Economy - overview The socialist-oriented economy depends primarily upon revenues from the oil sector, which contributes 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. Import restrictions and inefficient resource allocations have led to periodic shortages of basic goods and foodstuffs. The nonoil 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. Higher oil prices in 1999 and 2000 led to an increase in export revenues, which improved macroeconomic balances and helped to stimulate the economy. The suspension of UN sanctions in 1999 also boosted growth. Libya's January 2002 51% devaluation of the official exchange rate of the dinar is another fiscal plus, although it will also bring higher inflation.

GDP purchasing power parity - $40 billion (2001 est.)

GDP - real growth rate 3% (2001 est.)

GDP - per capita purchasing power parity - $7,600 (2001 est.)

GDP - composition by sector
agriculture: 7%
industry: 47%
services: 46% (1997 est.)

Population below poverty line NA%

Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices) 13.6% (2001 est.)

Labor force 1.5 million (2000 est.)

Labor force - by occupation services 54%, industry 29%, agriculture 17% (1997 est.)

Unemployment rate 30% (2000 est.)

Budget
revenues: $9.3 billion
expenditures: $9.2 billion, including capital expenditures of $NA (2001 est.)

Industries petroleum, food processing, textiles, handicrafts, cement

Industrial production growth rate NA%

Electricity - production 19.4 billion kWh (2000)

Electricity - production by source
fossil fuel: 100%
hydro: 0%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 18.042 billion kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

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

Exports $13.1 billion (f.o.b., 2001 est.)

Exports - commodities crude oil, refined petroleum products

Exports - partners Italy 42%, Germany 19%, Spain 13%, Turkey 6%, France 4%, Switzerland 3%, Tunisia 2% (2000)

Imports $8.7 billion (f.o.b., 2001 est.)

Imports - commodities machinery, transport equipment, food, manufactured goods

Imports - partners Italy 25%, Germany 10%, UK 8%, France 7%, Tunisia 7%, South Korea 4% (2000)

Debt - external $4.7 billion (2001 est.)

Economic aid - recipient $7 million (1999 est.)

Currency Libyan dinar (LYD)

Currency code LYD

Exchange rates Libyan dinars per US dollar - 0.6501 (December 2001), 0.6501 (2001), 0.5403 (2000), 0.5403 (1999), 0.3785 (1998), 0.3891 (1997); market rate for Libyan dinars per US dollar - 1.55 (January 2002)
note: Libya devalued its official rate for foreign trade on 1 January 2002 to 21.30 dinars per US dollar; the previous official rate was 0.63 dinar per US dollar (Dec 2001)

Fiscal year calendar year

NOTE: The information regarding Libya on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Libya Economy 2002 information contained here. All suggestions for corrections of any errors about Libya Economy 2002 should be addressed to the CIA.