onomic
reforms as part of 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. 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.

GDP (purchasing power parity):
$74.97 billion (2006 est.)

GDP (official exchange rate):
$34.83 billion (2006 est.)

GDP - real growth rate:
8.1% (2006 est.)

GDP - per capita (PPP):
$12,700 (2006 est.)

GDP - composition by sector:
agriculture: 7.3%
industry: 51.3%
services: 41.4% (2006 est.)

Labor force:
1.787 million (2006 est.)

Labor force - by occupation:
agriculture: 17%
industry: 23%
services: 59% (2004 est.)

Unemployment rate:
30% (2004 est.)

Population below poverty line:
7.4%

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

Inflation rate (consumer prices):
3.1% (2006 est.)

Investment (gross fixed):
7.4% of GDP (2006 est.)

Budget:
revenues: $33.34 billion
expenditures: $19.3 billion; including capital expenditures of $5.6
billion (2006 est.)

Public debt:
5.6% of GDP (2006 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:
19.44 billion kWh (2004)

Electricity - production by source:
fossil fuel: 100%