The CIA World Factbook Every edition, 1990 to 2025 Africa
Economic overview Libya, in 36 editions.
The entry for Libya published Economic overview in 36 editions of 36, from 1990 to 2025. The text changed in 29 editions. Each is shown as published. Economic overview in every entry.
- editions changed the text
- 29
- the first edition with it
- 1990
- the latest edition with it
- 2025
Published as “Overview” (1990 to 1995), “Economic overview” (1996 to 2025), “Economy - overview” (1997 to 2019), “Economy-overview” (1998) and “Economy--overview” (1999).
field in that editiontext changed from the edition beforenot in that editionthe edition shownChoose an edition on the strip beside the text, or step through them with the arrows. Mark changes compares it with the edition before: the marks are ours, words added and words removed.
2025 edition
Same as 2024Published as “Overview”
The socialist-oriented economy depends primarily upon revenues from the oil sector, which contributes virtually all export earnings and over 50% to GNP. Since 1980, however, the sharp drop in oil prices and resulting decline in export revenues has adversely affected economic development. In 1986 per capita GNP was the highest in Africa at $5,410, but it had been $2,000 higher in 1982. Severe cutbacks in imports over the past five years have led to shortages of basic goods and foodstuffs, although the reopening of the Libyan-Tunisian border in April 1988 and the Libyan-Egyptian border in December 1989 have somewhat eased shortages.
Austerity budgets and a lack of trained technicians have undermined the government's ability to implement a number of planned infrastructure development projects. The nonoil industrial and construction sectors, which account for about 15% of GNP, have expanded from processing mostly agricultural products to include petrochemicals, iron, steel, and aluminum. Although agriculture accounts for less than 5% of GNP, it employs 20% of the labor force. Climatic conditions and poor soils severely limit farm output, requiring Libya to import about 75% of its food requirements.
The socialist-oriented economy depends primarily upon revenues from the oil sector, which contributes virtually all export earnings and over 50% to GNP. Since 1980, however, the sharp drop in oil prices and resulting decline in export revenues has adversely affected economic development. In 1986 per capita GNP was the highest in Africa at $5,410, but it had been $2,000 higher in 1982. Severe cutbacks in imports over the past five years have led to shortages of basic goods and foodstuffs, although the reopening of the Libyan-Tunisian border in April 1988 and the Libyan-Egyptian border in December 1989 have somewhat eased shortages. Austerity budgets and a lack of trained technicians have undermined the government's ability to implement a number of planned infrastructure development projects. The nonoil industrial and construction sectors, which account for about 15% of GNP, have expanded from processing mostly agricultural products to include petrochemicals, iron, steel, and aluminum. Although agriculture accounts for less than 5% of GNP, it employs 20% of the labor force. Climatic conditions and poor soils severely limit farm output, requiring Libya to import about 75% of its food requirements.
Published as “Overview”
The socialist-oriented economy depends primarily upon revenues from the oil sector, which contributes practically all export earnings and about one-third of GNP. Since 1980, however, the sharp drop in oil prices and the resulting decline in export revenues have adversely affected economic development. In 1988 per capita GNP was the highest in Africa at $5,410, but it had been $2,000 higher in 1982. Severe cutbacks in imports over the past five years have led to shortages of basic goods and foodstuffs, although the reopening of the Libyan-Tunisian border in April 1988 and the Libyan-Egyptian border in December 1989 have somewhat eased shortages.
Austerity budgets and a lack of trained technicians have undermined the government's ability to implement a number of planned infrastructure development projects. Windfall profits from the hike in world oil prices in late 1990 improved the foreign payments position and may permit Tripoli to ease austerity measures. The nonoil industrial and construction sectors, which account for about 22% of GDP, have expanded from processing mostly agricultural products to include petrochemicals, iron, steel, and aluminum.
Although agriculture accounts for less than 5% of GNP, it employs 18% of the labor force. Climatic conditions and poor soils severely limit farm output, requiring Libya to import about 75% of its food requirements.
The socialist-oriented economy depends primarily upon revenues from the oil sector, which contributes virtually practically all export earnings and over 50% to about one-third of GNP. Since 1980, however, the sharp drop in oil prices and the resulting decline in export revenues has have adversely affected economic development. In 1986 1988 per capita GNP was the highest in Africa at $5,410, but it had been $2,000 higher in 1982. Severe cutbacks in imports over the past five years have led to shortages of basic goods and foodstuffs, although the reopening of the Libyan-Tunisian border in April 1988 and the Libyan-Egyptian border in December 1989 have somewhat eased shortages. Austerity budgets and a lack of trained technicians have undermined the government's ability to implement a number of planned infrastructure development projects. Windfall profits from the hike in world oil prices in late 1990 improved the foreign payments position and may permit Tripoli to ease austerity measures. The nonoil industrial and construction sectors, which account for about 15% 22% of GNP, GDP, have expanded from processing mostly agricultural products to include petrochemicals, iron, steel, and aluminum. Although agriculture accounts for less than 5% of GNP, it employs 20% 18% of the labor force. Climatic conditions and poor soils severely limit farm output, requiring Libya to import about 75% of its food requirements.
