Economy of Libya
Encyclopedia
The Economy of Libya
is centrally planned
. It depends primarily upon revenues from the petroleum sector
, which contributes practically all export earnings and over half of GDP
.
These oil revenues and a small population have given Libya the highest nominal per capita GDP in Africa
.
Since 2000, Libya has recorded favourable growth rates with an estimated 10.6% growth of GDP in 2010.
Libyan GDP per capita was about $40 in the early 1950s and it rose to $1,018 by 1967. In 1966 alone, per capita GDP rose by 42 percent.
Below is a chart of trend of gross domestic product of Libya at market prices estimated by the International Monetary Fund with figures in millions of Libyan dinar
s (LYD).
Notes:
1. For purchasing power parity comparisons, the US Dollar is exchanged at 0.77 Libyan Dinars only.
Mean wages were $9.51 per manhour in 2009 (amounts to a compensation of $1598 for 21 working days of 8 hours).
Libya is an OPEC
member and holds the largest proven oil reserves in Africa (followed by Nigeria and Algeria), 41.5 Goilbbl as of January 2007, up from 39.1 Goilbbl in 2006. About 80% of Libya’s proven oil reserves are located in the Sirte Basin
, which is responsible for 90% of the country’s oil output. The state-owned National Oil Corporation
(NOC) dominates Libya's oil industry, along with smaller subsidiaries, which combined account for around 50% of the country's oil output. Among NOC's subsidiaries, the largest oil producer is the Waha Oil Company
(WOC), followed by the Agoco
, Zueitina Oil Company (ZOC), and Sirte Oil Company
(SOC). Oil resources, which account for approximately 95% of export earnings, 75% of government receipts, and over 50% of GDP. Oil revenues constitute the principal foreign exchange source. Reflecting the heritage of the command economy, three quarters of employment is in the public sector, and private investment remains small at around 2% of GDP.
Falling world oil prices in the early 1980s and economic sanctions caused a serious decline in economic activity, eventually leading to a slow private sector rehabilitation. At 2.6% per year on average, real GDP
growth was modest and volatile during the 1990s. Libya's GDP grew in 2001 due to high oil prices, the end of a long cyclical drought, and increased foreign direct investment following the suspension of UN sanctions in 1999. Real GDP growth has been boosted by high oil revenues, reaching 4.6% in 2004 and 3.5% in 2005. Despite efforts to diversify the economy and encourage private sector participation, extensive controls of prices, credit, trade, and foreign exchange constrain growth.
Although UN sanctions were suspended in 1999, foreign investment in the Libyan gas and oil sectors were severely curtailed due to the U.S. Iran and Libya Sanctions Act
(ILSA), which caps the amount foreign companies can invest in Libya yearly at $20 million (lowered from $40 million in 2001). As of May 2006, the U.S. has removed Libya from its list of states that sponsor terrorism and has normalised ties and removed sanctions. This clears the road for U.S. oil companies to exploit Libyan oil and is expected to have a positive impact on the Libyan economy. http://www.channelone.com/news/2006/05/16/ap_libya/ The NOC hopes to raise oil production from 1.80 million bpd in 2006 to 2 million bpd by 2008. FDI into the oil sector is likely, which is attractive due to its low cost of oil recovery, high oil quality, and proximity to European markets. Most Libyan oil is sold on a term basis, including to the country's Oilinvest marketing network in Europe; to companies like Agip
, OMV
, Repsol YPF
, Tupras, CEPSA, and Total; and small volumes to Asia
n and South African companies.
Notes:
1. Energy Information Administration (2007)
discovered a significant oil deposit of light, sweet crude in the Murzuq Basin. Industry experts believe the discovery to be one of the biggest made in Libya for several years. Repsol YPF is joined by a consortium of partners including OMV, Total and Norsk Hydro
. Also located in Murzuq Basin is Eni’s Elephant field
. In October 1997, a consortium led by British company Lasmo
, along with Eni and a group of five South Korean companies, announced that it had discovered large recoverable crude reserves 465 miles (748.3 km) south of Tripoli. Lasmo estimated field production would cost around $1 per barrel. Elephant began production in February 2004.
