Libya Banking, Private, Offshore Financial Services in Libya

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. Per capita GDP is the highest in Africa at $6 700 but disproportionately little of national income flows down to the lower orders of society. GDP growth fluctuates sharply in response to changes in the world oil market; GDP has either contracted or grown very sluggishly since 1992. 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 do not have a major impact on the economy although they have increased transaction and transportation costs.

 

GDP: purchasing power parity—$38 billion (1997 est.)

 

GDP—real growth rate: 0.5% (1997 est.)

 

GDP—per capita: purchasing power parity—$6 700 (1997 est.)

 

GDP—composition by sector:

 

agriculture: 5%

 

industry: 55%

 

services: 40% (1996 est.)

 

Inflation rate—consumer price index: 30% (1997 est.)

 

Labor force:

 

total: 1 million

 

by occupation: industry 31% services 27% government 24% agriculture 18%

 

note: 3% of the population in the 15-64 age group is non-national (July 1998 est.)

 

Unemployment rate: 25% (1997 est.)

 

Budget:

 

revenues: $10.4 billion

 

expenditures: $10.3 billion including capital expenditures of $2.5 billion (1995 est.)

 

Industries: petroleum food processing textiles handicrafts cement

 

Industrial production growth rate: NA%

 

Electricity—capacity: 4.6 million kW (1995)

 

Electricity—production: 17 billion kWh (1995)

 

Electricity—consumption per capita: 3 239 kWh (1995)

 

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

 

Exports:

 

total value: $9 billion (f.o.b. 1995)

 

commodities: crude oil refined petroleum products natural gas

 

partners: Italy Germany Spain France Turkey Greece Egypt

 

Imports:

 

total value: $6.2 billion (f.o.b. 1995)

 

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—0.3902 (January 1998) 0.3891 (1997) 0.3651 (1996) 0.3532 (1995) 0.3596 (1994) 0.3250 (1993)

 

Fiscal year: calendar year