Published as “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. Since 1980, however, the sharp drop in oil prices and the resulting decline in export revenues have adversely affected economic development. In 1988 per capita GDP was the highest in Africa at $5,410, but GDP growth rates have slowed and fluctuate sharply in response to changes in the world oil market.
Import restrictions and inefficient resource allocations have led to shortages of basic goods and foodstuffs, although the reopening of the Libyan-Tunisian border in April 1988 and the Libyan-Egyptian border in December 1989 have somewhat eased shortages. Austerity budgets and a lack of trained technicians have undermined the government's ability to implement a number of planned infrastructure development projects. Windfall revenues from the hike in world oil prices in late 1990 improved the foreign payments position and resulted in a current account surplus for the first time in five years.
The nonoil manufacturing and construction sectors, which account for about 22% of GDP, have expanded from processing mostly agricultural products to include petrochemicals, iron, steel, and aluminum. Although agriculture accounts for about 5% of GDP, it employs about 20% of the labor force. Climatic conditions and poor soils severely limit farm output, and Libya imports about 75% of its food requirements.
The socialist-oriented economy depends primarily upon revenues from the oil
sector, which contributes practically all export earnings and about
one-third of GNP. GDP. Since 1980, however, the sharp drop in oil prices and the
resulting decline in export revenues have adversely affected economic
development. In 1988 per capita GNP GDP was the highest in Africa at $5,410, but it had been $2,000 higher
GDP growth rates have slowed and fluctuate sharply in 1982. Severe cutbacks response to changes in imports over
the past five years world oil market. Import restrictions and inefficient resource
allocations have led to shortages of basic goods and foodstuffs, although
the reopening of the Libyan-Tunisian border in April 1988 and the
Libyan-Egyptian border in December 1989 have somewhat eased shortages.
Austerity budgets and a lack of trained technicians have undermined the
government's ability to implement a number of planned infrastructure
development projects. Windfall profits revenues from the hike in world oil prices in
late 1990 improved the foreign payments position and may permit Tripoli to ease austerity measures. resulted in a current
account surplus for the first time in five years. The nonoil industrial manufacturing
and construction sectors, which account for about 22% of GDP, have expanded
from processing mostly agricultural products to include petrochemicals,
iron, steel, and aluminum. Although agriculture accounts for less than about 5% of GNP,
GDP, it employs 18% about 20% of the labor force. Climatic conditions and poor
soils severely limit farm output, requiring and Libya to import imports about 75% of its food
requirements.
Published as “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 fluctuate sharply in response to changes in the world oil market. Import restrictions and inefficient resource allocations have led to shortages of basic goods and foodstuffs, although the reopening of the Libyan-Tunisian border in April 1988 and the Libyan-Egyptian border in December 1989 have eased shortages.
Austerity budgets and a lack of trained technicians have undermined the government's ability to implement a number of planned infrastructure development projects. Windfall revenues from the hike in world oil prices in late 1990 improved the foreign payments position and resulted in a current account surplus for the first time in five years. 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 about 20% of the labor force. Climatic conditions and poor soils severely limit farm output, and Libya imports about 75% of its food requirements.
The socialist-oriented economy depends primarily upon revenues from the oil
sector, which contributes practically all export earnings and about
one-third of GDP. Since 1980, however, the sharp drop in oil prices and the In
resulting decline in export revenues have adversely affected economic
development.1988 1990 per capita GDP was the highest in Africa at
$5,410, but
to changes inresource
resource allocations have led to shortages of basic goods and foodstuffs, although
although the reopening of the Libyan-Tunisian border in April 1988 and the
Libyan-Egyptian border in December 1989 have somewhat eased shortages.
budgets and a lack of trained technicians have undermined the
ability to implement a number of planned infrastructure
projects. Windfall revenues from the hike in world oil prices in
improved the foreign payments position and resulted in a current
surplus for the first time in five years. The nonoil manufacturing
construction sectors, which account for about 22% 20% of GDP, have expanded
processing mostly agricultural products to include petrochemicals,
steel, and aluminum. Although agriculture accounts for about only 5% of
employs about 20% of the labor force. Climatic conditions and poor
severely limit farm output, and Libya imports about 75% of its food
requirements.
Published as “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 fluctuate sharply in response to changes in the world oil market. Import restrictions and inefficient resource allocations have led to 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 about 20% 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 that, along with Libya's large currency reserves, sustain food and consumer goods imports as well as equipment for the oil industry and ongoing development projects.
The socialist-oriented economy depends primarily upon revenues from
the oilabout
about one-third of GDP. In 1990 per capita GDP was the highest in
Africa at
sharply in response
restrictions and inefficient
shortages of basic goods and foodstuffs, foodstuffs. Windfall revenues from the
although the reopening of the Libyan-Tunisian border in April 1988 and the
Libyan-Egyptian border in December 1989 have eased shortages. Austerity
budgets and a lack of trained technicians have undermined the government's
ability to implement a number of planned infrastructure development
projects.
hike in world oil prices in late 1990
position and resulted in a current accountfor the first time in five years. through 1992. The
nonoil manufacturing and
20% of GDP, have expanded from
to include petrochemicals, iron,
agriculture accounts for only 5% of GDP, it
labor force. Climatic conditions and poor soils
output, and Libya imports about 75% of its food
sanctions imposed in April 1992 have not yet had a major impact on the
economy because Libya's oil revenues generate sufficient foreign
exchange that, along with Libya's large currency reserves, sustain
food and consumer goods imports as well as equipment for the oil
industry and ongoing development projects.
