Economy of Libya
Currency	Libyan dinar (LD)
Fiscal year	calendar year
Trade organisations	OPEC, Common Market for Eastern and Southern Africa
Statistics
GDP (PPP)	$67 billion (2005) (NA [1])
GDP growth	8.5% (2005 est.)
GDP per capita	$11,630 (2005 est.)
GDP by sector	agriculture (7.6%), industry (49.9%), services (42.5%)
Inflation (CPI)	less than 1% (2005 est.)
Population below poverty line	NA% (2006 est.)
Labour force	1.64 million (includes unemployed) (2005)
Labour force by occupation	agriculture 17%, industry 23%, services and government 59% (2004 est.)
Unemployment	30% (2004)
Main industries	petroleum, steel, iron, food processing, textiles, cement
Trade
Exports	$30.79 billion (f.o.b., 2005)
Export goods	crude oil, refined petroleum products, natural gas
Main export partners	Italy 37.2%, Germany 16.6%, Spain 11.8%, Turkey 7.1%, France 6.2% (2004)
Imports	$10.82 billion (f.o.b., 2005)
Import goods	machinery, transport equipment, semi-finished goods, food, consumer products
Main import partners	Italy 25.2%, Germany 11%, South Korea 6%, UK 5.4%, Tunisia 4.7%, Turkey 4.6% (2004)
Public finances
Public debt	$4.267 billion (2005)
Revenues	$25.34 billion
Expenses	$15.47 billion, including capital expenditures of $5.6 billion (including Rynocerous' insatiable internet porn addiction) (2005)
Economic aid	recipient ODA $4.4 million (2002)
Main source All values, unless otherwise stated, are in US dollars

Don't call it a comeback I been here for years Rockin' my peers Puttin' suckers in fear Makin' the tears rain down like a monsoon Listen to the bass go boom Explosion, overpowerin' Over the competition, I'm towerin' Records shock When I drop these lyrics That'll make you call the cops Don't you dare stare You betta move Don't ever compare me to the rest They'll all get sliced and diced Competition's payin' the price (CHORUS) I'm gonna knock you out Mama said knock you out I'm gonna knock you out Mama said knock you out I'm gonna knock you out Mama said knock you out I'm gonna knock you out Mama said knock you out Don't you call this no regular jam I'm gonna rock this land I'm gonna take this itty-bitty world by storm And I'm just getting warm Just like Mohammad Ali, they called him Cassius Watch me bash this beat like a skull Dontcha know I gotta beef wit' Why don't you rip with me, the maniac psycho Cuz when I pull out my jammy, get ready cuz it might go Blauh! How do you like me now? The reverand will not allow you to get wit' Mr. Smith don't risk Listen to my gear shift. I'm blastin', outlastin' Colors like shaft, so you could say I'm shaftin' Old English fill my mind and I came up with this funky rhyme (REPEAT CHORUS) Shadow boxin' when I heard you on the radio I just don't know What made them forget that I was raw But now I gotta new toy I'm going insane Frontin' the hurricane Releasin' pain Lettin' you know You can't gain or maintain Unless you say my name Rippin' Killin' Diggin' and drillin' a hole Well I'll pass your goal (REPEAT CHORUS) Shotgun blasts are heard When I rip and kill at will The man of the hour, tower of power I will devour I'm gonna tie you up and let you understand That I'm not your average man When I gotta jammy in my hand Damn Ooh Listen to the way I slay your crew Damnit Damnit Damnit Damnit Destruction, terror and mayhem Pass me a .... I'll slay him Farmers (WHAT) Farmers (WHAT) Ready? (READY) I think I'm gonna bomb a town Don't you never, ever Pull my lever 'Cause I explode And my nine is easy to load I gotta thank God 'Cause he gave me this chance to rock Hard... knock you out Image File history File links No higher resolution available. ... ISO 4217 Code LYD User(s) Libya Inflation rate -1% Source The World Factbook, 2005 est. ... Not to be confused with APEC. OPEC Logo The Organization of the Petroleum Exporting Countries (OPEC) is an international cartel[1][2] made up of Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, Venezuela, and Ecuador (which rejoined OPRC in November 2007) . The... The purchasing power parity (PPP) theory uses the long-term equilibrium exchange rate of two currencies to equalize their purchasing power. ... Image File history File links No higher resolution available. ... There are three lists of countries of the world sorted by their gross domestic product (GDP) (the value of all final goods and services produced within a nation in a given year). ... It has been suggested that this article be split into multiple articles accessible from a disambiguation page. ... Map of countries showing percentage of population who have an income below the national poverty line The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ... CIA figures for world unemployment rates, 2006 Unemployment is the state in which a worker wants, but is unable, to work. ... Petro redirects here. ... For other uses, see Steel (disambiguation). ... For other uses, see Iron (disambiguation). ... Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. ... This article is about the type of fabric. ... For other uses, see Cement (disambiguation). ... Pumpjack pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and elaion – oil or Latin oleum – oil ) or crude oil is a thick, dark brown or greenish liquid. ... For other uses, see Natural gas (disambiguation). ... Image File history File links No higher resolution available. ... Oda may refer to: Oda, Shimane, a city in Japan Oda, Harem, a room in a harem Oda (magazine), Turkish literary magazine Oda, a German slang-word for or The Oda clan, a Japanese feudal clan from the Sengoku period Oda, a Japanese family name A Norwegian female given name... USD redirects here. ...

