Economy - overview:
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.)
note: data are in 2011 US dollars
[see also: GDP country ranks ]
GDP (official exchange rate):
$NA (2011 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
NA% (2011 est.)
[see also: GDP - real growth rate country ranks ]
GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Investment (gross fixed): Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Oil - production: Oil - consumption: Oil - exports: Oil - imports: Natural gas - production: Natural gas - consumption: Natural gas - exports: Natural gas - imports: Natural gas - proved reserves: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
NOTE: 1) The information regarding Libya on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Libya Economy 2012 information contained here. All suggestions for corrections of any errors about Libya Economy 2012 should be addressed to the CIA.
$0 (2011 est.)
country comparison to the world: 225
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 3.6%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 56.7%
[see also: GDP - composition by sector - industry country ranks ]
services: 39.7% (2011 est.)
[see also: GDP - composition by sector - services country ranks ]
1.16 million (2011 est.)
country comparison to the world: 139
[see also: Labor force country ranks ]
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 ]
30% (2004 est.)
country comparison to the world: 177
[see also: Unemployment rate country ranks ]
NA
note: About one-third of Libyans live at or below the national poverty line
[see also: Population below poverty line country ranks ]
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 ]
15.6% of GDP (2011 est.)
country comparison to the world: 165
[see also: Investment (gross fixed) country ranks ]
revenues: $13.72 billion
[see also: Budget revenues country ranks ]
expenditures: $32 billion (2011 est.)
[see also: Budget expenditures country ranks ]
NA% of GDP (2011 est.)
[see also: Taxes and other revenues country ranks ]
NA% of GDP (2011 est.)
[see also: Budget surplus (+) or deficit (-) country ranks ]
4.7% of GDP (2011 est.)
country comparison to the world: 133
[see also: Public debt country ranks ]
6.1% (2011 est.)
country comparison to the world: 139
[see also: Inflation rate (consumer prices) country ranks ]
9.52% (31 December 2010 est.)
country comparison to the world: 102
[see also: Central bank discount rate country ranks ]
6% (31 December 2011 est.)
country comparison to the world: 144
[see also: Commercial bank prime lending rate country ranks ]
$26.4 billion (31 December 2011 est.)
country comparison to the world: 60
[see also: Stock of narrow money country ranks ]
$29.63 billion (31 December 2011 est.)
country comparison to the world: 74
[see also: Stock of broad money country ranks ]
$42.97 billion (31 December 2011 est.)
country comparison to the world: 66
[see also: Stock of domestic credit country ranks ]
$0 (2011)
[see also: Market value of publicly traded shares country ranks ]
wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans; cattle
petroleum, petrochemicals, aluminum, iron and steel, food processing, textiles, handicrafts, cement
2.7% (2010 est.)
country comparison to the world: 114
[see also: Industrial production growth rate country ranks ]
26.95 billion kWh (2008 est.)
country comparison to the world: 64
[see also: Electricity - production country ranks ]
22.89 billion kWh (2008 est.)
country comparison to the world: 66
[see also: Electricity - consumption country ranks ]
117 million kWh (2008 est.)
[see also: Electricity - exports country ranks ]
48 million kWh (2008 est.)
[see also: Electricity - imports country ranks ]
1.789 million bbl/day (2010 est.)
country comparison to the world: 18
[see also: Oil - production country ranks ]
289,000 bbl/day (2010 est.)
country comparison to the world: 46
[see also: Oil - consumption country ranks ]
1.58 million bbl/day (2010 est.)
country comparison to the world: 16
[see also: Oil - exports country ranks ]
575.3 bbl/day (2009 est.)
country comparison to the world: 199
[see also: Oil - imports country ranks ]
15.9 billion cu m (2009 est.)
country comparison to the world: 33
[see also: Natural gas - production country ranks ]
6.01 billion cu m (2009 est.)
country comparison to the world: 56
[see also: Natural gas - consumption country ranks ]
9.89 billion cu m (2009 est.)
country comparison to the world: 22
[see also: Natural gas - exports country ranks ]
0 cu m (2011 est.)
country comparison to the world: 89
[see also: Natural gas - imports country ranks ]
1.548 trillion cu m (1 January 2011 est.)
country comparison to the world: 22
[see also: Natural gas - proved reserves country ranks ]
-$1.839 billion (2011 est.)
country comparison to the world: 152
[see also: Current account balance country ranks ]
$12.93 billion (2011 est.)
country comparison to the world: 85
[see also: Exports country ranks ]
crude oil, refined petroleum products, natural gas, chemicals
Italy 31.6%, France 13%, China 9.2%, Spain 9.1%, Germany 8.4%, US 4.5% (2010)
$14.1 billion (2011 est.)
country comparison to the world: 84
[see also: Imports country ranks ]
machinery, semi-finished goods, food, transport equipment, consumer products
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)
$71.99 billion (31 December 2011 est.)
country comparison to the world: 28
[see also: Reserves of foreign exchange and gold country ranks ]
$5.285 billion (31 December 2011 est.)
country comparison to the world: 112
[see also: Debt - external country ranks ]
$19.59 billion (31 December 2011 est.)
country comparison to the world: 70
[see also: Stock of direct foreign investment - at home country ranks ]
$15.46 billion (31 December 2011 est.)
country comparison to the world: 50
[see also: Stock of direct foreign investment - abroad country ranks ]
Libyan dinars (LYD) per US dollar -
2) The rank that you see is the CIA reported rank, which may habe the following issues:
a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order
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This page was last modified 07-Mar-12