Published as “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.
The socialist-oriented economy depends primarily upon
revenues from
earnings and
highest influctuate
fluctuated sharply in response to changes in the world oil market. Import
Import restrictions and inefficient resource allocations have led to
periodic shortages of basic goods and foodstuffs. Windfall revenues
from thepayments
payments position and resulted in a current account surplus through
1992. The
for about
agricultural products
aluminum. Althoughabout 20%
18% of the
limit farm
requirements. The UN
a major impact on the
sufficient foreignthat, along with Libya's large currency reserves, sustain which sustains imports of food, consumerfood goods, and consumer goods imports as well as equipment for the oil
projects.
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.
The socialist-oriented economy depends
primarily upon
practically all export
per capita GDP was the
GDP growth rates have has slowed on average and
response to changes in the world oil market.
inefficient resource allocations have led to
basic goods and foodstuffs. Windfall revenues The nonoil manufacturing and
from the hike in world oil prices in late 1990 improved the foreign
payments position and resulted in a current account surplus through
1992.
construction sectors, which account
expanded from processing mostly
production of petrochemicals, iron, steel, and
agriculture accounts for only 5% of GDP, it employs
force. Climatic conditions and poor soils severely
output, and Libya imports about 75% of its food
sanctions imposed in April 1992 have not yet had
the economy because Libya's oil revenues generate
exchange which sustains to sustain imports of food, consumer
for the oil industry and ongoing development
Published as “Economy - 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.
The socialist-oriented economy depends
upon revenues from the oil sector, which contributes
export earnings and about one-third of GDP. In 1990
the highest in Africa at $5,410, but subsequently
slowed on average and has fluctuated sharply in
the world oil market. Import restrictions and
allocations have led to periodic shortages of
foodstuffs. The nonoil manufacturing and
account for about 20% of GDP, have
agricultural products to include the
iron, steel, and aluminum. Although
of GDP, it employs 18% of the labor
poor soils severely limit farm
its food requirements. The UN
yet had a major impact on
generate sufficient foreign
consumer goods, and equipment
development projects.
Published as “Economy-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. Per capita GDP is the highest in Africa at $6,700, but disproportionately little of national income flows down to the lower orders of society. GDP growth fluctuates sharply in response to changes in the world oil market; GDP has either contracted or grown very sluggishly since 1992.
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 do not have a major impact on the economy although they have increased transaction and transportation costs.
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 Per capita GDP wasis the
highest in Africa at $5,410, $6,700, but subsequently disproportionately little of national
income flows down to the lower orders of society. GDP growth hasslowed on average and has fluctuated fluctuates sharply in response to changes inmarket. market; GDP
has either contracted or grown very sluggishly since 1992. Import
restrictions and inefficient resource
shortages of basic goods and
construction sectors, which
expanded from processing mostly
production of petrochemicals,
agriculture accounts for only 5%
force. Climatic conditions and
and Libya imports about 75% of
imposed in April 1992 have do not
yet hadbecause Libya's oil revenuesgenerate sufficient foreign exchange to sustain imports of food, although they have increased transaction and
consumer goods, and equipment for the oil industryongoing transportation costs.
development projects.
Published as “Economy--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. These oil revenues and 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. Low oil prices in 1998 cut back revenue sharply, and GDP growth fell by 1%. In this statist society, 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. 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 do not have a major impact on the economy although they have increased transaction and transportation costs.
The socialist-oriented economy depends primarily
primarily upon revenues from the oil sector, which contributes
practically allPer capita GDP is the These
oil revenues and a small population give Libya one of the highest
per capita GDPs in Africa at $6,700, Africa, but disproportionately little of nationalthis income flows down to
the lower orders of society. GDP growth Low oil
fluctuates sharply in response to changes in the worldmarket; GDP prices in 1998 cut back revenuehas either contracted or grown very sluggishly since 1992. Import sharply, and GDP growth fell by 1%. In this statist society, import
restrictions and inefficient resource allocations have led to periodic
periodic shortages of basic goods and foodstuffs. The nonoil
manufacturing and
of GDP, have
to include thealuminum. Althoughagriculture aluminum. Agriculture accounts for only 5% of GDP, GDP; it employs 18% of
the labor
farm output,
The UN sanctions
the economy
transportation costs.
Published as “Economy - overview”
The socialist-oriented economy depends primarily upon revenues from the oil sector, which contributes practically all export earnings and about one-quarter of GDP. These oil revenues and 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. In this statist society, 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. Climatic conditions and poor soils severely limit farm output, and Libya imports about 75% of its food requirements. Higher oil prices in 1999 led to an increase in export revenues and helped to stimulate the economy. Following the suspension of UN sanctions in 1999, Libya has been trying to increase its attractiveness to foreign investors, and several foreign companies have visited in search of contracts.
