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Libya Economy 1996

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 GDP growth rates have slowed and 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. Windfall revenues from the hike in world oil prices in late 1990 improved the foreign payments position and resulted in a current account surplus through 1992. The nonoil manufacturing and construction sectors, which account for about 20% of GDP, have expanded from processing mostly agricultural products to include 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 which sustains imports of food, consumer goods, and equipment for the oil industry and ongoing development projects.

National product:

GDP - purchasing power parity - $32.9 billion (1994 est.)

National product real growth rate:

-0.9% (1994 est.)

National product per capita:

$6,510 (1994 est.)

Inflation rate (consumer prices):

25% (1993 est.)

Unemployment rate:

NA%

Budget:

revenues:

$8.1 billion

expenditures:

$9.8 billion, including capital expenditures of $3.1 billion (1989 est.)

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.)

Industrial production:

growth rate 10.5% (1990)

Electricity:

capacity:

4,600,000 kW

production:

16.1 billion kWh

consumption per capita:

3,078 kWh (1993)

Industries:

petroleum, food processing, textiles, handicrafts, cement

Agriculture:

5% of GDP; cash crops - wheat, barley, olives, dates, citrus fruits, peanuts; 75% of food is imported

Economic aid:

recipient:

Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $242 million

note:

no longer a recipient

Currency:

1 Libyan dinar (LD) = 1,000 dirhams

Exchange rates:

Libyan dinars (LD) per US$1 - 0.3555 (January 1995), 0.3596 (1994), 0.3250 (1993), 0.3013 (1992), 0.2684 (1991), 0.2699 (1990)

Fiscal year:

calendar year

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