The socialist-oriented 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. 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. Climatic conditions and poor soils severely limit agricultural output, and Libya imports about 75% of its food. Higher oil prices in the last three years led to an increase in export revenues, which has improved macroeconomic balances but has done little to stimulate broad-based economic growth. Libya is making slow progress toward economic liberalization and the upgrading of economic infrastructure, but truly market-based reforms will be slow in coming.

purchasing power parity - $33.36 billion (2002 est.)

1.2% (2002 est.)

purchasing power parity - $6,200 (2002 est.)

agriculture: 9%
industry: 45%
services: 46% (2001 est.)

NA

1% (2001 est.)

1.5 million (2000 est.)

services 54%, industry 29%, agriculture 17% (1997 est.)

30% (2001)

petroleum, food processing, textiles, handicrafts, cement

NA