The socialist-oriented economy dependsone-third one-quarter of GDP. TheseLow oil prices in 1998 cut back revenue In this statist society, import
sharply, and GDP growth fell by 1%.Agriculture accounts for only 5% of GDP; it employs 18% of Climatic conditions and poor soils severely limit
the labor force.
Theimposed in April 1992 do not have a major impact on 1999, Libya has been trying to increase its attractiveness to foreign investors, and
the economy although they have increased transaction
transportation costs.
Published as “Economy - overview”
The socialist-oriented economy depends primarily upon revenues from the oil sector, which contributes practically all export earnings and about one-quarter of GDP. These oil revenues and 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. In this statist society, 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. Climatic conditions and poor soils severely limit agricultural output, and Libya imports about 75% of its food requirements. Higher oil prices in 1999 and 2000 led to an increase in export revenues, which improved macroeconomic balances and helped to stimulate the economy. Following the suspension of UN sanctions in 1999, Libya has been trying to increase its attractiveness to foreign investors, and several foreign companies have visited in search of contracts.
The socialist-oriented economy depends primarily upon revenues from the oil sector, which contributes practically all export earnings and about one-quarter of GDP. These oil revenues and 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. In this statist society, 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. Climatic conditions and poor soils severely limit farm agricultural output, and Libya imports about 75% of its food requirements. Higher oil prices in 1999 and 2000 led to an increase in export revenues revenues, which improved macroeconomic balances and helped to stimulate the economy. Following the suspension of UN sanctions in 1999, Libya has been trying to increase its attractiveness to foreign investors, and several foreign companies have visited in search of contracts.
Published as “Economy - overview”
The socialist-oriented economy depends primarily upon revenues from the oil sector, which contributes practically all export earnings and about one-quarter of GDP. These oil revenues and 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. 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. Climatic conditions and poor soils severely limit agricultural output, and Libya imports about 75% of its food. Higher oil prices in 1999 and 2000 led to an increase in export revenues, which improved macroeconomic balances and helped to stimulate the economy.
The suspension of UN sanctions in 1999 also boosted growth. Libya's January 2002 51% devaluation of the official exchange rate of the dinar is another fiscal plus, although it will also bring higher inflation.
The socialist-oriented economy depends primarily upon revenues from the oil sector, which contributes practically all export earnings and about one-quarter of GDP. These oil revenues and 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. In this statist society, import 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. Climatic conditions and poor soils severely limit agricultural output, and Libya imports about 75% of its food requirements. food. Higher oil prices in 1999 and 2000 led to an increase in export revenues, which improved macroeconomic balances and helped to stimulate the economy. Following the The suspension of UN sanctions in 1999, Libya has been trying to increase its attractiveness to foreign investors, and several foreign companies have visited in search 1999 also boosted growth. Libya's January 2002 51% devaluation of contracts. the official exchange rate of the dinar is another fiscal plus, although it will also bring higher inflation.
Published as “Economy - overview”
The socialist-oriented economy depends primarily upon revenues from the oil sector, which contribute practically all export earnings and about one-quarter of GDP. These oil revenues and 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. 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. Climatic conditions and poor soils severely limit agricultural output, and Libya imports about 75% of its food. Higher oil prices in the last three years led to an increase in export revenues, which has improved macroeconomic balances but has done little to stimulate broad-based economic growth. Libya is making slow progress toward economic liberalization and the upgrading of economic infrastructure, but truly market-based reforms will be slow in coming.
The socialist-oriented economy depends primarily upon revenues from the oil sector, which contributes contribute practically all export earnings and about one-quarter of GDP. These oil revenues and 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. 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. Climatic conditions and poor soils severely limit agricultural output, and Libya imports about 75% of its food. Higher oil prices in 1999 and 2000 the last three years led to an increase in export revenues, which has improved macroeconomic balances and helped but has done little to stimulate the economy. The suspension of UN sanctions in 1999 also boosted broad-based economic growth. Libya's January 2002 51% devaluation of Libya is making slow progress toward economic liberalization and the official exchange rate upgrading of the dinar is another fiscal plus, although it economic infrastructure, but truly market-based reforms will also bring higher inflation. be slow in coming.
Published as “Economy - overview”
The Libyan economy depends primarily upon revenues from the oil sector, which contribute practically all export earnings and about one-quarter of GDP. These oil revenues and 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 three 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. 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 about 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.
The socialist-oriented Libyan economy depends primarily upon revenues from the oil sector, which contribute practically all export earnings and about one-quarter of GDP. These oil revenues and 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. Import restrictions and inefficient resource allocations Libyan officials in the past three years have led made progress on economic reforms as part of a broader campaign to periodic shortages 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 basic goods mass destruction. Libya faces a long road ahead in liberalizing the socialist-oriented economy, but initial steps - including applying for WTO membership, reducing some subsidies, and foodstuffs. announcing plans for privatization - are laying the groundwork for a transition to a more market-based economy. The nonoil non-oil 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. Climatic conditions and poor soils severely limit agricultural output, and Libya imports about 75% of its food. Higher oil prices in the last three years led to an increase in export revenues, which has improved macroeconomic balances but has done little to stimulate broad-based economic growth. Libya is making slow progress toward economic liberalization and the upgrading of economic infrastructure, but truly market-based reforms will be slow in coming.
