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Libya Economy 1996
The socialist-oriented economy depends primarily upon revenues from the oil
sector, which contributes practically all export earnings and about
one-third of GDP. In 1990 per capita GDP was the highest in Africa at
$5,410, but GDP growth rates have slowed and fluctuated sharply in response
to changes in the world oil market. Import restrictions and inefficient
resource allocations have led to periodic shortages of basic goods and
foodstuffs. Windfall revenues from the hike in world oil prices in late 1990
improved the foreign payments position and resulted in a current account
surplus through 1992. The nonoil manufacturing and construction sectors,
which account for about 20% of GDP, have expanded from processing mostly
agricultural products to include petrochemicals, iron, steel, and aluminum.
Although agriculture accounts for only 5% of GDP, it employs 18% of the
labor force. Climatic conditions and poor soils severely limit farm output,
and Libya imports about 75% of its food requirements. The UN sanctions
imposed in April 1992 have not yet had a major impact on the economy because
Libya's oil revenues generate sufficient foreign exchange which sustains
imports of food, consumer goods, and equipment for the oil industry and
ongoing development projects.
GDP - purchasing power parity - $32.9 billion (1994 est.)
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National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$9.8 billion, including capital expenditures of $3.1 billion (1989 est.)
$7.2 billion (f.o.b., 1994 est.)
crude oil, refined petroleum products, natural gas
Italy, Germany, Spain, France, UK, Turkey, Greece, Egypt
$6.9 billion (f.o.b., 1994 est.)
machinery, transport equipment, food, manufactured goods
Italy, Germany, UK, France, Spain, Turkey, Tunisia, Eastern Europe
$3.5 billion excluding military debt (1991 est.)
petroleum, food processing, textiles, handicrafts, cement
5% of GDP; cash crops - wheat, barley, olives, dates, citrus fruits,
peanuts; 75% of food is imported
Western (non-US) countries, ODA and OOF bilateral commitments (1970-87),
$242 million
1 Libyan dinar (LD) = 1,000 dirhams
Libyan dinars (LD) per US$1 - 0.3555 (January 1995), 0.3596 (1994), 0.3250
(1993), 0.3013 (1992), 0.2684 (1991), 0.2699 (1990)
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