WOC's Waha fields currently produce around 350000 oilbbl/d. In 2005, ConocoPhillips and co-venturers reached an agreement with NOC to return to its operations in Libya and extend the Waha concession 25 years. ConocoPhillips operates the Waha fields with a 16.33% share in the project. NOC has the largest share of the Waha concession, and additional partners include Marathon and Amerada Hess.
Notes:
1. Amounts in barrels per day.
In 2007, mining and hydrocarbon industries accounted for well over 95 percent of the Libyan economy. Diversification of the economy into manufacturing industries remain a long-term issue.
Although agriculture
is the second-largest sector in the economy, Libya depends on imports in most foods. Climatic conditions and poor soils severely limit farm output, and domestic food production meets only about 25% of demand. Domestic conditions limit output, while higher incomes and a growing population have caused food consumption to rise. Because of low rainfall levels in Libya, agricultural projects such as the Al Khufrah Oasis rely on underground water sources. Libya's primary agricultural water source remains the Great Manmade River
(GMMR), but significant resources are being invested in desalinization research to meet growing demand. Libyan agricultural projects and policies are overseen by a General Inspector; there is no Ministry of Agriculture
, per se.
, compared to 45% in 1970. Although no reliable estimates are available, unemployment
is reportedly acute: over 50% of the population under the age of 20. Moreover, despite the bias of labor market regulations favoring Libyan workers, the mismatch of the educational system with market demand has produced a large pool of expatriate workers, with typically better-suited education and higher productivity. However, because of shortages for manual labor, Libya has also attracted important numbers of less skilled immigrants. Expatriate
workers represent an estimated fifth of the labor force. Although significant, the proportion of expatriate workers is still below oil producing countries in the Persian Gulf
. Foreign workers mainly come from the Maghreb
, Egypt, Turkey, India, the Philippines, Thailand, Vietnam, Poland, Chad
, Sudan
, and Bosnia and Herzegovina
. They tend to earn relatively high wages, taking either skilled or hard manual jobs. Census data for 2000 show the share of expatriates earning over LD 300 (US$230) per month was 20%, compared to 12% for Libyan nationals. A campaign encouraging conversion of qualified civil servants to entrepreneurs, in the face of public sector over employment and declining productivity, does not seem to be producing the desired results thus far.
The Government is in the process of preparing a financial sector reform program. Recent legislation setting corporate governance standards for financial institutions makes progress towards better management and greater operational independence of public banks. However, Libyan public banks still lack management structures supported by skills in critical areas like credit
, investment, risk management
, and information and control systems. The new banking law reinforces the independence of the Central Bank of Libya
(CBL) and offers a legal framework for regulating banking activities, even if some provisions call for improvement. Despite progress brought by the new banking Law that specifies and limits its duties and responsibilities, the CBL remains the owner of the public banks, with the associated potential conflict of interest between ownership and regulation.
Financial sector reform has also progressed with partial interest rate
liberalization
. Interest rates have been liberalized on deposits, while a lending rate ceiling has been set above the discount rate
. The Libyan Stock Exchange
, established in 2007, is the first exchange of its kind in the country.
As of 13 March 2011, Libya Oil Holdings has had its €38m stake in Irish exploration firm Circle Oil frozen on foot of a European Union
order that's been put in place to put pressure on the Gaddafi regime.
lowest 11%:
NA%
highest 10%:
NA%
Industrial production growth rate:
2.7% (2009)
Electricity - production:
24 billion kWh (2007 est)
Electricity - production by source:
fossil fuel:
100%
hydro:
0%
nuclear:
0%
other:
0% (1998)
Electricity - consumption:
22.17 billion kWh (2007 est)
Electricity - exports:
104 million kWh (2007)
Electricity - imports:
77 million kWh (2007)
Agriculture - products:
wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans, cattle, corn
Libya
Libya is an African country in the Maghreb region of North Africa bordered by the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad and Niger to the south, and Algeria and Tunisia to the west....
is centrally planned
Planned economy
A planned economy is an economic system in which decisions regarding production and investment are embodied in a plan formulated by a central authority, usually by a government agency...
