Middle East Economic Survey

VOL. XLVIII

No 12

21-March-2005

LIBYA

Oil Sector Bolsters Libyan Economy In 2003-04, Says IMF

Libyas oil-dependent economy grew strongly in 2003 as a 28% rise in oil production boosted real GDP growth to 9%, according to the IMFs latest Article IV assessment issued on 8 March. The favorable oil market continued into 2004, but growth is projected to have slowed to 4.5% as oil production growth slowed. Meanwhile, non-oil real GDP growth is estimated at 3% for 2004. The...