Part 488

Economy

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.

GDP: purchasing power parity - $34.5 billion (1995 est.)

GDP - real growth rate: 2.2% (1995 est.)

GDP - per capita: purchasing power parity - $6,570 (1995 est.)

GDP - composition by sector: agriculture: 5% industry : 55% services: 40% (1996 est.)

Inflation rate - consumer price index: 25% (1995 est.)

Labor force: total: 1 million (includes about 280,000 resident foreigners) by occupation: industry 31%, services 27%, government 24%, agriculture 18% note : 7.1% of the population in the 15-64 age group is non-national (July 1997 est.)

Unemployment rate: NA%

Budget: revenues: $13 billion expenditures: $14.9 billion, including capital expenditures of $NA (1995 est.)

Industries: petroleum, food processing, textiles, handicrafts, cement

Industrial production growth rate: NA%

Electricity - capacity: 4.6 million kW (1994)

Electricity - production: 16.73 billion kWh (1994)

Electricity - consumption per capita: 3,012 kWh (1995 est.)

Agriculture - products: wheat, barley, olives, dates, citrus, vegetables, peanuts; meat, eggs

Exports: total value: $8.4 billion (f.o.b., 1995 est.) commodities: crude oil, refined petroleum products, natural gas partners: Italy, Germany, Spain, France, UK, Turkey, Greece, Egypt

Imports: total value : $7.3 billion (f.o.b., 1995 est.) commodities: machinery, transport equipment, food, manufactured goods partners: Italy, Germany, UK, France, Spain, Turkey, Tunisia, Eastern Europe

Debt - external: $2.6 billion excluding military debt (1995 est.)

Economic aid: $NA

Currency: 1 Libyan dinar (LD) = 1,000 dirhams

Exchange rates: Libyan dinars (LD) per US$1 - 0.3764 (January 1997), 0.3651 (1996), 0.3532 (1995), 0.3596 (1994), 0.3250 (1993), 0.3013 (1992)

Fiscal year: calendar year

@Libya:Communications

Telephones: 370,000

Telephone system: modern telecommunications system domestic: microwave radio relay, coaxial cable, tropospheric scatter, and a domestic satellite system with 14 earth stations international: satellite earth stations - 2 Intelsat (1 Atlantic Ocean and 1 Indian Ocean); planned Arabsat and Intersputnik satellite earth stations; submarine cables to France and Italy; microwave radio relay to Tunisia and Egypt; tropospheric scatter to Greece; participant in Medarabtel

Radio broadcast stations: AM 17, FM 3, shortwave 0

Radios: 1 million (1993 est.)