. It depends primarily upon revenues from the petroleum sector
Petroleum industry
The petroleum industry includes the global processes of exploration, extraction, refining, transporting , and marketing petroleum products. The largest volume products of the industry are fuel oil and gasoline...
, which contributes practically all export earnings and over half of GDP
Gross domestic product
Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....
.
These oil revenues and a small population have given Libya the highest nominal per capita GDP in Africa
Economy of Africa
The economy of Africa consists of the trade, industry, and resources of the people of Africa. , approximately 922 million people were living in 54 different countries. Africa is by far the world's poorest inhabited continent...
.
Since 2000, Libya has recorded favourable growth rates with an estimated 10.6% growth of GDP in 2010.
Macro-economic trend
Fantastic growth rates proved unsustainable in the face of global oil recession and international sanctions. Consequently the GDP per capita shrank by 42% in the 1980s. Successful diversification and integration into the international community helped current GDP per capita to cut further deterioration to just 3.2% in the 1990s.Libyan GDP per capita was about $40 in the early 1950s and it rose to $1,018 by 1967. In 1966 alone, per capita GDP rose by 42 percent.
Below is a chart of trend of gross domestic product of Libya at market prices estimated by the International Monetary Fund with figures in millions of Libyan dinar
Libyan dinar
The dinar is the currency of Libya. Its ISO 4217 code is "LYD". The dinar is subdivided into 1000 dirham . It was introduced in 1971 and replaced the pound at par. It is issued by the Central Bank of Libya, which also supervises the banking system and regulates credit...
s (LYD).
| Year | GDP | USD United States dollar The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies.... to LYD Libyan dinar The dinar is the currency of Libya. Its ISO 4217 code is "LYD". The dinar is subdivided into 1000 dirham . It was introduced in 1971 and replaced the pound at par. It is issued by the Central Bank of Libya, which also supervises the banking system and regulates credit... |
Inflation Index (2000 = 100) | Per Capita Income (as % of USA) |
|---|---|---|---|---|
| 1980 | 10,882 | 0.29 LYD | 25 | 104.37 |
| 1985 | 8,227 | 0.29 LYD | 45 | 46.13 |
| 1990 | 8,185 | 0.28 LYD | 57 | 30.42 |
| 1995 | 10,679 | 0.34 LYD | 89 | 24.45 |
| 2000 | 17,668 | 0.51 LYD | 100 | 20.70 |
| 2005 | 50,693 | 1.22 LYD | 80 | 18.49 |
Notes:
1. For purchasing power parity comparisons, the US Dollar is exchanged at 0.77 Libyan Dinars only.
Mean wages were $9.51 per manhour in 2009 (amounts to a compensation of $1598 for 21 working days of 8 hours).
Oil sector
OPEC
OPEC is an intergovernmental organization of twelve developing countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. OPEC has maintained its headquarters in Vienna since 1965, and hosts regular meetings...
member and holds the largest proven oil reserves in Africa (followed by Nigeria and Algeria), 41.5 Goilbbl as of January 2007, up from 39.1 Goilbbl in 2006. About 80% of Libya’s proven oil reserves are located in the Sirte Basin
Sirte Basin
The Sirte Basin is a late Mesozoic and Tertiary triple junction continental rift along northern Africa that was initiated during the late Jurassic Period. It borders a relatively stable Paleozoic craton and cratonic sag basins along its southern margins...
, which is responsible for 90% of the country’s oil output. The state-owned National Oil Corporation
National Oil Corporation
The National Oil Corporation is the national oil company of Libya. It dominates Libya's oil industry, along with a number of smaller subsidiaries, which combined account for around 70% the country's oil output...
