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Economic and Political Situation

Libya’s GDP per capita is approx. USD 14,000 which is amongst the highest in Africa. The Libyan economy grew over 100% in 2012 (i.e. GDP is back to pre-war levels) and is expected to grow between 13% and 16% in 2013 and 2014.

The oil sector contributes about 95% of export earnings, about one-quarter of GDP, and 60% of public sector wages. Libya also has the largest proven oil reserves in Africa (which represents 3% of total proven reserves worldwide).

The non-oil manufacturing and construction sectors, which account for more than 20% of GDP, have expanded from processing mostly agricultural products to include the production of petrochemicals, iron, steel, and aluminium. Climatic conditions and poor soils severely limit agricultural output, and Libya imports about 75% of its food.

Following the revolution in 2011, Libya has been transitioning towards democracy with elections for the General National Congress (the temporary legislature for Libya) being held peacefully in 2012. A constitution is being drafted in 2014 with full parliamentary elections planned for 2015.

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