| Economy - overview: | The Libyan economy depends primarily upon revenues from the oil sector, which contribute practically all export earnings and about one-quarter of GDP. These oil revenues and a small population give Libya one of the highest per capita GDPs in Africa, but little of this income flows down to the lower orders of society. Libyan officials in the past four years have made progress on economic reforms 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 as Libya announced in December 2003 that it would abandon programs to build weapons of mass destruction. Almost all US unilateral sanctions against Libya were removed in April 2004, helping Libya attract more foreign direct investment. Libya faces a long road ahead in liberalizing the socialist-oriented economy, but initial steps - including applying for WTO membership, reducing some subsidies, and announcing plans for privatization - are laying the groundwork for a transition to a more market-based economy. 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 aluminum. Climatic conditions and poor soils severely limit agricultural output, and Libya imports about 75% of its food. |
| GDP - per capita | $8,400 (2005 est.) |
| GDP - real growth rate (%) | 8.5% (2005 est.) |
| Agriculture - products | wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans; cattle |
| GDP - composition by sector (%) | agriculture: 7.6%, industry: 49.9%, services: 42.5% (2005 est.) |
| Industries | petroleum, iron and steel, food processing, textiles, handicrafts, cement |
| Economic aid - recipient | $4.4 million ODA (2002) |
| Debt - external | $4.267 billion (2005 est.) |
| Population below poverty line (%) | NA |
| Labor force - by occupation (%) | agriculture 17%, industry 29%, services 54% (1997 est.) |
Environment, Land use / Resources, Economy, Population / Demographics, Infrastructure, Health -- CIA World Factbook, 2005
