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• GDP: US$35 billion (2006 estimate).
• Main exports: Crude oil, petroleum products, natural gas, and chemicals.
• Main imports: Machinery, semi-finished goods, food, transport equipment, and consumer products.
• Main trade partners: Italy, Germany, Spain, Turkey and France.
• Main exports: Crude oil, petroleum products, natural gas, and chemicals.
• Main imports: Machinery, semi-finished goods, food, transport equipment, and consumer products.
• Main trade partners: Italy, Germany, Spain, Turkey and France.
Economy
Revenues from the oil industry account for the bulk of Libya's economy - about 95% of export earnings, around 25% of GDP, and 60% of public sector wages. Substantial revenues from the energy sector coupled with a small population give Libya one of the highest per capita GDPs in Africa, but little of this income reaches the lower orders of society.
Improvements came after UN sanctions were lifted in 2003 as Libya announced that it would abandon plans to build weapons of mass destruction. Almost all USA sanctions against Libya were removed in 2004, helping Libya attract more foreign direct investment, mostly in the energy sector.
Libya's biggest challenge is to liberalise the socialist-oriented economy. Climatic conditions and poor soils severely limit agricultural output, and Libya imports about 75% of its food.
In 2004, unemployment stood at 30%, while inflation in 2006 was estimated at 3.1%.
Improvements came after UN sanctions were lifted in 2003 as Libya announced that it would abandon plans to build weapons of mass destruction. Almost all USA sanctions against Libya were removed in 2004, helping Libya attract more foreign direct investment, mostly in the energy sector.
Libya's biggest challenge is to liberalise the socialist-oriented economy. Climatic conditions and poor soils severely limit agricultural output, and Libya imports about 75% of its food.
In 2004, unemployment stood at 30%, while inflation in 2006 was estimated at 3.1%.
Business Etiquette
Shirt sleeves are acceptable business wear in hot weather. Suits and ties are worn for more formal occasions. Most business dealings take place with state organisations and English is often understood. It is, however, government policy for official documents to be in Arabic (or translated into Arabic) and for official business to be conducted in Arabic. Business visitors need to be fully prepared for this. Appointments are necessary and business cards are useful, though not widely used. Hours for businesses and government offices fluctuate, but the working day starts early.
Office hours: Sat-Wed 0700-1400 (summer) and 0800-1600 (winter). Private businesses and shops operate differently and are usually open later. During Ramadan, working hours are different and businesses are usually opened after sunset.
Office hours: Sat-Wed 0700-1400 (summer) and 0800-1600 (winter). Private businesses and shops operate differently and are usually open later. During Ramadan, working hours are different and businesses are usually opened after sunset.
Business Contacts
Tripoli Chamber of Commerce, Industry and Agriculture
PO Box 2321, Tripoli, Libya
Tel: (21) 333 3755.
PO Box 2321, Tripoli, Libya
Tel: (21) 333 3755.