Published as “Economy - overview”
The Libyan economy depends primarily upon revenues from the oil sector, which contribute practically all export earnings and about one-quarter of GDP. These oil revenues and 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 four 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. Almost all US unilateral sanctions against Libya were removed in April 2004. 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 about 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.
The Libyan economy depends primarily upon revenues from the oil sector, which contribute practically all export earnings and about one-quarter of GDP. These oil revenues and 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 three four 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. Almost all US unilateral sanctions against Libya were removed in April 2004. 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 about 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.
Published as “Economy - overview”
The Libyan economy depends primarily upon revenues from the oil sector, which contribute about 95% of export earnings, about one-quarter of GDP, and 60% of public sector wages. 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 four 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 that it would abandon programs to build weapons of mass destruction in December 2003. Almost all US unilateral sanctions against Libya were removed in April 2004, helping Libya attract more foreign direct investment, mostly in the energy sector. 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 about 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.
The Libyan economy depends primarily upon revenues from the oil sector, which contribute practically all about 95% of export earnings and earnings, about one-quarter of GDP. These oil revenues GDP, and 60% of public sector wages. 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 four 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. destruction in December 2003. Almost all US unilateral sanctions against Libya were removed in April 2004. 2004, helping Libya attract more foreign direct investment, mostly in the energy sector. 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 about 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.
Published as “Economy - overview”
The Libyan economy depends primarily upon revenues from the oil sector, which contribute about 95% of export earnings, about one-quarter of GDP, and 60% of public sector wages. 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 four 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. Almost all US unilateral sanctions against Libya were removed in April 2004, helping Libya attract more foreign direct investment, mostly in the energy sector. Libyan oil and gas licensing rounds continue to draw high international interest; the National Oil Company set a goal of nearly doubling oil production to 3 billion bbl/day by 2010.
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.
The Libyan economy depends primarily upon revenues from the oil sector, which contribute about 95% of export earnings, about one-quarter of GDP, and 60% of public sector wages. 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 four 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 in December 2003. destruction. Almost all US unilateral sanctions against Libya were removed in April 2004, helping Libya attract more foreign direct investment, mostly in the energy sector. Libyan oil and gas licensing rounds continue to draw high international interest; the National Oil Company set a goal of nearly doubling oil production to 3 billion bbl/day by 2010. 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 about 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.
Published as “Economy - overview”
The Libyan economy depends primarily upon revenues from the oil sector, which contribute about 95% of export earnings, about one-quarter of GDP, and 60% of public sector wages. 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. Almost all US unilateral sanctions against Libya were removed in April 2004, helping Libya attract more foreign direct investment, mostly in the energy sector. Libyan oil and gas licensing rounds continue to draw high international interest; the National Oil Company set a goal of nearly doubling oil production to 3 million bbl/day by 2015.
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.
The Libyan economy depends primarily upon revenues from the oil sector, which contribute about 95% of export earnings, about one-quarter of GDP, and 60% of public sector wages. 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 four 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. Almost all US unilateral sanctions against Libya were removed in April 2004, helping Libya attract more foreign direct investment, mostly in the energy sector. Libyan oil and gas licensing rounds continue to draw high international interest; the National Oil Company set a goal of nearly doubling oil production to 3 billion million bbl/day by 2010. 2015. 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.
Published as “Economy - overview”
The Libyan economy depends primarily upon revenues from the oil sector, which contribute about 95% of export earnings, about one-quarter of GDP, and 60% of public sector wages. The expected weakness in world hydrocarbon prices throughout 2009 will reduce Libyan government tax income and constrain Libyan economic growth in 2009. 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. UN Sanctions against Libya were lifted in September 2003. 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 Company set a goal of nearly doubling oil production to 3 million bbl/day by 2012. 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.
The Libyan economy depends primarily upon revenues from the oil sector, which contribute about 95% of export earnings, about one-quarter of GDP, and 60% of public sector wages. The expected weakness in world hydrocarbon prices throughout 2009 will reduce Libyan government tax income and constrain Libyan economic growth in 2009. 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. Almost all UN Sanctions against Libya were lifted in September 2003. The process of lifting US unilateral sanctions against Libya began in the spring of 2004; all sanctions were removed in April 2004, by June 2006, helping Libya attract more greater foreign direct investment, mostly especially in the energy sector. Libyan oil and gas licensing rounds continue to draw high international interest; the National Oil Company set a goal of nearly doubling oil production to 3 million bbl/day by 2015. 2012. 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.
The same text in 2010 and 2011.
Published as “Economy - overview”
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.
The Libyan economy depends primarily upon revenues from the oil sector, which contribute about 95% of export earnings, about one-quarter 25% of GDP, and 60% 80% of public sector wages. government revenue. The expected weakness in world hydrocarbon prices throughout in 2009 will reduce reduced Libyan government tax income and constrain Libyan constrained economic growth in 2009. 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. UN Sanctions against Libya were lifted in September 2003. 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 Company 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.
Published as “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.
