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Libya Economy 2014
http://www.theodora.com/wfbcurrent/libya/libya_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 28, 2014

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 income. Substantial revenue 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 more attractive financial terms on contracts and increase security. Libya faces a long road ahead in liberalizing its primarily socialist economy, but the revolution 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 60% of GDP, expanded over the past five years and could become a larger share of GDP if Tripoli prioritizes capital spending on development projects once political and security uncertainty subside. Climatic conditions and poor soils severely limit agricultural output, and Libya imports about 80% of its food. Libya''s primary agricultural water source is the Great Manmade River Project.

GDP (purchasing power parity):
$76.52 billion (2012 est.)
country comparison to the world: 83

$37.42 billion (2011 est.)
$98.68 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$80.81 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
104.5% (2012 est.)
country comparison to the world: 1

-62.1% (2011 est.)
5% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$11,900 (2012 est.)
country comparison to the world: 105

$5,900 (2011 est.)
$15,500 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
44.4% of GDP (2012 est.)
country comparison to the world: 11

-3.5% of GDP (2011 est.)
38.1% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 42.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 14.2%
investment in fixed capital: 4.9%
investment in inventories: 0.4%
exports of goods and services: 60.5%
imports of goods and services: -22.9%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 1.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 43.6%
services: 54.8% (2012 est.)

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

Industries:
petroleum, petrochemicals, aluminum, iron and steel, food processing, textiles, handicrafts, cement

Industrial production growth rate:
117% (2012 est.)
country comparison to the world: 1
[see also: Industrial production growth rate country ranks ]

Labor force:
1.353 million (2012 est.)
country comparison to the world: 134
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 17%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 23%
services: 59% (2004 est.)

Unemployment rate:
30% (2004 est.)
country comparison to the world: 180
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
note: about one-third of Libyans live at or below the national poverty line
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $57.48 billion
[see also: Budget revenues country ranks ]
expenditures: $35.08 billion (2012 est.)

Taxes and other revenues:
71.1% of GDP (2012 est.)
country comparison to the world: 2
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
27.7% of GDP (2012 est.)
country comparison to the world: 2
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
4.1% of GDP (2012 est.)
country comparison to the world: 154

12% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
6.1% (2012 est.)
country comparison to the world: 165

15.9% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9.52% (31 December 2010 est.)
country comparison to the world: 106

3% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
6% (31 December 2012 est.)
country comparison to the world: 141

6% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$45.2 billion (31 December 2012 est.)
country comparison to the world: 48

$40.88 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$42.39 billion (31 December 2012 est.)
country comparison to the world: 71

$44.76 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$-47.25 billion (31 December 2012 est.)
country comparison to the world: 189

$-38.71 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$27.17 billion (2012 est.)
country comparison to the world: 17

$-2.799 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$52.02 billion (2012 est.)
country comparison to the world: 58

$12.99 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
crude oil, refined petroleum products, natural gas, chemicals

Exports - partners:
Italy 23.3%, Germany 12.4%, China 11.2%, France 9.7%, Spain 7.6%, UK 4.7%, US 4.5% (2012)

Imports:
$18.1 billion (2012 est.)
country comparison to the world: 79

$11.2 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery, semi-finished goods, food, transport equipment, consumer products

Imports - partners:
China 13%, Turkey 11.6%, Italy 8.2%, Egypt 7.7%, Tunisia 6.6%, South Korea 5.8%, Greece 5.4%, Germany 4.6% (2012)

Reserves of foreign exchange and gold:
$118.6 billion (31 December 2012 est.)
country comparison to the world: 22

$105 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$5.278 billion (31 December 2012 est.)
country comparison to the world: 119

$4.882 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$16.84 billion (31 December 2012 est.)
country comparison to the world: 77

$16.24 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$17.21 billion (31 December 2012 est.)
country comparison to the world: 48

$16.9 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Libyan dinars (LYD) per US dollar -

1.2617 (2012 est.)
1.2242 (2011 est.)
1.2668 (2010 est.)
1.2535 (2009)
1.2112 (2008)


NOTE: The information regarding Libya on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Libya Economy 2014 information contained here. All suggestions for corrections of any errors about Libya Economy 2014 should be addressed to the CIA.



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