
$3.192 billion (31 December 2007)
Stock of domestic credit:
NA
Market value of publicly traded shares:
$NA
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:
5.8% (2008 est.)
Electricity - production:
23.98 billion kWh (2007 est.)
Electricity - consumption:
20.71 billion kWh (2006 est.)
Electricity - exports:
0 kWh (2007 est.)
Electricity - imports:
0 kWh (2007 est.)
Oil - production:
1.845 million bbl/day (2007 est.)
Oil - consumption:
278,700 bbl/day (2006 est.)
Oil - exports:
1.455 million bbl/day (2005)
Oil - imports:
575.3 bbl/day (2005)
Oil - proved reserves:
41.46 billion bbl (1 January 2008 est.)
Natural gas - production:
14.8 billion cu m (2006 est.)
Natural gas - consumption:
6.39 billion cu m (2006 est.)
Natural gas - exports:
9.9 billion cu m (2007 est.)
Natural gas - imports:
0 cu m (2007 est.)
Natural gas - proved reserves:
1.419 trillion cu m (1 January 2008 est.)
Current account balance:
$43.33 billion (2008 est.)
Exports:
$66.13 billion f.o.b. (2008 est.)
Exports - commodities:
crude oil, refined petroleum products, natural gas, chemicals
Exports - partners:
Italy 40.5%, Germany 12.2%, US 7.4%, Spain 7.4%, France 6.3% (2007)
Imports:
$20.64 billion f.o.b. (2008 est.)
Imports - commodities:
machinery, semi-finished goods, food, transport equipment, consumer products
Imports - partners:
Italy 18.9%, Germany 7.7%, China 7.3%, Tunisia 6.8%, France 5.7%, Turkey 5.4%, US 4.3% (2007)
Reserves of foreign exchange and gold:
$99.45 billion (31 December 2008 est.)
Debt - external:
$5.521 billion (31 December 2008 est.)
Stock of direct foreign investment - at home:
$8.736 billion (2008 est.)
Stock of direct foreign investment - abroad:
$4.783 billion (2008 est.)
Exchange rates:
Libyan dinars (LYD) per US dollar - 1.2112 (2008 est.), 1.2604 (2007), 1.3108 (2006), 1.3084 (2005), 1.305 (2004)