Economy Libya
Economy - overview:
The Libyan economy depends primarily upon revenues from the oil
sector, which contribute practically all export earnings and about
one-quarter of GDP. These oil revenues and 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 four 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. 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 about 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.
GDP (purchasing power parity):
$37.48 billion (2004 est.)
GDP - real growth rate:
4.9% (2004 est.)
GDP - per capita:
purchasing power parity - $6,700 (2004 est.)
GDP - composition by sector: agriculture: 8.7% industry: 45.7% services: 45.6% (2004 est.)
Labor force:
1.59 million (2004 est.)
Labor force - by occupation:
agriculture 17%, industry 29%, services 54% (1997 est.)
Unemployment rate:
30% (2004)
Population below poverty line:
NA