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Libya Economy 2011
https://theodora.com/wfb2011/libya/libya_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















Libya Economy 2011
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 13, 2011

Economy - overview:
The Libyan economy depends primarily upon revenues from the oil sector, which contribute about 95% of export earnings, 25% of GDP, and 80% of government revenue. The weakness in world hydrocarbon prices in 2009 reduced Libyan government tax income and constrained economic growth. 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. 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 Corporation (NOC) set a goal of nearly doubling oil production to 3 million bbl/day by 2012. In November 2009, the NOC announced that that target may slip to as late as 2017. 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):
$89.03 billion (2010 est.)
country comparison to the world: 74

$86.19 billion (2009 est.)
$86.77 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$77.91 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.3% (2010 est.)
country comparison to the world: 110

-0.7% (2009 est.)
2.7% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$13,800 (2010 est.)
country comparison to the world: 84

$13,600 (2009 est.)
$14,000 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 2.6%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 63.8%
[see also: GDP - composition by sector - industry country ranks ]
services: 33.6% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
1.729 million (2009 est.)
country comparison to the world: 125
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 17%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23%
[see also: Labor force - by occupation - industry country ranks ]
services: 59% (2004 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
30% (2004 est.)
country comparison to the world: 181
[see also: Unemployment rate country ranks ]

Population below poverty line:
7.4% (2005 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Investment (gross fixed):
13.2% of GDP (2009 est.)
country comparison to the world: 141
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $42.31 billion
[see also: Budget - revenues country ranks ]
expenditures: $38.92 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
3.3% of GDP (2010 est.)
country comparison to the world: 131

3.9% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
3% (2010 est.)
country comparison to the world: 91

2.4% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4% (31 December 2009)
country comparison to the world: 87

5% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
8.41% (31 December 2008)
country comparison to the world: 138

6% (31 December 2007)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$29.85 billion (31 December 2010 est)

$29.82 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$35.98 billion (31 December 2010 est.)

$36.2 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$55.03 billion (31 December 2010 est.)
country comparison to the world: 61

$41.13 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

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

Industries:
petroleum, petrochemicals, aluminum, iron and steel, food processing, textiles, handicrafts, cement

Industrial production growth rate:
2.7% (2009 est.)
country comparison to the world: 118
[see also: Industrial production growth rate country ranks ]

Electricity - production:
23.98 billion kWh (2007 est.)
country comparison to the world: 67
[see also: Electricity - production country ranks ]

Electricity - consumption:
22.17 billion kWh (2007 est.)
country comparison to the world: 66
[see also: Electricity - consumption country ranks ]

Electricity - exports:
104 million kWh (2007 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
77 million kWh (2007 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
1.79 million bbl/day (2009 est.)
country comparison to the world: 18
[see also: Oil - production country ranks ]

Oil - consumption:
280,000 bbl/day (2009 est.)
country comparison to the world: 44
[see also: Oil - consumption country ranks ]

Oil - exports:
1.542 million bbl/day (2007 est.)
country comparison to the world: 15
[see also: Oil - exports country ranks ]

Oil - imports:
575 bbl/day (2007 est.)
country comparison to the world: 195
[see also: Oil - imports country ranks ]

Oil - proved reserves:
47 billion bbl (1 January 2010 est.)
country comparison to the world: 9
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
15.9 billion cu m (2008 est.)
country comparison to the world: 33
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
5.5 billion cu m (2008 est.)
country comparison to the world: 57
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
10.4 billion cu m (2008 est.)
country comparison to the world: 20
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 163
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
1.539 trillion cu m (1 January 2010 est.)
country comparison to the world: 23
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$15.53 billion (2010 est.)
country comparison to the world: 20

$10.06 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$44.89 billion (2010 est.)
country comparison to the world: 58

$37.16 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
crude oil, refined petroleum products, natural gas, chemicals

Exports - partners:
Italy 37.65%, Germany 10.11%, France 8.44%, Spain 7.94%, Switzerland 5.93%, US 5.27% (2009)

Imports:
$24.47 billion (2010 est.)
country comparison to the world: 64

$22.01 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery, semi-finished goods, food, transport equipment, consumer products

Imports - partners:
Italy 18.9%, China 10.54%, Turkey 9.92%, Germany 9.78%, France 5.63%, Tunisia 5.25%, South Korea 4.02% (2009)

Reserves of foreign exchange and gold:
$107.3 billion (31 December 2010 est.)
country comparison to the world: 13

$104.2 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$6.378 billion (31 December 2010 est.)
country comparison to the world: 98

$5.891 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$18.64 billion (31 December 2010 est.)
country comparison to the world: 70

$15.56 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$15.32 billion (31 December 2010 est.)
country comparison to the world: 49

$13.92 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Libyan dinars (LYD) per US dollar - 1.2648 (2010), 1.2535 (2009), 1.2112 (2008), 1.2604 (2007), 1.3108 (2006)


NOTE: The information regarding Libya on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Libya Economy 2011 information contained here. All suggestions for corrections of any errors about Libya Economy 2011 should be addressed to the CIA.






This page was last modified 09-Feb-11
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