GEOGRAPHICAL NAMES

Economy - overview:
Libya's economy is structured primarily around the nation's energy sector, which generates about 95% of export earnings, 80% of GDP, and 99% of government revenue. Substantial income from the energy sector coupled with a small population give Libya one of the highest per capita GDPs in Africa, but Tripoli largely has not used its significant financial resources to develop national infrastructure or the economy, leaving many citizens poor. In the final five years of Qadhafi's rule, Libya made some 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 and banking sectors. Libyan oil and gas licensing rounds drew high international interest, but new rounds are unlikely to be successful until Libya establishes a more permanent government and is able to offer increased security and more attractive financial terms on contracts. Libya's production of crude oil, at roughly 500,000 bbl/day, is far below the 2012 target of 3 million bbl/day set by the The National Oil Corporation (NOC). Libya faces a long road ahead in liberalizing its primarily socialist economy, but the revolution probably has unleashed previously restrained entrepreneurial activity and increased the potential for 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 expand further if Tripoli prioritizes capital spending on development projects once political uncertainty subsides. Climatic conditions and poor soils severely limit agricultural output, and Libya imports about 80% of its food. Libya's primary agricultural water source remains the Great Manmade River Project.

GDP (purchasing power parity):
$87.91 billion (2012 est.)
country comparison to the world: 78

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