unbekannter Gast

Libya: Economy#

Libya's economy is structured primarily around the nation's energy sector, which generates about 95% of export earnings, 80% of GDP, and 99% of government income. Substantial revenue from the energy sector coupled with a small population give Libya one of the highest per capita GDPs in Africa, but Tripoli largely has not used its significant financial resources to develop national infrastructure or the economy, leaving many citizens poor. In the final five years of QADHAFI's rule, Libya made some progress on economic reform 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 after Libya announced in December 2003 that it would abandon programs to build weapons of mass destruction. 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 and banking sectors. Libyan oil and gas licensing rounds drew high international interest, but new rounds are unlikely to be successful until Libya establishes a more permanent government and is able to offer more attractive financial terms on contracts and increase security. Libya faces a long road ahead in liberalizing its primarily socialist economy, but the revolution has unleashed previously restrained entrepreneurial activity and increased the potential for the evolution of a more market-based economy. The service and construction sectors expanded over the past five years and could become a larger share of GDP if Tripoli prioritizes capital spending on development projects once political and security uncertainty subside. Climatic conditions and poor soils severely limit agricultural output, and Libya imports about 80% of its food. Libya's primary agricultural water source is the Great Manmade River Project.

Economic Facts#

GDP (purchasing power parity)$73.6 billion (2013 est.)
$77.57 billion (2012 est.)
$37.94 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate-5.1% (2013 est.)
104.5% (2012 est.)
-62.1% (2011 est.)
GDP - per capita (PPP)$11,300 (2013 est.)
$12,100 (2012 est.)
$6,000 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 2%
industry: 58.3%
services: 39.7% (2013 est.)
Population below poverty lineNA%
note: about one-third of Libyans live at or below the national poverty line
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture: 17%
industry: 23%
services: 59% (2004 est.)
Exports - commoditiescrude oil, refined petroleum products, natural gas, chemicals
Exports - partnersItaly 23.3%, Germany 12.4%, China 11.2%, France 9.7%, Spain 7.6%, UK 4.7%, US 4.5% (2012)
Agriculture - productswheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans; cattle
Budgetrevenues: $41.54 billion
expenditures: $41.87 billion (2013 est.)
Imports - commoditiesmachinery, semi-finished goods, food, transport equipment, consumer products
Imports - partnersChina 13%, Turkey 11.6%, Italy 8.2%, Egypt 7.7%, Tunisia 6.6%, South Korea 5.8%, Greece 5.4%, Germany 4.6% (2012)
Exchange ratesLibyan dinars (LYD) per US dollar -
1.277 (2013 est.)
1.2617 (2012 est.)
1.2668 (2010 est.)
1.2535 (2009)
1.2112 (2008)
Exports$38.45 billion (2013 est.)
$52.02 billion (2012 est.)
Debt - external$6.319 billion (31 December 2013 est.)
$5.278 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$27.15 billion (2013 est.)
$18.1 billion (2012 est.)
Industrial production growth rate9.6% (2013 est.)
Industriespetroleum, petrochemicals, aluminum, iron and steel, food processing, textiles, handicrafts, cement
Inflation rate (consumer prices)3.2% (2013 est.)
6.1% (2012 est.)
Labor force1.644 million (2013 est.)
Unemployment rate30% (2004 est.)
Public debt4.8% of GDP (2013 est.)
4.1% of GDP (2012 est.)
Current account balance$2.727 billion (2013 est.)
$27.17 billion (2012 est.)
Reserves of foreign exchange and gold$120.9 billion (31 December 2013 est.)
$118.6 billion (31 December 2012 est.)
GDP (official exchange rate)$70.92 billion (2013 est.)
Stock of direct foreign investment - at home$17.92 billion (31 December 2013 est.)
$16.84 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$17.82 billion (31 December 2013 est.)
$17.21 billion (31 December 2012 est.)
Market value of publicly traded shares$NA
Central bank discount rate9.52% (31 December 2010 est.)
3% (31 December 2009 est.)
Commercial bank prime lending rate6% (31 December 2013 est.)
6% (31 December 2012 est.)
Stock of domestic credit$-54.04 billion (31 December 2013 est.)
$-47.25 billion (31 December 2012 est.)
Stock of narrow money$47.25 billion (31 December 2013 est.)
$45.2 billion (31 December 2012 est.)
Stock of broad money$51.86 billion (31 December 2013 est.)
$49.28 billion (31 December 2012 est.)
Taxes and other revenues58.6% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-0.5% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 58%
government consumption: 20.2%
investment in fixed capital: 8.6%
investment in inventories: 0.5%
exports of goods and services: 54.5%
imports of goods and services: -41.9%
(2013 est.)
Gross national saving14% of GDP (2013 est.)
44.4% of GDP (2012 est.)
-3.5% of GDP (2011 est.)