Economy - overview The socialist-oriented economy depends primarily upon revenues fromthe oil sector, which contributes practically all export earnings and aboutone-third of GDP. In 1990 per capita GDP was the highest in Africa at $5,410,but subsequently GDP growth has slowed on average and has fluctuated sharplyin response to changes in the world oil market. Import restrictions and inefficientresource allocations have led to periodic shortages of basic goods and foodstuffs.The nonoil manufacturing and construction sectors, which account for about20% of GDP, have expanded from processing mostly agricultural products toinclude the production of petrochemicals, iron, steel, and aluminum. Althoughagriculture accounts for only 5% of GDP, it employs 18% of the labor force.Climatic conditions and poor soils severely limit farm output, and Libya importsabout 75% of its food requirements. The UN sanctions imposed in April 1992have not yet had a major impact on the economy because Libya's oil revenuesgenerate sufficient foreign exchange to sustain imports of food, consumergoods, and equipment for the oil industry and ongoing development projects.

GDP purchasing power parity - $34.5 billion (1995 est.)

GDP - real growth rate 2.2% (1995 est.)

GDP - per capita purchasing power parity - $6,570 (1995 est.)

GDP - composition by sector
agriculture: 5%
industry : 55%
services: 40% (1996 est.)

Inflation rate - consumer price index 25% (1995 est.)

Labor force
total: 1 million (includes about 280,000 resident foreigners)
by occupation: industry 31%, services 27%, government 24%, agriculture 18%
note : 7.1% of the population in the 15-64 age group is non-national (July1997 est.)

Unemployment rate NA%

Budget
revenues: $13 billion
expenditures: $14.9 billion, including capital expenditures of $NA (1995 est.)

Industries petroleum, food processing, textiles, handicrafts, cement

Industrial production growth rate NA%

Electricity - capacity 4.6 million kW (1994)

Electricity - production 16.73 billion kWh (1994)

Electricity - consumption per capita 3,012 kWh (1995 est.)

Agriculture - products wheat, barley, olives, dates, citrus, vegetables, peanuts; meat, eggs

Exports
total value: $8.4 billion (f.o.b., 1995 est.)
commodities: crude oil, refined petroleum products, natural gas
partners: Italy, Germany, Spain, France, UK, Turkey, Greece, Egypt

Imports
total value : $7.3 billion (f.o.b., 1995 est.)
commodities: machinery, transport equipment, food, manufactured goods
partners: Italy, Germany, UK, France, Spain, Turkey, Tunisia, Eastern Europe

Debt - external $2.6 billion excluding military debt (1995 est.)

Economic aid $NA

Currency 1 Libyan dinar (LD) = 1,000 dirhams

Exchange rates Libyan dinars (LD) per US$1 - 0.3764 (January 1997), 0.3651 (1996),0.3532 (1995), 0.3596 (1994), 0.3250 (1993), 0.3013 (1992)

Fiscal year calendar year

NOTE: The information regarding Libya on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Libya Economy 1997 information contained here. All suggestions for corrections of any errors about Libya Economy 1997 should be addressed to the CIA.