Word up homey. Guess the ban hammer didn't work. They still use camel shit over there you know

[Libya]]'s socialist-oriented economy depends primarily upon revenues from the petroleum sector, which contributes practically all export earnings and over half of GDP. These oil revenues and a small population give Libya one of the highest per capita GDPs in Africa. Since 2000, Libya has recorded favourable growth rates with an estimated 8.1% growth of GDP in 2006. Socialism is a broad array of ideologies and political movements with the goal of a socio-economic system in which property and the distribution of wealth are subject to control by the community for the purposes of increasing social and economic equality and cooperation. ... Petro redirects here. ... A world map showing the continent of Africa Africa is the worlds second-largest and second most-populous continent, after Asia. ...

Macro-economic trend

The GDP per capita of Libya soared by 676% in the 1960s and a further 480% in the 1970s. However such fantastic growth rates proved unsustainable in the face of global oil recession and international sanctions. Consequently the GDP per capita shrank by 42% in the 1980s. Successful diversification and integration into the international community helped current GDP per capita to cut further deterioration to just 3.2% in the 1990s.

Below is a chart of trend of gross domestic product of Libya at market prices estimated by the International Monetary Fund with figures in millions of Libyan dinars (LYD). ISO 4217 Code LYD User(s) Libya Inflation rate -1% Source The World Factbook, 2005 est. ...

Notes:
1. For purchasing power parity comparisons, the US Dollar is exchanged at 0.77 Libyan Dinars only. USD redirects here. ... ISO 4217 Code LYD User(s) Libya Inflation rate -1% Source The World Factbook, 2005 est. ...

Oil Sector

Now this is the story all about how my life got flipped turned upside down and I'd like to take a minute just sit right there I'll tell you how I became the prince of a town called Bel Air

In west Darfur, born and raised in the desert is where I spend most of my days chillin' out, maxin', relaxin', all cool and all shootin' some infidel outside of the school when a couple of guys who were up to no good started makin' trouble in my dung hut

I planted one little bomb and my mom got scared and said, "You're movin' with your auntie and uncle in Bel Air" I whisteled for a camel and when it came near the license plate said fresh and it had dice in the mirror if anything I could say that this camel was rare but I thought, "NAW FORGET IT YO HOME TO BEL AIR!"

