urce allocations have led to shortages of basic goods and foodstuffs,
although the reopening of the Libyan-Tunisian border in April 1988 and the
Libyan-Egyptian border in December 1989 have eased shortages. Austerity
budgets and a lack of trained technicians have undermined the government's
ability to implement a number of planned infrastructure development
projects. Windfall revenues from the hike in world oil prices in late 1990
improved the foreign payments position and resulted in a current account
surplus for the first time in five years. 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 about 20% of the labor force. Climatic conditions and poor soils
severely limit farm output, and Libya imports about 75% of its food
requirements.
National product:
GDP - exchange rate conversion - $26.1 billion (1992 est.)
National product real growth rate:
0.2% (1992 est.)
National product per capita:
$5,800 (1992 est.)
Inflation rate (consumer prices):
7% (1991 est.)
Unemployment rate:
NA%
Budget:
revenues $8.1 billion; expenditures $9.8 billion, including capital
expenditures of $3.1 billion (1989 est.)
Exports:
$9.71 billion (f.o.b., 1992)
commodities:
crude oil, refined petroleum products, natural gas
partners:
Italy, former USSR, Germany, Spain, France, Belgium/Luxembourg, Turkey
Imports:
$8.66 billion (f.o.b., 1992)
commodities:
machinery, transport equipment, food, manufactured goods
partners:
Italy, former USSR, Germany, UK, Japan, Korea
External debt:
$3.5 billion excluding military debt (1991 est.)
Industrial production:
growth rate 10.5%; accounts for 7.6% of GDP (not including oil) (1990)
Electricity:
4,935,000 kW capacity; 14,385 million kWh produced, 2,952 kWh per capita
(1992)
Industries:
petroleum, food processing, textiles, handicrafts, cement
Agriculture:
5% of GNP; cash crops - wheat, barley, olives, dates, citrus fruits,
peanuts; 75% of food is imported

*Libya, Economy

Economic aid:
Western (non-US) countries, ODA and OOF bilateral commitments (1970-87),
$242 million; no longer a recipient
Currency:
1 Libyan dinar (LD) = 1,000 dirhams
Exchange rates:
Libyan dinars (LD) per US$1 - 0.2998 (January 1993),