(NOC) dominates Libya's oil industry, along with smaller subsidiaries, which combined account for around 50% of the country's oil output. Among NOC's subsidiaries, the largest oil producer is the Waha Oil Company
Waha Oil Company
Waha Oil Company is an oil company based in Tripoli, Libya, engaged in the fields of crude oil and natural gas exploration and production.-Overview:...
(WOC), followed by the Agoco
Arabian Gulf Oil Company
The Arabian Gulf Oil Company is an oil company based in Benghazi, Libya, engaged in crude oil and natural gas exploration, production and refining. It was a subsidiary of the state-owned National Oil Corporation . -Overview:...
, Zueitina Oil Company (ZOC), and Sirte Oil Company
Sirte Oil Company
Sirte Oil Company is an oil and gas company of Libya operating under the state-owned National Oil Corporation . The company is located in Brega SOC’s operations include oil and gas exploration and production and manufacturing.-Background:...
(SOC). Oil resources, which account for approximately 95% of export earnings, 75% of government receipts, and over 50% of GDP. Oil revenues constitute the principal foreign exchange source. Reflecting the heritage of the command economy, three quarters of employment is in the public sector, and private investment remains small at around 2% of GDP.
Falling world oil prices in the early 1980s and economic sanctions caused a serious decline in economic activity, eventually leading to a slow private sector rehabilitation. At 2.6% per year on average, real GDP
Real GDP
Real Gross Domestic Product is a macroeconomic measure of the value of output economy adjusted for price changes . The adjustment transforms the money-value measure, called nominal GDP, into an index for quantity of total output...
growth was modest and volatile during the 1990s. Libya's GDP grew in 2001 due to high oil prices, the end of a long cyclical drought, and increased foreign direct investment following the suspension of UN sanctions in 1999. Real GDP growth has been boosted by high oil revenues, reaching 4.6% in 2004 and 3.5% in 2005. Despite efforts to diversify the economy and encourage private sector participation, extensive controls of prices, credit, trade, and foreign exchange constrain growth.
Although UN sanctions were suspended in 1999, foreign investment in the Libyan gas and oil sectors were severely curtailed due to the U.S. Iran and Libya Sanctions Act
Iran and Libya Sanctions Act
The Iran and Libya Sanctions Act of 1996 was a 1996 act of Congress that imposed economic sanctions on firms doing business with Iran and Libya. On September 30, 2006, the act was renamed to the Iran Sanctions Act , as it no longer applied to Libya, and extended until December 31, 2011...
(ILSA), which caps the amount foreign companies can invest in Libya yearly at $20 million (lowered from $40 million in 2001). As of May 2006, the U.S. has removed Libya from its list of states that sponsor terrorism and has normalised ties and removed sanctions. This clears the road for U.S. oil companies to exploit Libyan oil and is expected to have a positive impact on the Libyan economy. http://www.channelone.com/news/2006/05/16/ap_libya/ The NOC hopes to raise oil production from 1.80 million bpd in 2006 to 2 million bpd by 2008. FDI into the oil sector is likely, which is attractive due to its low cost of oil recovery, high oil quality, and proximity to European markets. Most Libyan oil is sold on a term basis, including to the country's Oilinvest marketing network in Europe; to companies like Agip
Agip
Agip is an Italian automotive gasoline and diesel retailer established in 1926. It is a subsidiary of the multinational petroleum company Eni.In 2003, Eni S.p.A...
, OMV
OMV
OMV is Austria's largest oil-producing, refining and gas station operating company with important activities in other Central European countries...
, Repsol YPF
Repsol YPF
Repsol YPF, S.A. is an integrated Spanish oil and gas company with operations in 29 countries...
