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Economy of Libya and business opportunities

Economy of Libya

The Economy of Libya depends primarily upon revenues from the petroleum sector, which contributes practically all export earnings and over half of GDP. These oil revenues and a small population have given Libya the highest nominal per capita GDP in Africa.

After 2000, Libya recorded favourable growth rates with an estimated 10.6% growth of GDP in 2010. This development was interrupted by the Libyan Civil War, which resulted in contraction of the economy by 62.1% in 2011. After the war the economy rebounded by 104.5% in 2012, but it has yet to achieve its pre-war level.

Libya had seen fantastic growth rate, however these proved unsustainable in the face of global oil recession and international sanctions. Consequently, the GDP per capita shrank by 40% in the 1980s. Successful diversification and integration into the international community helped current GDP per capita to cut further deterioration to just 3.2% in the 1990s.

Libyan GDP per capita was about $40 in the early 1920s and it rose to $1,018 by 1967. In 1947 alone, per capita GDP rose by 42 percent.

Oil Sector

Libya is an OPEC member and holds the largest proven oil reserves in Africa (followed by Nigeria and Algeria), 41.5 Gbbl (6.60×109 m3) as of January 2007, up from 39.1 Gbbl (6.22×109 m3) in 2006. About 80% of Libya's proven oil reserves are located in the Sirte Basin, which is responsible for 90% of the country's oil output. The state-owned National Oil Corporation(NOC) dominates Libya's oil industry, along with smaller subsidiaries, which combined account for around 50% of the country's oil output. Among NOC's subsidiaries, the largest oil producer is the Waha Oil Company (WOC), followed by the Agoco, Zueitina Oil Company (ZOC), and Sirte Oil Company (SOC). Oil resources , which account for approximately 95% of export earnings, 75% of government receipts, and over 50% of GDP. Oil revenues constitute the principal foreign exchange source. Reflecting the heritage of the command economy, three quarters of employment is in the public sector, and private investment remains small at around 2% of GDP.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Libya"

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This section contains economy and business opportunities and from Libya.
Libya Economy Libyan Economy, business opportunities in Libya.
Summary:
Energy Efficiency Building Codes, Meps And Labelling Workshop Open New Window
Country:
Libya
 
Notice Type:
Tender Notice
Deadline:
24 Apr 2024
Posting Date:
17 Apr 2024
 
 
 
Summary:
Provision for inspection of aboveground, underground of submarine pipelines
Country:
Libya
 
Notice Type:
Prequalification
Deadline:
07 May 2024
Posting Date:
17 Apr 2024
 
 
 
Summary:
PROCUREMENT FOR INSTALLATION OF A NEW 3RD LINE + INSTALL/CONNECT THE 6” COLLECTOR WITH COT3S
Country:
Libya
 
Notice Type:
Tender Notice
Deadline:
23 Apr 2024
Posting Date:
17 Apr 2024
 
 
 
Summary:
Purchase of two Ambulance Vehicles.
Country:
Libya
 
Notice Type:
Tender Notice
Deadline:
02 May 2024
Posting Date:
17 Apr 2024
 
 
 
Summary:
Procurement And Installation Of Office Hallway Framed Picture For Undp Libya Open New Window
Country:
Libya
 
Notice Type:
Tender Notice
Deadline:
22 Apr 2024
Posting Date:
16 Apr 2024
 
 
 
Summary:
Procurement And Installation Of Office Hallway Framed Picture For Undp Libya
Country:
Libya
 
Notice Type:
Tender Notice
Deadline:
22 Apr 2024
Posting Date:
16 Apr 2024
 
 
 
Summary:
Provision for the construction of an administrative building
Country:
Libya
 
Notice Type:
Tender Notice
Deadline:
07 May 2024
Posting Date:
16 Apr 2024
 
 
 
Summary:
Provision for improving electrical power sources at the Benghazi Asphalt Plant
Country:
Libya
 
Notice Type:
Tender Notice
Deadline:
07 May 2024
Posting Date:
16 Apr 2024
 
 
 
Summary:
Provision to provide technical assistance workers
Country:
Libya
 
Notice Type:
Tender Notice
Deadline:
30 Apr 2024
Posting Date:
16 Apr 2024
 
 
 
Summary:
Digging (14) water wells in various fields of Sirte Company for desalination and firefighting systems.
Country:
Libya
 
Notice Type:
Tender Notice
Deadline:
02 May 2024
Posting Date:
09 Apr 2024
 
 
 

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