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*Industry: Types--petroleum, food processing, textiles, handicrafts, cement.
*Industry: Types--petroleum, food processing, textiles, handicrafts, cement.
*Trade: Exports (2006 est.)--$37.02 billion f.o.b.: crude oil, refined petroleum products. Major markets (2005)--Italy (38%), Germany (15.1%), Spain (9.3%), Turkey (6.2%), France (6.2%), U.S. (5.2%). Imports (2006 est.)--$14.47 billion f.o.b.: machinery, transport equipment, food, manufactured goods. Major suppliers (2003)--Italy (21.2%), Germany (10.2%), Tunisia (5.9%), Turkey (4.8%), U.K. (4.8%), France (4.7%), South Korea (4.6%), China (4.5%).
*Trade: Exports (2006 est.)--$37.02 billion f.o.b.: crude oil, refined petroleum products. Major markets (2005)--Italy (38%), Germany (15.1%), Spain (9.3%), Turkey (6.2%), France (6.2%), U.S. (5.2%). Imports (2006 est.)--$14.47 billion f.o.b.: machinery, transport equipment, food, manufactured goods. Major suppliers (2003)--Italy (21.2%), Germany (10.2%), Tunisia (5.9%), Turkey (4.8%), U.K. (4.8%), France (4.7%), South Korea (4.6%), China (4.5%).
[[File:Home in Lybia.jpg|right|200px|Habitat.]]
Despite efforts to diversify the economy and encourage private sector participation, extensive controls of prices, credit, trade, and foreign exchange constrain growth. Import restrictions and inefficient resource allocations have caused periodic shortages of basic goods and foodstuffs.
Despite efforts to diversify the economy and encourage private sector participation, extensive controls of prices, credit, trade, and foreign exchange constrain growth. Import restrictions and inefficient resource allocations have caused periodic shortages of basic goods and foodstuffs.
Although agriculture is the second-largest sector in the economy, Libya imports most foods. Climatic conditions and poor soils severely limit output, while higher incomes and a growing population have caused food consumption to rise. Domestic food production meets about 25% of demand.
Although agriculture is the second-largest sector in the economy, Libya imports most foods. Climatic conditions and poor soils severely limit output, while higher incomes and a growing population have caused food consumption to rise. Domestic food production meets about 25% of demand.
On September 20, 2004, President Bush signed an Executive Order ending economic sanctions imposed under the authority of the International Emergency Economic Powers Act (IEEPA). U.S. persons are no longer prohibited from working in Libya, and many American companies are actively seeking investment opportunities in Libya. The government has announced ambitious plans to increase foreign investment in the oil and gas sectors to significantly boost production capacity. The government is also pursuing a number of infrastructure projects such as highways, railways, telecommunications backbones, and irrigation.
On September 20, 2004, President Bush signed an Executive Order ending economic sanctions imposed under the authority of the International Emergency Economic Powers Act (IEEPA). U.S. persons are no longer prohibited from working in Libya, and many American companies are actively seeking investment opportunities in Libya. The government has announced ambitious plans to increase foreign investment in the oil and gas sectors to significantly boost production capacity. The government is also pursuing a number of infrastructure projects such as highways, railways, telecommunications backbones, and irrigation.
==History==
==History==