The Libyan Libya's economy depends is structured primarily upon revenues from around the oil nation's energy sector, which contribute generates about 95% of export earnings, 25% 80% of GDP, and 80% 99% of government revenue. The weakness in world hydrocarbon prices in 2009 reduced Libyan government tax income and constrained economic growth. Substantial revenues income 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 Tripoli largely has not used its significant financial resources to develop national infrastructure or the lower orders of society. Libyan officials in economy, leaving many citizens poor. In the past final five years have of Qadhafi's rule, Libya made some progress on economic reforms 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 as 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 sector. and banking sectors. Libyan oil and gas licensing rounds continue to draw drew high international interest; the National Oil Corporation (NOC) set interest, but new rounds are unlikely to be successful until Libya establishes a goal of nearly doubling oil production 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 2012. In November 2009, the NOC announced that that target may slip to as late as 2017. The National Oil Corporation (NOC). Libya faces a long road ahead in liberalizing the socialist-oriented its primarily socialist economy, but initial steps - including applying for WTO membership, reducing some subsidies, the revolution probably has unleashed previously restrained entrepreneurial activity and announcing plans for privatization - are laying increased the groundwork potential for a transition to the evolution of a more market-based economy. The non-oil manufacturing service and construction sectors, which account for more than roughly 20% of GDP, have expanded from processing mostly agricultural products to include over the production of petrochemicals, iron, steel, past five years and aluminum. 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 75% 80% 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. Project.
Published as “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.
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. income. Substantial income 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 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). contracts and increase security. 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% 60% of GDP, expanded over the past five years and could expand further become a larger share of GDP if Tripoli prioritizes capital spending on development projects once political and security uncertainty subsides. subside. Climatic conditions and poor soils severely limit agricultural output, and Libya imports about 80% of its food. Libya's Libya''s primary agricultural water source remains is the Great Manmade River Project.
Published as “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 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.
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 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, sectors 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 Libya's primary agricultural water source is the Great Manmade River Project.
Published as “Economy - overview”
Libya's economy is almost entirely dependent on the nation's energy sector, which generates about 65% of GDP and 96% of government revenue. Income from the sale of crude oil and natural gas, coupled with a small population, give Libya one of the highest nominal per capita GDPs in Africa, but Libya’s leaders have hindered economic development by, for the most part, failing to use these financial resources to invest in national infrastructure.
Libyan sales of oil and natural gas collapsed during the Revolution of 2011, rebounded in 2012 and 2013, but then fell sharply in late 2013 and throughout 2014 due to major protest disruptions at Libyan oil ports and around the country. The state sector is large and growing, with the majority of the Libyan workforce receiving a government salary in 2014. Sharply decreased revenues and increased payments for state salaries and for subsidies on fuel and food resulted in an estimated budget deficit about 50% of GDP in 2014, up from about 4% in 2013.
Libya’s economic transition away from Qadhafi’s notionally socialist model toward a market-based economy stalled as revenues shrank, political uncertainty grew, and security deteriorated. Rival political factions in late 2014 were competing for control of the central bank and the national oil company, while funding for economic reform and infrastructure projects has stopped.
Rewritten: too little of the 2014 text remains to mark the changes.
Libya's economy is almost entirely dependent on the nation's energy sector, which generates about 65% of GDP and 96% of government revenue. Income from the sale of crude oil and natural gas, coupled with a small population, give Libya one of the highest nominal per capita GDPs in Africa, but Libya’s leaders have hindered economic development by, for the most part, failing to use these financial resources to invest in national infrastructure. Libyan sales of oil and natural gas collapsed during the Revolution of 2011, rebounded in 2012 and 2013, but then fell sharply in late 2013 and throughout 2014 due to major protest disruptions at Libyan oil ports and around the country. The state sector is large and growing, with the majority of the Libyan workforce receiving a government salary in 2014. Sharply decreased revenues and increased payments for state salaries and for subsidies on fuel and food resulted in an estimated budget deficit about 50% of GDP in 2014, up from about 4% in 2013. Libya’s economic transition away from Qadhafi’s notionally socialist model toward a market-based economy stalled as revenues shrank, political uncertainty grew, and security deteriorated. Rival political factions in late 2014 were competing for control of the central bank and the national oil company, while funding for economic reform and infrastructure projects has stopped.
Published as “Economy - overview”
Libya's economy, almost entirely dependent on oil and gas exports, struggled during 2015 as the country plunged into civil war and world oil prices dropped to seven-year lows. In early 2015, armed conflict between rival forces for control of the country’s largest oil terminals caused a decline in Libyan crude oil production, which never recovered to more than one-third of the average pre-Revolution highs of 1.6 million barrels per day.
The Central Bank of Libya continued to pay government salaries to a majority of the Libyan workforce and to fund subsidies for fuel and food, resulting in an estimated budget deficit of about 49% of GDP.
Libya’s economic transition away from QADHAFI’s notionally socialist model has completely stalled as political chaos persists and security continues to deteriorate. Libya’s leaders have hindered economic development by failing to use its financial resources to invest in national infrastructure. The country suffers from widespread power outages in its largest cities, caused by shortages of fuel for power generation. Living conditions, including access to clean drinking water, medical services, and safe housing, have all declined as the civil war has caused more people to become internally displaced, further straining local resources.
- Extremists affiliated with the Islamic State of Iraq and the Levant (ISIL) attacked Libyan oilfields in the first half of 2015;
- ISIL has a presence in many cities across Libya including near oil infrastructure, threatening future government revenues from oil and gas.
