| Economy | Libya |
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Economy - overview:
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The Libyan economy depends primarily upon revenue from hydrocarbons, which contribute about 95% of export earnings, 65% of GDP, and 80% of government revenue. Substantial revenue 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 flowed to the lower orders of society. Libya in the past five years made 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 sector. Libyan oil and gas licensing rounds drew high international interest, but new rounds are unlikely until Libya establishes a more permanent government. The National Oil Corporation (NOC) set a goal of nearly doubling oil production to 3 million bbl/day by 2012, but the goal is unlikely to be met by the target date. Libya faces a long road ahead in liberalizing its primarily socialist economy, but the revolution probably increases the opportunity for entrepreneurial activity and the evolution of a more market-based economy. The service and construction sectors, which account for roughly 20% of GDP, expanded over the past five years and could become a larger share of GDP after political volatility subsides. 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 will be needed in desalinization to meet growing water demands. |
GDP (purchasing power parity):
|
$NA (2011 est.)
$92.62 billion (2010 est.)
$88.94 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$0 (2011 est.)
$14,100 (2010 est.)
$13,800 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$NA (2011 est.) |
GDP - real growth rate:
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NA% (2011 est.)
4.2% (2010 est.)
-2.3% (2009 est.) |
GDP - composition by sector:
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agriculture: 3.6%
industry: 56.7%
services: 39.7% (2011 est.) |
Investment (gross fixed):
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15.6% of GDP (2011 est.) |
Population below poverty line:
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NA
note: About one-third of Libyans live at or below the national poverty line |
Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
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void |
Inflation rate (consumer prices):
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6.1% (2011 est.)
2.5% (2010 est.) |
Central bank discount rate:
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9.52% (31 December 2010 est.)
3% (31 December 2009 est.) |
Commercial bank prime lending rate:
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6% (31 December 2011 est.)
6% (31 December 2010 est.) |
Stock of money:
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$26.66 billion (31 December 2008)
$18.04 billion (31 December 2007) |
Stock of money - per capita:
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4,041 USD per capita |
Stock of quasi money:
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$4.264 billion (31 December 2008)
$3.192 billion (31 December 2007) |
Stock of quasi money - per capita:
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647 USD per capita |
Stock of domestic credit:
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$42.97 billion (31 December 2011 est.)
$45.6 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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6,513 USD per capita |
Stock of narrow money:
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$26.4 billion (31 December 2011 est.)
$31.95 billion (31 December 2010 est.) |
Stock of broad money:
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$29.63 billion (31 December 2011 est.)
$35.96 billion (31 December 2010 est.) |
Labor force:
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1.16 million (2011 est.) |
Labor force participation rate:
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17.58 % of population |
Labor force - by occupation:
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agriculture: 17%
industry: 23%
services: 59% (2004 est.) |
Unemployment rate:
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30% (2004 est.) |
Unemployment, youth ages 15-24:
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void |
Budget:
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revenues: $13.72 billion
expenditures: $32 billion (2011 est.) |
Budget revenues per capita:
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2,080 USD per capita |
Taxes and other revenues:
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NA% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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NA% of GDP (2011 est.) |
Public debt:
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4.7% of GDP (2011 est.)
3.5% of GDP (2010 est.) |
Industries:
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petroleum, petrochemicals, aluminum, iron and steel, food processing, textiles, handicrafts, cement |
Industrial production growth rate:
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2.7% (2010 est.) |
Electricity - production:
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26.95 billion kWh (2008 est.) |
Electricity - production per capita:
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4,085 kWh per capita |
Electricity - consumption:
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22.89 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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3,470 kWh per capita |
Electricity - exports:
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117 million kWh (2008 est.) |
Electricity - imports:
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48 million kWh (2008 est.) |
Oil - production:
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1.789 million bbl/day (2010 est.) |
Oil - production per capita:
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271,145 bbl/day per capita |
Oil - consumption:
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289,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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15.99 bbl/year per capita |
Oil - exports:
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1.58 million bbl/day (2010 est.) |
Oil - imports:
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575.3 bbl/day (2009 est.) |
Oil - proved reserves:
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46.42 billion bbl (1 January 2011 est.) |
Natural gas - production:
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15.9 billion cu m (2009 est.) |
Natural gas - production per capita:
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2,410 cu m per capita |
Natural gas - consumption:
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6.01 billion cu m (2009 est.) |
Natural gas - consumption - per capita:
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911 cu m per capita |
Natural gas - exports:
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9.89 billion cu m (2009 est.) |
Natural gas - imports:
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0 cu m (2011 est.) |
Natural gas - proved reserves:
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1.548 trillion cu m (1 January 2011 est.) |
Agriculture - products:
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wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans; cattle |
Current account balance:
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-$1.839 billion (2011 est.)
$11.57 billion (2010 est.) |
Current account balance - per capita:
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-278 USD per capita |
Exports:
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$12.93 billion (2011 est.)
$41.8 billion (2010 est.) |
Exports per capita:
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1,960 USD per capita |
Exports - commodities:
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crude oil, refined petroleum products, natural gas, chemicals |
Exports - partners:
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Italy 31.6%, France 13%, China 9.2%, Spain 9.1%, Germany 8.4%, US 4.5% (2010) |
Imports:
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$14.1 billion (2011 est.)
$24.73 billion (2010 est.) |
Imports per capita:
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2,138 USD per capita |
Imports - commodities:
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machinery, semi-finished goods, food, transport equipment, consumer products |
Imports - partners:
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Italy 16.3%, China 10.3%, Turkey 9.7%, France 6.8%, Germany 6.4%, South Korea 6.2%, Egypt 5.7%, Tunisia 4.8% (2010) |
Reserves of foreign exchange and gold:
|
$71.99 billion (31 December 2011 est.)
$99.84 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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10,911 USD per capita |
Debt - external:
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$5.285 billion (31 December 2011 est.)
$6.396 billion (31 December 2010 est.) |
Debt - external - per capita:
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802 USD per capita |
Stock of direct foreign investment - at home:
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$19.59 billion (31 December 2011 est.)
$19.39 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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2,970 USD per capita |
Stock of direct foreign investment - abroad:
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$15.46 billion (31 December 2011 est.)
$15.2 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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2,344 USD per capita |
Market value of publicly traded shares:
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$0 (2011) |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
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Libyan dinar (LYD) |
Exchange rates:
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Libyan dinars (LYD) per US dollar -
1.6 (2011 est.)
1.2668 (2010 est.)
1.2535 (2009)
1.2112 (2008)
1.2604 (2007) |
Fiscal year:
|
calendar year |
|
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