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→Economy
==Economy==
==Economy==
[[File:Libya Irrigation project pipes.jpg|thumb|320px|The world's largest irrigation project is the largest water construction scheme ever undertaken; it extends 4000km into the Sahara desert and transports 6,500,000 m cubed of fresh water every day, providing an almost unlimited supply to the Libyan population, for municipal, industrial and agricultural use.]]
The government dominates Libya's socialist-oriented economy through complete control of the country's oil resources, which account for approximately 97% of export earnings, 75% of government receipts, and 54% of the gross domestic product. Oil revenues constitute the principal source of foreign exchange. Much of the country's income has been lost to waste, corruption, conventional armaments purchases, and attempts to develop weapons of mass destruction, as well as to large donations made to developing countries in attempts to increase Gaddafi's influence in Africa and elsewhere. Although oil revenues and a small population give Libya one of the highest per capita GDPs in Africa, the government's mismanagement of the economy has led to high inflation and increased import prices. These factors resulted in a decline in the standard of living from the late 1990s through 2003.
The government dominates Libya's socialist-oriented economy through complete control of the country's oil resources, which account for approximately 97% of export earnings, 75% of government receipts, and 54% of the gross domestic product. Oil revenues constitute the principal source of foreign exchange. Much of the country's income has been lost to waste, corruption, conventional armaments purchases, and attempts to develop weapons of mass destruction, as well as to large donations made to developing countries in attempts to increase Gaddafi's influence in Africa and elsewhere. Although oil revenues and a small population give Libya one of the highest per capita GDPs in Africa, the government's mismanagement of the economy has led to high inflation and increased import prices. These factors resulted in a decline in the standard of living from the late 1990s through 2003.
*Real GDP (2000$, 2006): $46.451 billion.
*Real GDP (2000$, 2006): $46.451 billion.
*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.]]
[[File:Home in Lybia.jpg|left|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.