Rewritten: too little of the 2015 text remains to mark the changes.
Libya's economy, almost entirely dependent on oil and gas exports, struggled during 2015 as the country plunged into civil war and world oil prices dropped to seven-year lows. In early 2015, armed conflict between rival forces for control of the country’s largest oil terminals caused a decline in Libyan crude oil production, which never recovered to more than one-third of the average pre-Revolution highs of 1.6 million barrels per day. The Central Bank of Libya continued to pay government salaries to a majority of the Libyan workforce and to fund subsidies for fuel and food, resulting in an estimated budget deficit of about 49% of GDP.
Libya’s economic transition away from QADHAFI’s notionally socialist model has completely stalled as political chaos persists and security continues to deteriorate. Libya’s leaders have hindered economic development by failing to use its financial resources to invest in national infrastructure. The country suffers from widespread power outages in its largest cities, caused by shortages of fuel for power generation. Living conditions, including access to clean drinking water, medical services, and safe housing, have all declined as the civil war has caused more people to become internally displaced, further straining local resources.
Extremists affiliated with the Islamic State of Iraq and the Levant (ISIL) attacked Libyan oilfields in the first half of 2015; ISIL has a presence in many cities across Libya including near oil infrastructure, threatening future government revenues from oil and gas.
Published as “Economy - overview”
Libya's economy, almost entirely dependent on oil and gas exports, has struggled since 2014 as the country plunged into civil war and world oil prices dropped to seven-year lows. In early 2015, armed conflict between rival forces for control of the country’s largest oil terminals caused a decline in Libyan crude oil production, which never recovered to more than one-third of the average pre-Revolution highs of 1.6 million barrels per day.
The Central Bank of Libya continued to pay government salaries to a majority of the Libyan workforce and to fund subsidies for fuel and food, resulting in an estimated budget deficit of about 20% of GDP in 2016.
Libya’s economic transition away from QADHAFI’s notionally socialist model has completely stalled as political chaos persists and security continues to deteriorate. Libya’s leaders have hindered economic development by failing to use its financial resources to invest in national infrastructure. The country suffers from widespread power outages in its largest cities, caused by shortages of fuel for power generation. Living conditions, including access to clean drinking water, medical services, and safe housing, have all declined as the civil war has forced more people to become internally displaced, further straining local resources.
- Extremists affiliated with the Islamic State of Iraq and the Levant (ISIL) attacked Libyan oilfields in the first half of 2015;
- ISIL has a presence in many cities across Libya including near oil infrastructure, threatening future government revenues from oil and gas.
Libya's economy, almost entirely dependent on oil and gas exports, has struggled during 2015 since 2014 as the country plunged into civil war and world oil prices dropped to seven-year lows. In early 2015, armed conflict between rival forces for control of the country’s largest oil terminals caused a decline in Libyan crude oil production, which never recovered to more than one-third of the average pre-Revolution highs of 1.6 million barrels per day. The Central Bank of Libya continued to pay government salaries to a majority of the Libyan workforce and to fund subsidies for fuel and food, resulting in an estimated budget deficit of about 49% 20% of GDP. GDP in 2016.
Libya’s economic transition away from QADHAFI’s notionally socialist model has completely stalled as political chaos persists and security continues to deteriorate. Libya’s leaders have hindered economic development by failing to use its financial resources to invest in national infrastructure. The country suffers from widespread power outages in its largest cities, caused by shortages of fuel for power generation. Living conditions, including access to clean drinking water, medical services, and safe housing, have all declined as the civil war has caused forced more people to become internally displaced, further straining local resources.
Extremists affiliated with the Islamic State of Iraq and the Levant (ISIL) attacked Libyan oilfields in the first half of 2015; ISIL has a presence in many cities across Libya including near oil infrastructure, threatening future government revenues from oil and gas.
The same text in 2018 and 2019.
Published as “Economy - overview”
Libya's economy, almost entirely dependent on oil and gas exports, has struggled since 2014 given security and political instability, disruptions in oil production, and decline in global oil prices. The Libyan dinar has lost much of its value since 2014 and the resulting gap between official and black market exchange rates has spurred the growth of a shadow economy and contributed to inflation. The country suffers from widespread power outages, caused by shortages of fuel for power generation.
Living conditions, including access to clean drinking water, medical services, and safe housing have all declined since 2011. Oil production in 2017 reached a five-year high, driving GDP growth, with daily average production rising to 879,000 barrels per day. However, oil production levels remain below the average pre-Revolution highs of 1.6 million barrels per day. The Central Bank of Libya continued to pay government salaries to a majority of the Libyan workforce and to fund subsidies for fuel and food, resulting in an estimated budget deficit of about 17% of GDP in 2017. Low consumer confidence in the banking sector and the economy as a whole has driven a severe liquidity shortage.
Rewritten: too little of the 2017 text remains to mark the changes.
