Economy

Libya’s economy relies on the nation’s energy sector, which generates approximately 65% of GDP and 96% of government revenue. The sale of crude oil and natural gas have given Libya one of the highest nominal per capita GDPs in Africa.

Libya’s sales of oil and natural gas collapsed during the 2011 Revolution, rebounded in 2012 and 2013, and then fell again in late 2013 and throughout 2014 due to unrest at Libyan oil ports.

The country joined OPEC in 1962, and the new government is reinvigorating efforts to become a member of the Word Trade Organization, which began with negotiations for accession in 2004.

Before the discovery of oil in 1958, agriculture of Libya’s main source of revenue. Today, agriculture products include olives, dates, fruits, vegetables and grains, as well as livestock.

There is also significant industrial development, with the production of ion and steel, cement, construction materials, and chemical agents as well as other petrochemical industries.

 

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