Tripoli - 15/12/2017

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Libyan Economy

Overview

The Libyan economy depends primarily upon oil sector revenues. These account for practically all export earnings and approximately one-third of GDP. Libya underwent strong economic growth during the last few years, with real gross domestic product (GDP) estimated to have increased to 3.8%.

The growth of GDP experienced a delay in the eighties, which directly affected all production sector activities and their policies in general, especially the industrial sector.

The other factor is the negative consequences coming from the air embargo in the early nineties and the economic sanctions that were imposed on Libya. Both caused severe harm to the activities in of different sectors.

Table: Losses caused by the air embargo and economic sanctions (1992-1998)

Sections Value of Material Losses
Health & Social security US$ 294.000.000
Agriculture US$ 472.155.000
Animal wealth US$ 7.187.000.000
Communication & transport US$ 3.485.000.000
Industry & Minerals US$ 7.200.000.000
Economy & Trade US$ 8.200.000.000
Energy (Oil & Electricity) US$ 700.000.000
Total Losses US$ 33.838.155.000

The country's current strategy is to:

1)Diversify into non-oil sectors with especial emphasis on agriculture, industry, technology and tourism.
2)To promote trade agreements with other nations.
3)Move towards a range of economic reforms and privatization.
4)To promote and encourage joint ventures with foreign companies.

Libya is eager to reduce its dependency on oil as the country's only source of income, and to increase investment in agriculture, tourism, fisheries, mining, and natural gas.

Libya is also positioning itself as a key economic intermediary between Europe and Africa. To this end it has become involved in the Euro-African arena. Libya has also promoted and pressed for a new, regional economic union, called the African Union. The proposed union would ultimately result in an integration of national economies as well as common monetary and fiscal policies. The short term goal of the union would be to encourage investment in sectors such as agriculture and fishing.

 

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