Libya's economy, almost entirely dependent on oil and gas exports, has struggled since 2014 given security and political instability, disruptions in oil production, and decline in global oil prices. The Libyan dinar has lost much of its value since 2014 and the resulting gap between official and black market exchange rates has spurred the growth of a shadow economy and contributed to inflation. The country suffers from widespread power outages, caused by shortages of fuel for power generation. Living conditions, including access to clean drinking water, medical services, and safe housing have all declined since 2011. Oil production in 2017 reached a five-year high, driving GDP growth, with daily average production rising to 879,000 barrels per day. However, oil production levels remain below the average pre-Revolution highs of 1.6 million barrels per day. The Central Bank of Libya continued to pay government salaries to a majority of the Libyan workforce and to fund subsidies for fuel and food, resulting in an estimated budget deficit of about 17% of GDP in 2017. Low consumer confidence in the banking sector and the economy as a whole has driven a severe liquidity shortage.
Libya's economy, almost entirely dependent on oil and gas exports, has struggled since 2014 given security and political instability, disruptions in oil production, and decline in global oil prices. The Libyan dinar has lost much of its value since 2014 and the resulting gap between official and black market exchange rates has spurred the growth of a shadow economy and contributed to inflation. The country suffers from widespread power outages, caused by shortages of fuel for power generation.
Living conditions, including access to clean drinking water, medical services, and safe housing have all declined since 2011. Oil production in 2017 reached a five-year high, driving GDP growth, with daily average production rising to 879,000 barrels per day. However, oil production levels remain below the average pre-Revolution highs of 1.6 million barrels per day. The Central Bank of Libya continued to pay government salaries to a majority of the Libyan workforce and to fund subsidies for fuel and food, resulting in an estimated budget deficit of about 17% of GDP in 2017. Low consumer confidence in the banking sector and the economy as a whole has driven a severe liquidity shortage.
Libya's economy, almost entirely dependent on oil and gas exports, has struggled since 2014 given security and political instability, disruptions in oil production, and decline in global oil prices. The Libyan dinar has lost much of its value since 2014 and the resulting gap between official and black market exchange rates has spurred the growth of a shadow economy and contributed to inflation. The country suffers from widespread power outages, caused by shortages of fuel for power generation. Living conditions, including access to clean drinking water, medical services, and safe housing have all declined since 2011. Oil production in 2017 reached a five-year high, driving GDP growth, with daily average production rising to 879,000 barrels per day. However, oil production levels remain below the average pre-Revolution highs of 1.6 million barrels per day. The Central Bank of Libya continued to pay government salaries to a majority of the Libyan workforce and to fund subsidies for fuel and food, resulting in an estimated budget deficit of about 17% of GDP in 2017. Low consumer confidence in the banking sector and the economy as a whole has driven a severe liquidity shortage.
The same text in 2021 and 2022.
Libya's economy, almost entirely dependent on oil and gas exports, has struggled since 2014 given security and political instability, disruptions in oil production, and decline in global oil prices. The Libyan dinar has lost much of its value since 2014 and the resulting gap between official and black market exchange rates has spurred the growth of a shadow economy and contributed to inflation. The country suffers from widespread power outages, caused by shortages of fuel for power generation.
Living conditions, including access to clean drinking water, medical services, and safe housing have all declined since 2011. Oil production in 2017 reached a five-year high, driving GDP growth, with daily average production rising to 879,000 barrels per day. However, oil production levels remain below the average pre-Revolution highs of 1.6 million barrels per day.
The Central Bank of Libya continued to pay government salaries to a majority of the Libyan workforce and to fund subsidies for fuel and food, resulting in an estimated budget deficit of about 17% of GDP in 2017. Low consumer confidence in the banking sector and the economy as a whole has driven a severe liquidity shortage.
Libya's economy, almost entirely dependent on oil and gas exports, has struggled since 2014 given security and political instability, disruptions in oil production, and decline in global oil prices. The Libyan dinar has lost much of its value since 2014 and the resulting gap between official and black market exchange rates has spurred the growth of a shadow economy and contributed to inflation. The country suffers from widespread power outages, caused by shortages of fuel for power generation. Living conditions, including access to clean drinking water, medical services, and safe housing have all declined since 2011. Oil production in 2017 reached a five-year high, driving GDP growth, with daily average production rising to 879,000 barrels per day. However, oil production levels remain below the average pre-Revolution highs of 1.6 million barrels per day.
The Central Bank of Libya continued to pay government salaries to a majority of the Libyan workforce and to fund subsidies for fuel and food, resulting in an estimated budget deficit of about 17% of GDP in 2017. Low consumer confidence in the banking sector and the economy as a whole has driven a severe liquidity shortage.
The same text in 3 editions, 2023 to 2025.
- upper middle-income, fossil fuel-based North African economy;
- 31% economic contraction due to COVID-19 and 2020 oil blockade;
- reduced government spending;
- central bank had to devalue currency;
- public wages are over 60% of expenditures
Rewritten: too little of the 2022 text remains to mark the changes.
upper middle-income, fossil fuel-based North African economy; 31% economic contraction due to COVID-19 and 2020 oil blockade; reduced government spending; central bank had to devalue currency; public wages are over 60% of expenditures
No edition has those words. Try a shorter word.
Cite this page
Central Intelligence Agency. “Libya: Economic overview.” The World Factbook, 1990–2025 editions. Archived by The Factbook, thefactbook.org/libya/economic-overview.