, Tupras, CEPSA, and Total; and small volumes to Asia
Asia
Asia is the world's largest and most populous continent, located primarily in the eastern and northern hemispheres. It covers 8.7% of the Earth's total surface area and with approximately 3.879 billion people, it hosts 60% of the world's current human population...
n and South African companies.
| Statistic | Amount |
|---|---|
| Proven Oil Reserves (2007E) | 41.5 Goilbbl |
| Oil Production (2006E) | 1.8 Moilbbl/d (95% crude) |
| Oil Consumption (2006E) | 284000 oilbbl/d |
| Net Oil Exports (2006E) | 1.5 Moilbbl/d |
| Crude Oil Distillation Capacity (2006E) | 378 koilbbl/d |
| Proven Natural Gas Reserves (2007E) | 52.7 Tcuft |
| Natural Gas Production (2006E) | 399 Gcuft |
| Natural Gas consumption (2005E) | 206 Gcuft |
Notes:
1. Energy Information Administration (2007)
Field Development and Exploration
In November 2005, Repsol YPFRepsol YPF
Repsol YPF, S.A. is an integrated Spanish oil and gas company with operations in 29 countries...
discovered a significant oil deposit of light, sweet crude in the Murzuq Basin. Industry experts believe the discovery to be one of the biggest made in Libya for several years. Repsol YPF is joined by a consortium of partners including OMV, Total and Norsk Hydro
Norsk Hydro
Norsk Hydro ASA is a Norwegian aluminium and renewable energy company, headquartered in Oslo. Hydro is the fourth largest integrated aluminium company worldwide. It has operations in some 40 countries around the world and is active on all continents. The Norwegian state holds a 43.8 percent...
. Also located in Murzuq Basin is Eni’s Elephant field
Elephant field
The Elephant Field is an oil field located in onshore in Libya's Murzuq Basin.-History:In October 1997, an international consortium led by British company LASMO, along with Eni and a group of five South Korean companies, announced that it had discovered large recoverable crude reserves at the...
. In October 1997, a consortium led by British company Lasmo
Lasmo
Lasmo plc was a leading British oil and gas exploration and production business. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index.-History:...
, along with Eni and a group of five South Korean companies, announced that it had discovered large recoverable crude reserves 465 miles (748.3 km) south of Tripoli. Lasmo estimated field production would cost around $1 per barrel. Elephant began production in February 2004.
WOC's Waha fields currently produce around 350000 oilbbl/d. In 2005, ConocoPhillips and co-venturers reached an agreement with NOC to return to its operations in Libya and extend the Waha concession 25 years. ConocoPhillips operates the Waha fields with a 16.33% share in the project. NOC has the largest share of the Waha concession, and additional partners include Marathon and Amerada Hess.
Refining and Downstream
Libya has five domestic refineries:| Refinery | Capacity | Operator |
|---|---|---|
| Zawia Refinery | 120,000 | ZOC |
| Ras Lanuf Refinery Ras Lanuf Refinery The Ra's Lanuf Refinery is a topping and reforming oil refinery in Ra's Lanuf, Libya. It is part of a larger petrochemical complex also consisting of an ethylene plant, a polyethylene plant, plant utilities, and Ra's Lanuf Harbor. Until 9 March 2009, the complex was operated by the RASCO, a... |
220,000 | Rasco |
| El-Brega Refinery | 10,000 | SOC |
| Tobruk Refinery | 20,000 | Agoco |
| Sarir Refinery | 10,000 | Agoco |
Notes:
1. Amounts in barrels per day.
Diversification
Although agriculture
Agriculture
Agriculture is the cultivation of animals, plants, fungi and other life forms for food, fiber, and other products used to sustain life. Agriculture was the key implement in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that nurtured the...
is the second-largest sector in the economy, Libya depends on imports in most foods. Climatic conditions and poor soils severely limit farm output, and domestic food production meets only about 25% of demand. Domestic conditions limit output, while higher incomes and a growing population have caused food consumption to rise. Because of low rainfall levels in Libya, agricultural projects such as the Al Khufrah Oasis rely on underground water sources. Libya's primary agricultural water source remains the Great Manmade River
Great Manmade River
The Great Man-Made River is a network of pipes that supplies water from the Sahara Desert in Libya, from the Nubian Sandstone Aquifer System fossil aquifer. It is the world's largest irrigation project....
