Fluctuations in oil prices of the Libyan economy

This paper examines the structure of Libyan economy and its changes over the last three decades. It exams the structure of Libyan population; labor force; social indicators; performance of the Libyan economy and Libyan foreign trade and its balance of payments. It is concluded that the service sector absorbs over three-quarters of Libyan labor force. Most of Lbyan expenditure on imports relate to machinery and transport equipment; manufactured goods; food and live animals. The majority of employees in Libyan establishments are employed in individual proprietorship. The Libyan sector that has the largest number of companies is wholesale and retail trade, hotels and restaurants sector.