I pulled up to the house about 7 or 8 and I yelled to the camel, "YO HOMEs SMELL YA LATA!" I looked at my Mosque I was finally there to sit on my throne as the prince of Bel Air Libya is an OPEC member and holds the largest proven oil reserves in Africa (followed by Nigeria and Algeria), 41.5 billion bbl as of January 2007, up from 39.1 billion bbl in 2006. About 80% of Libya’s proven oil reserves are located in the Sirte Basin, which is responsible for 90% of the country’s oil output.^[1] The state-owned National Oil Corporation (NOC) dominates Libya's oil industry, along with smaller subsidiaries, which combined account for around 50% of the country's oil output. Among NOC's subsidiaries, the largest oil producer is the Waha Oil Company (WOC), followed by the Agoco, Zueitina Oil Company (ZOC), and Sirte Oil Company (SOC). Oil resources, which account for approximately 95% of export earnings, 75% of government receipts, and over 50% of GDP. Oil revenues constitute the principal foreign exchange source. Much of the country's income has been lost to waste, corruption, conventional armaments purchases, and attempts to develop WMD, as well as large donations to developing countries in attempts to increase Qadhafi's influence in Africa and elsewhere. Despite the country's relatively high per capita GDP, government mismanagement has led to high inflation and increased import prices, resulting in declining living standards. Reflecting the heritage of the command economy, three quarters of employment is in the public sector, and private investment remains small at around 2% of GDP.^[2] Not to be confused with APEC. OPEC Logo The Organization of the Petroleum Exporting Countries (OPEC) is an international cartel[1][2] made up of Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, Venezuela, and Ecuador (which rejoined OPRC in November 2007) . The... // An oil well in Canada. ... The Sirte Basin is a late Mesozoic and Tertiary triple junction continental rift (extensional basin) along northern Africa that was initiated during the late Jurassic Period. ... National Oil Corporation (Arabic: المؤسسة الوطنية للنفط) is the national oil company of Libya. ... Waha Oil Company (WOC) is an oil company based in Tripoli, Libya, engaged in the fields of crude oil and natural gas exploration and production. ... The Arabian Gulf Oil Company (Agoco) is an oil company based in Benghazi, Libya, engaged in crude oil and natural gas exploration, production and refining. ... Sirte Oil Company (SOC) (Arabic:شركة سرت) is an oil and gas company of Libya operating under the state-owned National Oil Corporation (NOC). ... Weapons of Mass Destruction is also the name of rapper Xzibits 2004 album. ...

Falling world oil prices in the early 1980s and economic sanctions caused a serious decline in economic activity, eventually leading to a slow private sector rehabilitation. At 2.6% per year on average, real GDP growth was modest and volatile during the 1990s. Libya's GDP grew in 2001 due to high oil prices, the end of a long cyclical drought, and increased foreign direct investment following the suspension of UN sanctions in 1999. Real GDP growth has been boosted by high oil revenues, reaching 4.6% in 2004 and 3.5% in 2005. Despite efforts to diversify the economy and encourage private sector participation, extensive controls of prices, credit, trade, and foreign exchange constrain growth. In economics, the gross domestic product (GDP) is a measure of the amount of the economic production of a particular territory in financial capital terms during a specific time period. ...

Although UN sanctions were suspended in 1999, foreign investment in the Libyan gas and oil sectors were severely curtailed due to the U.S. Iran and Libya Sanctions Act (ILSA), which caps the amount foreign companies can invest in Libya yearly at $20 million (lowered from $40 million in 2001). As of May 2006, the U.S. has removed Libya from its list of states that sponsor terrorism and has normalised ties and removed sanctions. This clears the road for U.S. oil companies to exploit Libyan oil and is expected to have a positive impact on the Libyan economy.[2] The NOC hopes to raise oil production from 1.80 million bpd in 2006 to 2 million bpd by 2008. FDI into the oil sector is likely, which is attractive due to its low cost of oil recovery, high oil quality, and proximity to European markets.^[3] Most Libyan oil is sold on a term basis, including to the country's Oilinvest marketing network in Europe; to companies like Agip, OMV, Repsol YPF, Tupras, CEPSA, and Total; and small volumes to Asian and South African companies.^[4] Oilinvest trades under the Tamoil brand in several European and African countries, such as at this filling station in Pijnacker in the Netherlands. ... The six-legged dog, seen on filling stations all over Italy was the winning design from a competition held in 1952 [1] Agip (Azienda Generale Italiana Petroli) is an Italian automotive gasoline and diesel retailer. ... For other uses, see OMV (disambiguation). ... Repsol YPF is an integrated oil and gas company with operations in 29 countries, principally Spain and Argentina. ... Asian may refer to: Of, or relating to, the continent of Asia. ...

