This summary was prepared by Whitehouse & Associates for the African Resource Network.
Libya is a relatively small country with a population of 5,9 million. The population is middle to upper income with a per capita GDP of $6,700 being the highest in Africa. The socialist-oriented economy depends primarily upon revenues from the oil sector, which contributes practically all export earnings and about one-third of GDP. As a result, GDP growth fluctuates sharply in response to changes in the world oil market. GDP is US$39 billion.
The non-oil 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 aluminium. Although agriculture accounts for only 5% of GDP, it employs 18% of the labour force. Climatic conditions and poor soils severely limit agricultural output, and Libya imports about 75% of its food requirements.
Total imports are in the region of US$6 billion. Key imports are machinery, transport equipment, foodstuffs and manufactured goods. There are also a number of project opportunities in Libya, especially in the area of infrastructural development.
