Basic Country Facts

Economy Economic 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. In 1990 per capita GDP was the highest in Africa at $5,410, but subsequently GDP growth has slowed on average and has fluctuated sharply in response to changes in the world oil market. 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 have not yet had a major impact on the economy because Libya's oil revenues generate sufficient foreign exchange to sustain imports of food, consumer goods, and equipment for the oil industry and ongoing development projects. GDP: purchasing power parity - $32.9 billion (1994 est.) GDP real growth rate: -0.9% (1994 est.) GDP per capita: $6,510 (1994 est.) GDP composition by sector: agriculture: NA% industry: NA% services: NA% Inflation rate (consumer prices): 25% (1993 est.) Labor force: 1 million (includes about 280,000 resident foreigners) by occupation: industry 31%, services 27%, government 24%, agriculture 18% Unemployment rate: NA% Budget: revenues: $8.1 billion expenditures: $9.8 billion, including capital expenditures of $3.1 billion (1989 est.) Industries: petroleum, food processing, textiles, handicrafts, cement Industrial production growth rate: NA% Electricity: capacity: 4,600,000 kW production: 16.1 billion kWh consumption per capita: 3,078 kWh (1993) Agriculture: wheat, barley, olives, dates, citrus, vegetables, peanuts; meat, eggs Exports: $7.2 billion (f.o.b., 1994 est.) commodities: crude oil, refined petroleum products, natural gas partners: Italy, Germany, Spain, France, UK, Turkey, Greece, Egypt Imports: $6.9 billion (f.o.b., 1994 est.) commodities: machinery, transport equipment, food, manufactured goods partners: Italy, Germany, UK, France, Spain, Turkey, Tunisia, Eastern Europe External debt: $3.5 billion excluding military debt (1991 est.) Economic aid: $NA Currency: 1 Libyan dinar (LD) = 1,000 dirhams Exchange rates: Libyan dinars (LD) per US$1 - 0.3617 (January 1996), 0.3532 (1995), 0.3596 (1994), 0.3250 (1993), 0.3013 (1992), 0.2684 (1991) Fiscal year: calendar year