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.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$73.6 billion (2013 est.)
country comparison to the world: 85
$77.57 billion (2012 est.)
$37.94 billion (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP country ranks ]
$70.92 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
-5.1% (2013 est.)
country comparison to the world: 217
104.5% (2012 est.)
-62.1% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$11,300 (2013 est.)
country comparison to the world: 109
$12,100 (2012 est.)
$6,000 (2011 est.)
note:
data are in 2013 US dollars
[see also: GDP - per capita country ranks ]
14% of GDP (2013 est.)
country comparison to the world: 114
44.4% of GDP (2012 est.)
-3.5% of GDP (2011 est.)
[see also: Gross national saving country ranks ]
household consumption:
58%
government consumption:
20.2%
investment in fixed capital:
8.6%
investment in inventories:
0.5%
exports of goods and services:
54.5%
imports of goods and services:
-41.9%
(2013 est.)
agriculture:
2%
industry:
58.3%
services:
39.7% (2013 est.)
wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans; cattle
petroleum, petrochemicals, aluminum, iron and steel, food processing, textiles, handicrafts, cement
9.6% (2013 est.)
country comparison to the world: 16
[see also: Industrial production growth rate country ranks ]
1.644 million (2013 est.)
country comparison to the world: 127
[see also: Labor force country ranks ]
agriculture:
17%
industry:
23%
services:
59% (2004 est.)
30% (2004 est.)
country comparison to the world: 182
[see also: Unemployment rate country ranks ]
NA%
note:
about one-third of Libyans live at or below the national poverty line
[see also: Population below poverty line country ranks ]
lowest 10%:
NA%
highest 10%:
NA%
revenues:
$41.54 billion
expenditures:
$41.87 billion (2013 est.)
58.6% of GDP (2013 est.)
country comparison to the world: 5
[see also: Taxes and other revenues country ranks ]
-0.5% of GDP (2013 est.)
country comparison to the world: 56
[see also: Budget surplus (+) or deficit (-) country ranks ]
4.8% of GDP (2013 est.)
country comparison to the world: 159
4.1% of GDP (2012 est.)
[see also: Public debt country ranks ]
calendar year
3.2% (2013 est.)
country comparison to the world: 121
6.1% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]
9.52% (31 December 2010 est.)
country comparison to the world: 104
3% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]
6% (31 December 2013 est.)
country comparison to the world: 131
6% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]
$47.25 billion (31 December 2013 est.)
country comparison to the world: 47
$45.2 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]
$51.86 billion (31 December 2013 est.)
country comparison to the world: 68
$49.28 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]
$-54.04 billion (31 December 2013 est.)
country comparison to the world: 189
$-47.25 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]
$NA
[see also: Market value of publicly traded shares country ranks ]
$2.727 billion (2013 est.)
country comparison to the world: 36
$27.17 billion (2012 est.)
[see also: Current account balance country ranks ]
$38.45 billion (2013 est.)
country comparison to the world: 61
$52.02 billion (2012 est.)
[see also: Exports country ranks ]
crude oil, refined petroleum products, natural gas, chemicals
Italy 23.3%, Germany 12.4%, China 11.2%, France 9.7%, Spain 7.6%, UK 4.7%, US 4.5% (2012)
$27.15 billion (2013 est.)
country comparison to the world: 69
$18.1 billion (2012 est.)
[see also: Imports country ranks ]
machinery, semi-finished goods, food, transport equipment, consumer products
China 13%, Turkey 11.6%, Italy 8.2%, Egypt 7.7%, Tunisia 6.6%, South Korea 5.8%, Greece 5.4%, Germany 4.6% (2012)
$120.9 billion (31 December 2013 est.)
country comparison to the world: 21
$118.6 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
$6.319 billion (31 December 2013 est.)
country comparison to the world: 111
$5.278 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]
$17.92 billion (31 December 2013 est.)
country comparison to the world: 74
$16.84 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]
$17.82 billion (31 December 2013 est.)
country comparison to the world: 47
$17.21 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]
Libyan dinars (LYD) per US dollar -
1.277 (2013 est.)
1.2617 (2012 est.)
1.2668 (2010 est.)
1.2535 (2009)
1.2112 (2008)