Libya economy · Economy in Libya
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Economy in Libya
Economy in Libya
The Libyan economy during the Libyan Arab Jamahiriya era of governance depended primarily upon revenues from the oil sector, which contributed about 95% of export earnings, about one-quarter of GDP, and 60% of public sector wages. Substantial revenues from the energy sector, coupled with a small population, gave Libya one of the highest per capita GDPs in Africa. Libyan Arab Jamahiriya era officials made progresson economic reforms in last four years of their administration 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 that it would abandon programs to build weapons of mass destruction in December 2003. Almost all US unilateral sanctions against Libya were lifted in April 2004, helping Libya attract more foreign direct investment, mostly in the energy sector. Recently Libya (under the the Libyan Arab Jamahiriya administration) applied for WTO membership, reducing some subsidies and announced plans for some privatisation of state owned companies. The former Libyan government invested heavily in African projects including large scale telecommunications and other major international infrastructure and development programs. Sanctions were re-applied in 2001. In 2011 the Libyan Arab Jamahiriya administration became unable to continue functioning viably as actions by domestic insurgents and foreign military forces effectively closed down the normal functions of civil administration during the civil war period. The NTC provisional administration has gained limited access to Libya's foreign reserve holdings and other assets. Revenue from crude oil sales have been redirected to them. Until a government is established in Libya the economic management and future prospects of the nation remain unknown.
The Most Frequently Asked Travel Questions about Libya
Where To Stay & Best Hotels in Libya - updated Apr 2024
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Libya Travel Guide from Wikitravel. Many thanks to all Wikitravel contributors. Text is available under Creative Commons Attribution-ShareAlike 3.0, images are available under various licenses, see each image for details.