(GMMR), but significant resources are being invested in desalinization research to meet growing demand. Libyan agricultural projects and policies are overseen by a General Inspector; there is no Ministry of Agriculture
Ministry of Agriculture
An agriculture ministry or department of agriculture is a ministry or other government agency charged with agriculture. The ministry is often headed by a minister for agriculture....
, per se.
Labor market
Libya posted a 3.3% rate of population growth during 1960-2003. In 2003, 86% of the population was urbanUrban area
An urban area is characterized by higher population density and vast human features in comparison to areas surrounding it. Urban areas may be cities, towns or conurbations, but the term is not commonly extended to rural settlements such as villages and hamlets.Urban areas are created and further...
, compared to 45% in 1970. Although no reliable estimates are available, unemployment
Unemployment
Unemployment , as defined by the International Labour Organization, occurs when people are without jobs and they have actively sought work within the past four weeks...
is reportedly acute: over 50% of the population under the age of 20. Moreover, despite the bias of labor market regulations favoring Libyan workers, the mismatch of the educational system with market demand has produced a large pool of expatriate workers, with typically better-suited education and higher productivity. However, because of shortages for manual labor, Libya has also attracted important numbers of less skilled immigrants. Expatriate
Expatriate
An expatriate is a person temporarily or permanently residing in a country and culture other than that of the person's upbringing...
workers represent an estimated fifth of the labor force. Although significant, the proportion of expatriate workers is still below oil producing countries in the Persian Gulf
Persian Gulf
The Persian Gulf, in Southwest Asia, is an extension of the Indian Ocean located between Iran and the Arabian Peninsula.The Persian Gulf was the focus of the 1980–1988 Iran-Iraq War, in which each side attacked the other's oil tankers...
. Foreign workers mainly come from the Maghreb
Maghreb
The Maghreb is the region of Northwest Africa, west of Egypt. It includes five countries: Morocco, Algeria, Tunisia, Libya, and Mauritania and the disputed territory of Western Sahara...
, Egypt, Turkey, India, the Philippines, Thailand, Vietnam, Poland, Chad
Chad
Chad , officially known as the Republic of Chad, is a landlocked country in Central Africa. It is bordered by Libya to the north, Sudan to the east, the Central African Republic to the south, Cameroon and Nigeria to the southwest, and Niger to the west...
, Sudan
Sudan
Sudan , officially the Republic of the Sudan , is a country in North Africa, sometimes considered part of the Middle East politically. It is bordered by Egypt to the north, the Red Sea to the northeast, Eritrea and Ethiopia to the east, South Sudan to the south, the Central African Republic to the...
, and Bosnia and Herzegovina
Bosnia and Herzegovina
Bosnia and Herzegovina , sometimes called Bosnia-Herzegovina or simply Bosnia, is a country in Southern Europe, on the Balkan Peninsula. Bordered by Croatia to the north, west and south, Serbia to the east, and Montenegro to the southeast, Bosnia and Herzegovina is almost landlocked, except for the...
. They tend to earn relatively high wages, taking either skilled or hard manual jobs. Census data for 2000 show the share of expatriates earning over LD 300 (US$230) per month was 20%, compared to 12% for Libyan nationals. A campaign encouraging conversion of qualified civil servants to entrepreneurs, in the face of public sector over employment and declining productivity, does not seem to be producing the desired results thus far.
External trade and finance
Credit (finance)
Credit is the trust which allows one party to provide resources to another party where that second party does not reimburse the first party immediately , but instead arranges either to repay or return those resources at a later date. The resources provided may be financial Credit is the trust...
, investment, risk management
Risk management
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities...
, and information and control systems. The new banking law reinforces the independence of the Central Bank of Libya
Central Bank of Libya
The Central Bank of Libya is the monetary authority in Libya and enjoys the status of autonomous corporate body. The law establishing the CBL stipulates that the objectives of the central bank shall be to maintain monetary stability in Libya , and to promote the sustained growth of the economy in...
