Libya

The Libyan economy depends primarily upon revenues from the oil sector, which contribute about 95% of export earnings, 25% of GDP, and 80% of government revenue. The weakness in world hydrocarbon prices in 2009 reduced Libyan government tax income and constrained economic growth. Substantial revenues from the energy sector coupled with a small population give Libya one of the highest per capita GDPs in Africa, but little of this income flows down to the lower orders of society. Libyan officials in the past five years have made progress on economic reforms 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 as 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 sector. Libyan oil and gas licensing rounds continue to draw high international interest; the National Oil Corporation (NOC) set a goal of nearly doubling oil production to 3 million bbl/day by 2012. In November 2009, the NOC announced that that target may slip to as late as 2017. Libya faces a long road ahead in liberalizing the socialist-oriented economy, but initial steps - including applying for WTO membership, reducing some subsidies, and announcing plans for privatization - are laying the groundwork for a transition to a more market-based economy. The non-oil manufacturing and construction sectors, which account for more than 20% of GDP, have expanded from processing mostly agricultural products to include the production of petrochemicals, iron, steel, and aluminum. Climatic conditions and poor soils severely limit agricultural output, and Libya imports about 75% of its food. Libya’s primary agricultural water source remains the Great Manmade River Project, but significant resources are being invested in desalinization research to meet growing water demands.

$89.03 billion (2010 est.)

$86.19 billion (2009 est.)

$86.77 billion (2008 est.)

$77.91 billion (2010 est.)

3.3% (2010 est.)

-0.7% (2009 est.)

2.7% (2008 est.)

$13,800 (2010 est.)

$13,600 (2009 est.)

$14,000 (2008 est.)

1.729 million (2010 est.)

30% (2004 est.)

NA

13.2% of GDP (2010 est.)

3.3% of GDP (2010 est.)

3.9% of GDP (2009 est.)

3% (2010 est.)

2.4% (2009 est.)

4% (31 December 2009)

5% (31 December 2008)

8.41% (31 December 2008)

6% (31 December 2007)

$29.85 billion (31 December 2010 est)

$29.82 billion (31 December 2009 est)

$35.98 billion (31 December 2010 est.)

$36.2 billion (31 December 2009 est.)

$55.03 billion (31 December 2010 est.)

$41.13 billion (31 December 2009 est.)

$NA

wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans; cattle

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

2.7% (2010 est.)

23.98 billion kWh (2007 est.)

22.17 billion kWh (2007 est.)

104 million kWh (2007 est.)

77 million kWh (2007 est.)

1.79 million bbl/day (2009 est.)

280,000 bbl/day (2009 est.)

1.542 million bbl/day (2007 est.)

575 bbl/day (2007 est.)

47 billion bbl (1 January 2010 est.)

15.9 billion cu m (2008 est.)

5.5 billion cu m (2008 est.)

10.4 billion cu m (2008 est.)

0 cu m (2008 est.)

1.539 trillion cu m (1 January 2010 est.)

$15.53 billion (2010 est.)

$10.06 billion (2009 est.)

$44.89 billion (2010 est.)

$37.16 billion (2009 est.)

crude oil, refined petroleum products, natural gas, chemicals

Italy 37.65%, Germany 10.11%, France 8.44%, Spain 7.94%, Switzerland 5.93%, US 5.27% (2009)

$24.47 billion (2010 est.)

$22.01 billion (2009 est.)

machinery, semi-finished goods, food, transport equipment, consumer products

Italy 18.9%, China 10.54%, Turkey 9.92%, Germany 9.78%, France 5.63%, Tunisia 5.25%, South Korea 4.02% (2009)

$107.3 billion (31 December 2010 est.)

$104.2 billion (31 December 2009 est.)

$6.378 billion (31 December 2010 est.)

$5.891 billion (31 December 2009 est.)

$18.64 billion (31 December 2010 est.)

$15.56 billion (31 December 2009 est.)

$15.32 billion (31 December 2010 est.)

$13.92 billion (31 December 2009 est.)

Libyan dinars (LYD) per US dollar - 1.2648 (2010), 1.2535 (2009), 1.2112 (2008), 1.2604 (2007), 1.3108 (2006)