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Libya: Economic background
Main economic indicators, 2004 |
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(Economist Intelligence Unit estimates unless otherwise indicated) |
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Real GDP growth (%) | 9.3 |
Consumer price inflation (av; %) | -3.4(a) |
Current-account balance (US$ m) | 6,788.1 |
Exchange rate (av; LD:US$) | 1.30(a) |
Population (m) | 5.7 |
External debt (year-end; US$ m) | 4,132 |
(a) Actual. |
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Source: Economist Intelligence Unit, CountryData. |
Hydrocarbons dominate the economy
Libya's economy is dominated by the hydrocarbons sector--in 2003 it contributed an estimated 97% of export earnings and 86% of government receipts--which represents 55% of nominal GDP. Manufacturing and agriculture each account for between 5% and 10% of GDP, while services and trade and finance make up the...