f a broader campaign to reintegrate the country
into the international fold. This effort picked up steam after UN
sanctions were lifted in September 2003 and as Libya announced in
December 2003 that it would abandon programs to build weapons of
mass destruction. Almost all US unilateral sanctions against Libya
were removed in April 2004, helping Libya attract more foreign
direct investment, mostly in the energy sector. Libyan oil and gas
licensing rounds continue to draw high international interest; the
National Oil Company set a goal of nearly doubling oil production to
3 million bbl/day by 2015. Libya faces a long road ahead in
liberalizing the socialist-oriented economy, but initial steps -
including applying for WTO membership, reducing some subsidies, and
announcing plans for privatization - are laying the groundwork for a
transition to a more market-based economy. The non-oil manufacturing
and construction sectors, which account for more than 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. Libya's primary
agricultural water source remains the Great Manmade River Project,
but significant resources are being invested in desalinization
research to meet growing water demands.

GDP (purchasing power parity):

$74.72 billion (2007 est.)

GDP (official exchange rate):

$57.06 billion (2007 est.)

GDP - real growth rate:

5.8% (2007 est.)

GDP - per capita (PPP):

$12,400 (2007 est.)

GDP - composition by sector:

agriculture: 2%
industry: 83.1%
services: 14.8% (2007 est.)

Labor force:

1.83 million (2007 est.)

Labor force - by occupation:

agriculture: 17%
industry: 23%
services: 59% (2004 est.)

Unemployment rate:

30% (2004 est.)

Population below poverty line:

7.4% (2005 est.)

Household income or consumption by percentage share:

lowest 10%: NA%
highest 10%: NA%

Investment (gross fixed):

8.8% of GDP (2007 est.)

Budget:

revenues: $39.88 billion
expenditures: $19.48 billion (2007 est.)

Fiscal year:

calendar year

Public debt:

4.7% of GDP (2007 est.)

Inflation rate (consumer prices):

6.3% (2007 est.)

Central bank discount rate:

4% (31 December 2007)

Commercial bank prime lending rate:

6% (31 December 2007)