Notes:
1. Energy Information Administration (2007)

Field Development and Exploration

In November 2005, Repsol YPF discovered a significant oil deposit of light, sweet crude in the Murzuq Basin. Industry experts believe the discovery to be one of the biggest made in Libya for several years. Repsol YPF is joined by a consortium of partners including OMV, Total and Norsk Hydro. Also located in Murzuq Basin is Eni’s Elephant field. In October 1997, a consortium led by British company Lasmo, along with Eni and a group of five South Korean companies, announced that it had discovered large recoverable crude reserves 465 miles south of Tripoli. Lasmo estimated field production would cost around $1 per barrel. Elephant began production in February 2004. Repsol YPF is an integrated oil and gas company with operations in 29 countries, principally Spain and Argentina. ... Norsk Hydro ASA is a Norwegian oil and energy and integrated aluminium company, headquartered in Oslo. ... The Elephant field (also known as the El Feel) is an oil field located in Libyas Murzuq Basin. ...

WOC's Waha fields currently produce around 350,000 bpd. In 2005, ConocoPhillips and co-venturers reached an agreement with NOC to return to its operations in Libya and extend the Waha concession 25 years. ConocoPhillips operates the Waha fields with a 16.33% share in the project. NOC has the largest share of the Waha concession, and additional partners include Marathon and Amerada Hess.^[5] The Amerada Hess Corporation (NYSE: AHC) is an integrated oil company based in New York City. ...

Refining and Downstream

Libya has five domestic refineries: A refinery is a building and/or the equipment used for refining or processing specific products. ...

Notes:
1. Amounts in barrels per day. The Ras Lanuf Refinery (RLR) is a topping and reforming oil refinery in the city of Rās Lānūf, Libya. ...

Non-oil sector

Libyan five-dinar bill.

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 aluminium (see Libyan Iron and Steel Company). 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. Image File history File linksMetadata Download high resolution version (1804x906, 814 KB) Summary Licensing File links The following pages link to this file: Economy of Libya Metadata This file contains additional information, probably added from the digital camera or scanner used to create or digitize it. ... Image File history File linksMetadata Download high resolution version (1804x906, 814 KB) Summary Licensing File links The following pages link to this file: Economy of Libya Metadata This file contains additional information, probably added from the digital camera or scanner used to create or digitize it. ... ISO 4217 Code LYD User(s) Libya Inflation rate -1% Source The World Factbook, 2005 est. ... For other uses, see Iron (disambiguation). ... For other uses, see Steel (disambiguation). ... Aluminum redirects here. ... The Libyan Iron and Steel Company (Lisco) is one of the largest iron and steelmaking companies operating in North Africa. ...

Although agriculture is the second-largest sector in the economy, Libya depends on imports in most foods. Climatic conditions and poor soils severely limit farm output, and domestic food production meets only about 25% of demand. Domestic conditions limit output, while higher incomes and a growing population have caused food consumption to rise. Because of low rainfall levels in Libya, agricultural projects such as the Al Khufrah Oasis rely on underground water sources. Libya's primary agricultural water source remains the Great Manmade River (GMMR), but significant resources are being invested in desalinization research to meet growing demand. Libyan agricultural projects and policies are overseen by a General Inspector; there is no Ministry of Agriculture, per se.^[6] Astronaut photo of the Al Khufrah Oasis. ... The Great Manmade River or Great Man-made River (GMR) is a network of pipes that supplies water to the Sahara Desert in Libya from a fossil aquifer in the Sahara. ... Desalination refers to any of several processes that removes the excess salt and minerals from water in order to obtain fresh water suitable for animal consumption or for irrigation, sometimes producing table salt as a byproduct. ... A number of countries operate a Ministry of Agriculture: New Zealand - Ministry of Agriculture and Forestry United Kindom - Department for Environment, Food and Rural Affairs This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ...

Labor Market

Libya posted a 3.3% rate of population growth during 1960-2003. In 2003, 86% of the population was urban, compared to 45% in 1970. Although no reliable estimates are available, unemployment is reportedly acute. Over 50% of the population under the age of 20. Moreover, despite the bias of labor market regulations favoring Libyan workers, the mismatch of the educational system with market demand has produced a large pool of expatriate workers, with typically better-suited education and higher productivity. However, because of shortages for manual labor, Libya has also attracted important numbers of less skilled immigrants. Expatriate workers represent an estimated fifth of the labor force.^[7] Although significant, the proportion of expatriate workers is still bellow oil producing countries in the Persian Gulf. Foreign workers mainly come from the Maghreb, Egypt, Turkey, India, the Philippines, Thailand, Vietnam, Poland, Chad and Sudan. They tend to earn relatively high wages, taking either skilled or hard manual jobs. Census data for 2000 show the share of expatriates earning over LD 300 (US$230), per month was 20%, compared to 12% for Libyan nationals. A campaign encouraging conversion of qualified civil servants to entrepreneurs, in the face of public sector over employment and declining productivity, does not seem to be producing the desired results thus far.^[8] Look up urban in Wiktionary, the free dictionary. ... CIA figures for world unemployment rates, 2006 Unemployment is the state in which a worker wants, but is unable, to work. ... Labour economics seeks to understand the functioning of the market for labour. ... For the band, see Expatriate (band). ... Map of the Persian Gulf. ... This article or section does not cite any references or sources. ... A civil servant or public servant is a civilian career public_sector employee working for a government department or agency. ...

