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Libya - Trade & Marketing Information
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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 GDP growth rates have slowed and 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. Windfall revenues from the hike in world oil prices in late 1990
    improved the foreign payments position and resulted in a current account
    surplus through 1992. The nonoil manufacturing and construction sectors,
    which account for about 20% of GDP, have expanded from processing mostly
    agricultural products to include 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 which sustains
    imports of food, consumer goods, and equipment for the oil industry and
    ongoing development projects.


National product:
    GDP - purchasing power parity - $32.9 billion (1994 est.)
National product real growth rate:
    -0.9% (1994 est.)
National product per capita:
    $6,510 (1994 est.)
Inflation rate (consumer prices):
    25% (1993 est.)
Budget:
  revenues:
    $8.1 billion
  expenditures:
    $9.8 billion, including capital expenditures of $3.1 billion (1989 est.)




Industrial production:

    growth rate 10.5% (1990)
Electricity:
  capacity:
    4,600,000 kW
  production:
    16.1 billion kWh
  consumption per capita:
    3,078 kWh (1993)



Economic Activity


Industries:

    petroleum, food processing, textiles, handicrafts, cement



Agriculture:
    5% of GDP; cash crops - wheat, barley, olives, dates, citrus fruits,
    peanuts; 75% of food is imported
Libya - key foreign trade data 


Exports:

    $7.2 billion (f.o.b., 1994 est.)
  Commodities:
    crude oil, refined petroleum products, natural gas
   Major Trade Partners::
    Italy, Germany, Spain, France, UK, Turkey, Greece, Egypt



Imports:

    $6.9 billion (f.o.b., 1994 est.)
  Commodities:
    machinery, transport equipment, food, manufactured goods
   Major Trade Partners::
    Italy, Germany, UK, France, Spain, Turkey, Tunisia, Eastern Europe
External debt:
    $3.5 billion excluding military debt (1991 est.)
Libya - Trade, Industry & Marketing information

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