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  Libya /
Economy
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Key figures
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GDP: $88.9 billion
GDP/capita: $14,400 (World rank: 80)
Annual growth in GDP: 3%
Annual inflation rate: 13.6%
Foreign debts: $4.7 billion
Foreign debts/GDP: 15%
Foreign debts/capita: $890
Unemployment: 30%
Trade balance: Surplus of 67%
All figures are 2001 estimates
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International rankings
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Corruption: 126 of 180 countries
Investment friendly: Not ranked
Economic freedom: 171 of 179
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Value of Currency
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1997:
US$1=0.38 Dinars
1998:
US$1=0.39 Dinars
1999:
US$1=0.54 Dinars
2000:
US$1=0.54 Dinars
2001:
US$1=0.65 Dinars
2002 (devaluation):
US$1=21.30 Dinars
Sep. 2008:
US$1=1.24 Dinars
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Libya's economy was far weaker in the 1990's than it was in the early 1980's, but still Libya has had a healthy trade balance with about US$400 million yearly surplus.
The main partners are Italy, making up about 40% of the export market and 18% of the imports, Germany with 20% and 12%, Britain with 6,5% and 3%. While the trade with neighbouring countries are of importance, it is inferior to trade with European countries.
The distribution between products is uneven, with only petroleum exports to Europe, and a dominance of imports of technology products into Libya. A consequence of the international embargo of Libya has been improved trade relations with other countries like China.
Agriculture represents about 5% of the total GNP, and is mainly producing for the domestic market, but as much as 15-20% of the population are engaged in this sector. Output includes wheat, barley, olives and dates. Of livestock, sheep is dominating, counting about 5,6 million. Libya has 1,3 million goats, 140,000 cattle, 160,000 camels and 60 million poultry. The most important region for agriculture in Libya is in Tripolitania, but with the construction of the Great Manmade River, eastern provinces are projected to have increased agricultural output in the years to come.
Fishing is of relatively little importance, and is no bigger than 33,7 tons in 1996, including tuna and sardines. Sponges are also of some importance.
The yearly output of petroleum in Libya exceeds 500 million barrels per year, while the amount of natural gas was at the level of 10,3 billion m³. Libya has a large production of refined products, petrochemicals and construction materials.
© Copyright 1996-2009 LookLex Ltd. All rights reserved
By: Tore Kjeilen
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