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Middle East and North Africa
Libya |
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Last reviewed: February 2008 |
Country information
ECONOMY
Basic Facts
Libya is a major oil producer, with the oil sector contributing practically all export earnings and over one-quarter of GDP. Libya has begun a process of economic reform. Efforts are being made to modernise the economy as part of a broader campaign to reintegrate with the international community. Initial steps include applying for WTO membership, cautiously reducing subsidies, and announcing plans for privatisation. 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 aluminium. Libya imports about 75% of its food.
GDP:$57.1 (2007)
Real GDP Growth: 5.8% (2007)
Inflation: 6.3% (2007)
GDP/Capita: $9,372 (2007)
Major Industries: Oil and gas, petrochemicals
Major trading partners: Italy, France, Germany, Turkey, Spain and the UK.
US sanctions on Libya were eased in April 2004 although prohibitions still apply to exports of equipment that might be used for lethal military purposes.
Exchange rate: £1 = 0.43 Libyan dinar, $1 = 1.20 Libyan dinar August 2008)
Source: DTI 2008
