Libya

B

Mining

Petroleum is the principal product of Libya and its main source of revenue. Production of crude petroleum in 2004 was about 519 million barrels; the natural gas output in 2003 amounted to 7 billion cu m (247 billion cu ft). Other minerals produced in significant quantities in Libya include marine salt and potash.

C

Manufacturing

Major manufactures of Libya include petroleum refinery products (13 million tonnes in 1994), and construction materials; most consumer goods must be imported. Traditional handicrafts are of minor economic importance.

D

Energy

Almost all Libya’s electricity is produced in thermal facilities, which are concentrated in the Tripolitania region. In 2003 Libyan installations generated about 14.4 billion kWh of electricity.

E

Currency and Banking

The monetary unit of Libya is the Libyan dinar of 1,000 dirhams (1.34 dinar equalled US$1; early 2007). The bank of issue is the Central Bank of Libya (Libyan Arab Jamahiriya; 1955), which also supervises the banking system and regulates credit. In 1972 the Libyan Arab Foreign Bank was established to deal with overseas investments.

F

Commerce and Trade

Petroleum accounts for almost the whole of Libyan export trade; as oil prices declined, exports dropped from US$21,900 million in 1980 to US$13,018 million in 2000. Imports in 2000 totalled US$4,708 million, represented chiefly by manufactured goods and food. Italy, Germany, Spain, France, Japan, and the United Kingdom are Libya’s principal trading partners.