Libya Economy Profile 2013

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.

GDP (purchasing power parity)

$87.91 billion (2012 est.)
$39.62 billion (2011 est.)
$98.28 billion (2010 est.)
note: data are in 2012 US dollars

GDP (official exchange rate)

$85.11 billion (2012 est.)

GDP - real growth rate

121.9% (2012 est.)
-59.7% (2011 est.)
3.7% (2010 est.)

GDP - per capita (PPP)

$13,300 (2012 est.)
$6,100 (2011 est.)
note: $15,000 (2010 est.)

GDP - composition by sector

agriculture: 2%
industry: 40.1%
services: 57.9% (2012 est.)

Population below poverty line

NA
note: about one-third of Libyans live at or below the national poverty line

Labor force

1.437 million (2012 est.)

Labor force - by occupation

agriculture: 17%
industry: 23%
services: 59% (2004 est.)

Unemployment rate

30% (2004 est.)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Investment (gross fixed)

3.7% of GDP (2012 est.)

Budget

revenues: $56.88 billion
expenditures: $51.41 billion (2012 est.)

Taxes and other revenues

66.8% of GDP (2012 est.)

Budget surplus (+) or deficit (-)

6.4% of GDP (2012 est.)

Public debt

1.9% of GDP (2012 est.)
4.3% of GDP (2011 est.)

Inflation rate (consumer prices)

3.6% (2012 est.)
15.9% (2011 est.)

Central bank discount rate

9.52% (31 December 2010 est.)
3% (31 December 2009 est.)

Commercial bank prime lending rate

6% (31 December 2012 est.)
6% (31 December 2011 est.)

Stock of narrow money

$38.21 billion (31 December 2012 est.)
$41.16 billion (31 December 2011 est.)

Stock of money

$26.66 billion (31 December 2008)
$18.04 billion (31 December 2007)

Stock of broad money

$42.39 billion (31 December 2012 est.)
$44.76 billion (31 December 2011 est.)

Stock of quasi money

$4.264 billion (31 December 2008)
$3.192 billion (31 December 2007)

Stock of domestic credit

$41.41 billion (31 December 2012 est.)
$38.98 billion (31 December 2011 est.)

Market value of publicly traded shares

$NA

Agriculture - products

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

Industries

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

Industrial production growth rate

2.7% (2010 est.)

Current Account Balance

$33.32 billion (2012 est.)
$4.002 billion (2011 est.)

Exports

$51.48 billion (2012 est.)
$15.16 billion (2011 est.)

Exports - commodities

crude oil, refined petroleum products, natural gas, chemicals

Exports - partners

Italy 22.8%, Germany 14.3%, France 14.2%, China 10.7%, Spain 5.2%, Tunisia 4.8% (2011)

Imports

$16.31 billion (2012 est.)
$10.07 billion (2011 est.)

Imports - commodities

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

Imports - partners

Tunisia 13.3%, Turkey 9.1%, China 8.8%, Italy 8.4%, Egypt 6.7%, Syria 5.2%, France 4.9%, Germany 4.8% (2011)

Reserves of foreign exchange and gold

$130.3 billion (31 December 2012 est.)
$105 billion (31 December 2011 est.)

Debt - external

$5.054 billion (31 December 2012 est.)
$4.744 billion (31 December 2011 est.)

Stock of direct foreign investment - at home

$17.15 billion (31 December 2012 est.)
$16.43 billion (31 December 2011 est.)

Stock of direct foreign investment - abroad

$17.47 billion (31 December 2012 est.)
$16.89 billion (31 December 2011 est.)

Exchange rates

Libyan dinars (LYD) per US dollar -
1.257 (2012 est.)
1.224 (2011 est.)
1.2668 (2010 est.)
1.2535 (2009)
1.2112 (2008)

Fiscal year

calendar year