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ABOUT LÝBYA

Full name: Libya
Population: 6 million
Capital city: Tripoli
Area: 1,759,540 square kilometers Etnic groups: Berber and Arab 97%, other %3 Major languages: Arabic (official language), Italian, English, Berber language
Major religions: Sunni Muslim (%97), other religions (%3) Major cities: Tripoli, Benghazi, Misratah, Zuwarah, Surt, Sebha, Al khums
Monetary unit: Libyan Dinar (LYD) (1 US Dollar =1.244 LYD; 1 Euro=1.7 LYD) (January 2014) GDP per capita: $12.300 (2012)

Libya gained its independence in 1951 and was ruled as a monarchy till 1969. After the military coup made in September 1, 1969, a new politic regime was founded under the leadership of Col. Muammar al-Qadhafi. Finally, as a result of insurretion began in Feb.2011, Qadhafi’s ‘Jamahiriya’ regime was toppled and Libya entered a new political period. National Transitional Council ruled Libya for a while and then, handed over the power to the General National Congress in August 2012

Libyan economy is largely based on hydrocarbon sector. Libya has Africa’s largest proven oil reserves with 47.1 billion barrels and also, has Africa’s 4th largest proven natural gas reserves with 52.8 trillion cu.ft. Libyan national energy sector generates about 95% of Libya’s export earnings, 80% of GDP, and 99% of government income.

According to the oil production capacity, Libya is ranked at seventh among 12 OPEC countries and Libya’s daily oil production is nearly 1.3 million barrels. During the insurrection oil and natural gas production had come to a stopping point because oil facilities were damaged. Meanwhile Libya’s GDP dropped from 101.4 billion dollars in 2010 to 38.45 billion dolars. However, with beginning of reconstruction process, oil production has reached the pre-revolution production capacity again and Libya’s GDP raised 78.3 billion dolars in 2012.

Libya’s exportation reached 51.48 billion dollars and its importation reached 16.31 in 2012.

The top export partners of Libya: Italy 23.5%, Germany 12.5%, China 11.3%, France 9.7%, Spain 7.6%, UK 4.7%, US 4.5% (2012)

Main Exports-commodities of Libya: Crude oil, refined petroleum products, natural gas, chemicals

The top import partners of Libya: China 13.7%, Turkey 12.3%, Italy 8.7%, Tunisia 7.3%, South Korea 6.2%, Greece 5.4%, Germany 4.9% (2012)

Main Imports-commodities of Libya: Machinery, semi-finished goods, food, transport equipment, consumer products br />