(CBL) and offers a legal framework for regulating banking activities, even if some provisions call for improvement. Despite progress brought by the new banking Law that specifies and limits its duties and responsibilities, the CBL remains the owner of the public banks, with the associated potential conflict of interest between ownership and regulation.
Financial sector reform has also progressed with partial interest rate
Interest rate
An interest rate is the rate at which interest is paid by a borrower for the use of money that they borrow from a lender. For example, a small company borrows capital from a bank to buy new assets for their business, and in return the lender receives interest at a predetermined interest rate for...
liberalization
Liberalization
In general, liberalization refers to a relaxation of previous government restrictions, usually in areas of social or economic policy. In some contexts this process or concept is often, but not always, referred to as deregulation...
. Interest rates have been liberalized on deposits, while a lending rate ceiling has been set above the discount rate
Discount rate
The discount rate can mean*an interest rate a central bank charges depository institutions that borrow reserves from it, for example for the use of the Federal Reserve's discount window....
. The Libyan Stock Exchange
Libyan Stock Exchange
The Libyan Exchange Stock Market officially opened in Tripoli, Libya, during March 2007. It is the first exchange of its kind in the country.-Background:The Libyan Stock Exchange was established by Decision No...
, established in 2007, is the first exchange of its kind in the country.
As of 13 March 2011, Libya Oil Holdings has had its €38m stake in Irish exploration firm Circle Oil frozen on foot of a European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
order that's been put in place to put pressure on the Gaddafi regime.
Statistics
Household income or consumption by percentage share:lowest 11%:
NA%
highest 10%:
NA%
Industrial production growth rate:
2.7% (2009)
Electricity - production:
24 billion kWh (2007 est)
Electricity - production by source:
fossil fuel:
100%
hydro:
0%
nuclear:
0%
other:
0% (1998)
Electricity - consumption:
22.17 billion kWh (2007 est)
Electricity - exports:
104 million kWh (2007)
Electricity - imports:
77 million kWh (2007)
Agriculture - products:
wheat, barley, olives, dates, citrus, vegetables, peanuts, soybeans, cattle, corn
International rankings
| Organisation | Survey | Ranking |
|---|---|---|
| Heritage Foundation Heritage Foundation The Heritage Foundation is a conservative American think tank based in Washington, D.C. Heritage's stated mission is to "formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong... /The Wall Street Journal The Wall Street Journal The Wall Street Journal is an American English-language international daily newspaper. It is published in New York City by Dow Jones & Company, a division of News Corporation, along with the Asian and European editions of the Journal.... |
2006 Index of Economic Freedom | 152 out of 157 |
| The Economist The Economist The Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd. and edited in offices in the City of Westminster, London, England. Continuous publication began under founder James Wilson in September 1843... |
The World in 2005 - Worldwide quality-of-life index, 2005 | 70 out of 111 |
| Energy Information Administration Energy Information Administration The U.S. Energy Information Administration is the statistical and analytical agency within the U.S. Department of Energy. EIA collects, analyzes, and disseminates independent and impartial energy information to promote sound policymaking, efficient markets, and public understanding of energy and... |
Greatest Oil Reserves by Country, 2006 | 9 out of 20 |
| Reporters Without Borders Reporters Without Borders Reporters Without Borders is a France-based international non-governmental organization that advocates freedom of the press. It was founded in 1985, by Robert Ménard, Rony Brauman and the journalist Jean-Claude Guillebaud. Jean-François Julliard has served as Secretary General since 2008... |
Press Freedom Index (2007) | 155 out of 169 |
| Transparency International Transparency International Transparency International is a non-governmental organization that monitors and publicizes corporate and political corruption in international development. It publishes an annual Corruption Perceptions Index, a comparative listing of corruption worldwide... |
Corruption Perceptions Index 2007 | 131 out of 180 |
| United Nations Development Programme United Nations Development Programme The United Nations Development Programme is the United Nations' global development network. It advocates for change and connects countries to knowledge, experience and resources to help people build a better life. UNDP operates in 177 countries, working with nations on their own solutions to... |
Human Development Index 2005 | 58 out of 177 |