External trade and finance

Libyan exports in 2006

The Government is in the process of preparing a financial sector reform program. Recent legislation setting corporate governance standards for financial institutions makes progress towards better management and greater operational independence of public banks. However, Libyan public banks still lack management structures supported by skills in critical areas like credit, investment, risk management, and information and control systems. The new banking law reinforces the independence of the Central Bank of Libya (CBL) and offers a legal framework for regulating banking activities, even if some provisions call for improvement. Despite progress brought by the new banking Law that specifies and limits its duties and responsibilities, the CBL remains the owner of the public banks, with the associated potential conflict of interest between ownership and regulation. Image File history File links Size of this preview: 800 × 351 pixelsFull resolution‎ (1,425 × 625 pixels, file size: 58 KB, MIME type: image/png) This bubble map shows the global distribution of Libyan exports in 2006 as a percentage of the top market (Italy - $14,453,100,000). ... Image File history File links Size of this preview: 800 × 351 pixelsFull resolution‎ (1,425 × 625 pixels, file size: 58 KB, MIME type: image/png) This bubble map shows the global distribution of Libyan exports in 2006 as a percentage of the top market (Italy - $14,453,100,000). ... Look up credit in Wiktionary, the free dictionary. ... For non-business risks, see risk or the disambiguation page risk analysis. ... The Central Bank of Libya(CBL) is 100% state ownership and represents the monetary authority in The Great Socialist People’s Libyan Arab Jamahiriya and enjoys the status of autonomous corporate body. ...

Financial sector reform has also progressed with partial interest rate liberalization. Interest rates have been liberalized on deposits, while a lending rate ceiling has been set above the discount rate. The Libyan Stock Exchange, established in 2007, is the first exchange of its kind in the country. An interest rate is the price a borrower pays for the use of money he does not own, and the return a lender receives for deferring his consumption, by lending to the borrower. ... In general, liberalization refers to a relaxation of previous government restrictions, usually in areas of social or economic policy. ... Discount rate as used in finance and economics is distinct from the discount rate described below; please refer to discounting and discounts. ... The Libyan Exchange Stock Market (Arabic: سوق الأوراق المالية الليبي ) officially opened in Tripoli, Libya, during March 2007. ...

Statistics

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

Industrial production growth rate: NA%

Electricity - production: 14.4 billion kWh (2003)

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

Electricity - consumption: 13.39 billion kWh (2003)

Electricity - exports: 0 kWh (2003)

Electricity - imports: 0 kWh (2003)

Agriculture - products: wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans, cattle, corn

International rankings

The Heritage Foundation is one of the most prominent conservative think tanks in the United States. ... The Wall Street Journal (WSJ) is an international daily newspaper published by Dow Jones & Company in New York City, New York, USA, with Asian and European editions, and a worldwide daily circulation of more than 2 million as of 2006, with 931,000 paying online subscribers. ... The Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd and edited in London. ... The Energy Information Administration (EIA), as part of the U.S. Department of Energy, collects and disseminates data on energy reserves, production, consumption, distribution, prices, technology, and related international, economic, and financial matters. ... Reporters Without Borders, or RWB (French: Reporters sans frontières, Spanish: Reporteros Sin Fronteras, or RSF) is a French origin international non-governmental organization that advocates freedom of the press, founded by its current general-secretary, Robert Menard. ... Transparency International (TI) is an international organisation addressing corruption, including, but not limited to, political corruption. ... The United Nations Development Programe (UNDP), the United Nations global development network, is the largest multilateral source of development assistance in the world. ...

Notes

References