Africa > Libya > Economy

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Agriculture > products wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans; cattle
Current account balance	$26,380,000,000.00		[18th of 181]
Debt > External	$4,837,000,000.00		[95th of 136]
Economic freedom	0.7		[152nd of 156]
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 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. 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 million bbl/day by 2015. 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.
Exchange rates Libyan dinars per US dollar - 1.305 (2004), 1.2929 (2003), 1.2707 (2002), 0.6051 (2001), 0.5122 (2000)
Exports	$42,970,000,000.00		[53rd of 189]
Exports to US	$0.00		[224th of 224]
GDP	$50,319,730,000.00		[56th of 203]
GDP (purchasing power parity)	$74,720,000,000.00		[74th of 187]
GDP > Real growth rate	5.8%		[86th of 198]
GDP growth > annual %	3.53 annual %		[108th of 187]
Gross National Income	$0.00		[173rd of 172]
Gross national income > constant LCU	5541088000
Human Development Index	0.799		[58th of 178]
Inflation rate (consumer prices)	6.3%		[75th of 192]
Population below poverty line	7.4%		[26th of 46]
Public debt	4.7 % of GDP		[117th of 121]
Total reserves minus gold > current US$	39,507,850,000 $		[19th of 178]
Tourist arrivals	50,000		[131st of 152]

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