3 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. 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 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.

GDP (purchasing power parity):
$37.48 billion (2004 est.)

GDP - real growth rate:
4.9% (2004 est.)

GDP - per capita:
purchasing power parity - $6,700 (2004 est.)

GDP - composition by sector:
agriculture: 8.7%
industry: 45.7%
services: 45.6% (2004 est.)

Labor force:
1.59 million (2004 est.)

Labor force - by occupation:
agriculture 17%, industry 29%, services 54% (1997 est.)

Unemployment rate:
30% (2004)

Population below poverty line:
NA

Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA

Inflation rate (consumer prices):
2.9% (2004 est.)

Investment (gross fixed):
9.9% of GDP (2004 est.)

Budget:
revenues: $13.52 billion
expenditures: $12.23 billion, including capital expenditures of $5.6
billion (2004 est.)

Public debt:
8.8% of GDP (2004 est.)

Agriculture - products:
wheat, barley, olives, dates, citrus, vegetables, peanuts,
soybeans; cattle

Industries:
petroleum, iron and steel, food processing, textiles, handicrafts,
cement

Industrial production growth rate:
NA

Electricity - production:
20.89 billion kWh (2002)

Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Electricity - consumption:
19.43 billion kWh (2002)

Electricity - exports:
0 kWh (2002)

Electricity - imports:
0 kWh (2002)

Oil - production:
1.518 million bbl/day (2004 est.)

Oil - consumption:
216,000 bbl/day (2001 est.)

Oil - exports:
NA

Oil - imports:
NA

Oil - proved reserves:
38 billion bbl (2004 est.)

Natural gas - pro