The Libyan economy depends primarily upon revenues from the oil sector, which contribute about 95 percent of export earnings, 25 percent of GDP, and 80 percent of government revenue.
The 2009 drop in oil prices reduced Libyan government tax income and constrained economic growth. Revenues from the energy sector coupled with a small population give Libya one of the highest per capita GDPs in Africa.
Libya is located in Northern Africa, bordering the Mediterranean Sea, between Egypt and Tunisia. The country has a total surface area of 1.8 million square kilometers. The majority of this land mass is desert, although there is a strip of fertile land bordering the Mediteranean on the countries north coast, with a more mountainous region towards the Tunisian border.
The Libyan economy is dependant on revenues from the oil sector, which contribute about 95 percent of export earnings, 25 percent of GDP, and 80 percent of government revenue.
Libya export, import and trade statistics reveal that it is among major export partners of Middle East as far as oil is concerned. However, this oil export is being affected as a result of a pointed decrease in prices of oil. Fact that credit conditions are far from ideal has also contributed to a decline in Libya import of oil from Middle East.
