Economy - overview The socialist-oriented economy depends primarily upon revenues from the oil sector, which contributes practically all export earnings and about one-third of GDP. Per capita GDP is the highest in Africa at $6,700, but disproportionately little of national income flows down to the lower orders of society. GDP growth fluctuates sharply in response to changes in the world oil market; GDP has either contracted or grown very sluggishly since 1992. 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. Although agriculture accounts for only 5% of GDP, it employs 18% of the labor force. Climatic conditions and poor soils severely limit farm output, and Libya imports about 75% of its food requirements. The UN sanctions imposed in April 1992 do not have a major impact on the economy although they have increased transaction and transportation costs.

GDP purchasing power parity - $38 billion (1997 est.)

GDP - real growth rate 0.5% (1997 est.)

GDP - per capita purchasing power parity - $6,700 (1997 est.)

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

Inflation rate - consumer price index 30% (1997 est.)

Labor force
total: 1 million
by occupation: industry 31%, services 27%, government 24%, agriculture 18%
note: 3% of the population in the 15-64 age group is non-national (July 1998 est.)

Unemployment rate 25% (1997 est.)

Budget
revenues: $10.4 billion
expenditures: $10.3 billion, including capital expenditures of $2.5 billion (1995 est.)

Industries petroleum, food processing, textiles, handicrafts, cement

Industrial production growth rate NA%

Electricity - capacity 4.6 million kW (1995)

Electricity - production 17 billion kWh (1995)

Electricity - consumption per capita 3,239 kWh (1995)

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

Exports
total value: $9 billion (f.o.b., 1995)
commodities: crude oil, refined petroleum products, natural gas
partners: Italy, Germany, Spain, France, Turkey, Greece, Egypt

Imports
total value: $6.2 billion (f.o.b., 1995)
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 - 0.3902 (January 1998), 0.3891 (1997), 0.3651 (1996), 0.3532 (1995), 0.3596 (1994), 0.3250 (1993)

Fiscal year calendar year

NOTE: The information regarding Libya on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Libya Economy 1998 information contained here. All suggestions for corrections of any errors about Libya Economy 1998 should be addressed to the CIA.