Economy overview: The socialist-oriented economy of Libya depends mainly on the profits brought by the oil sector, its products account for almost 100% of exports and about a quarter of total GDP. High oil revenues and a small population make Libya one of the highest GDP per capita in all of Africa, but a very small percentage of these profits go to the lower strata of society. Import restrictions and inefficient resource allocation lead this centralized society to occasional shortages of basic commodities and foodstuffs. The contribution to the total GDP of non-oil industrial enterprises (from the processing of agricultural products to petrochemicals and the production of iron, steel and aluminum) and construction is about 20%. Climatic conditions and poor soils severely affect the productivity of the agricultural sector; Libya has to import about 75% of the necessary food. High oil prices in 1999-2000 caused an increase in export earnings, which improved the macroeconomic balance and stimulated the development of the economy. Since the lifting of UN sanctions in 1999, Libya has been trying to attract foreign investors, and representatives of several foreign companies have visited the country to conclude contracts. See cheeroutdoor.com to know more about Libya Business.
GDP: at purchasing power parity – $45.4 billion (2000 est.).
Real GDP growth rate: 6.5% (2000 est.).
GDP per capita: Purchasing power parity – $8,900 (2000 est.).
The composition of GDP by sectors of the economy: agriculture: 7%; industry: 47%; services: 46% (1997 est.).
Proportion of the population below the poverty line: no data available.
Percentage distribution of household income or consumption: for the poorest 10% of households: n/a; by top 10% of households: no data.
Inflation rate at consumer prices: 18.5% (2000 est.).
Labor force: 1.5 million people (2000 est.).
Employment structure: services and civil service 54%, industry 29%, agriculture 17% (1997 est.).
Unemployment rate: 30% (2000 est.).
Budget: revenues: $6.85 billion; expenditures: $4.4 billion, including capital expenditures – NA (2000 est.).
Spheres of economy: oil production, food industry, textile industry, handicraft production, cement production.
Growth in industrial production: no data available.
Electricity generation: 18.9 billion kWh (1999).
Sources of electricity generation: fossil fuels: 100%; hydropower: 0%; nuclear fuel: 0%; others: 0% (1999).
Electricity consumption: 17.577 billion kWh (1999)
Electricity export: 0 kWh (1999).
Electricity import: 0 kWh (1999).
Agricultural products: wheat, barley, olives, dates, citrus fruits, vegetables, peanuts; soy; cattle.
Exports: $13.9 billion (free on board, 2000 est.)
Export articles: crude oil, oil products.
Export partners: Italy 33%, Germany 24%, Spain 10%, France 5%, Turkey 4%, Tunisia 4% (1999).
Imports: $7.6 billion (free on board, 2000 est.)
Import articles: machinery, transport equipment, foodstuffs, manufactured goods.
Import partners: Italy 24%, Germany 12%, Tunisia 9%, UK 7%, South Korea 5% (1999).
External debt: $4.1 billion (2000 est.) Economic aid recipient: $8.4 million (1995)
Economic aid donor:
Currency: Libyan dinar.
Currency code: LYD.
Exchange rate: LYD/USD – 0.5101 (January 2001), 0.5081 (2000), 0.4616 (1999), 0.3785 (1998), 0.3891 (1997), 0.3651 (1996); note: there are currently two exchange rates in Libya: for government operations and foreign companies, and for Libyan citizens (0.45 dinars to 1 USD in December 1998).
Fiscal year: calendar year.
Telecommunications Telephone lines: 380,000 (1996).
Mobile cellular phones: no data available.
Telephone system: the telecommunications system is being upgraded; the mobile cellular communication system began operating in 1996; domestic: microwave radio relay, coaxial cable, cellular, tropospheric scatter and local satellite system with 14 earth stations; international: satellite earth stations – 4 Intelsat, Arabsat (no data on the number) and Intersputnik (no data on the number); submarine cables to France and Italy; microwave radio relay to Tunisia and Egypt; communication with Greece using tropospheric scatter; Libya is a member of the Medarab-tel project (1999).
Broadcast stations: AM -17, FM -4, shortwave -3 (1998).
Radio receivers: 1.35 million (1997)
Television broadcast stations: 12 (and 1 low power repeater) (1997).
TVs: 730,000 (1997).
Internet country code: ly
Internet service providers: 1 (2000).
Number of users: 7,500 (2000).
Roads: total length: 24,484 km; coated: 6,800 km; unpaved: 17,684 km (1996 est.)
Pipelines: for crude oil – 4,383 km; for petroleum products – 443 km (including for liquefied petroleum gas – 256 km); for natural gas – 443 km.
Ports and harbors: Al-Kums, Benghazi, Derna, Zu-ara, Marsa al-Bureik, Misurata, Ras al-Anuf, Tobruk, Tripoli.
Merchant navy: total: 28 vessels (displacement 1,000 tons or more) with a total displacement of 399,725 gross register tons / 654,843 long tons of gross tonnage; ships of various types: cargo ships – 10, chemical tankers – 1, liquefied gas tankers – 3, oil tankers – 6, ferries – 4, coastal passenger ships – 4 (2000 est.).
Airports: 136 (1999 est.).
Airports with paved runways: total: 58; over 3,047 m: 23; from 2438 to 3047 m: 6; from 1,524 to 2,437 m: 22; from 914 to 1523 m:5; less than 914 m: 2 (2000 est.).
Airports with unpaved runways: total: 78; over 3,047 m: 4; from 2438 to 3047 m:2; from 1,524 to 2,437 m: 14; from 914 to 1523 m: 40; less than 914 m: 18 (2000 est.).
Branches of the Armed Forces: Army, Navy, Air Force and Air Defense Forces.
Enlistment age: 17 years old.
Total Military Manpower: Male 15 to 49: 1,459,400 (2001 est.).
Eligible for military service: men aged 15 to 49: 866,012 (2001 est.).
Number of persons reaching military age each year: male: 61,694 (2001 est.).
Military spending in dollar terms: $1.3 billion (1999)
Military spending as part of GDP: 3.9% (1999).
International issues International disputes: Libya claims approximately 19,400 km2. in the northern part of Niger and in part of the southwestern region of Algeria.