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LIBYAN ARAB JAMAHIRIYA Tenders




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Capital Tripoli
ISO 3166 Code LY
Population 6,317,000
Area, Sq KM 1,759,540
Currency Dinar
Official Language Arabic
GDP, Billion USD 674,200
GDP Growth Rate, % -19.8
Inflation, Avg CP, % Chng N/A
Interest Rates, % N/A
Unemployement Rate, % N/A
Exchange Rate, 1 USD Equals 1.36
International dial code 218
Time Zone GMT+02:00
Internet TLD .ly

Libya is a country which is located in the Maghreb region of North Africa and shares it borders with the Mediterranean Sea to the north, Sudan to the southeast, Egypt to the east, Algeria and Tunisia to the west along with Chad and Niger to the south. The country covers an area of Almont 1.8 million square kilometres and therefore it is known to be the fourth largest country in Africa, and is the World's 17th largest country. Libya also has the 10th-largest proven oil reserves of any country in the entire world. Tripoli is the largest city of Libya which is also is capital. It is located in the western part of the country and almost one million out of six million people in Libya, stay in its capital. After Tripoli, Benghazi is also considered to be the second largest city and it is situated in eastern Libya. Since the late Bronze age, Libya has been inhabited by Berbers. Libya was ruled by Egyptians, Persians and Greek-Egyptians before it became a part of the Roman Empire. Libya got its independence in the year 1951. In 1969, a military coup invaded the country which led to a period of improved living standards along with brutal suppression of dissent. A civil war took place and since then, this country has experienced political violence and instability which has not only affected the commerce of the country but its oil production too. The economy of Libya depends primarily and mainly upon the revenues derived from the oil sector as they account for 97% of the exports and 80% of GDP. Libya is not only known for holding the largest proven oil reserves in Africa but it is also an important contributor to the global supply of sweet crude and light. According to the International Monetary Fund, Libya's real GDP growth was estimated as of 2012 at 122% and 16.7% in 2013. And according to the World Bank, it is considered to have an upper middle economy. There are two reasons that are primarily responsible for the country's high per capita GDPs. One of the reasons is its substantial revenues from the energy sector and another reason is its small population. Due to its high GDP, the country enjoys an extensive level of social security especially in the fields of education and housing. However, the country faces a lot of structural problems such as weak governance along with lack of institutions and chronic structural unemployment. The economy also displays a lack of economic diversification and it significantly relies on immigrant labour. Unemployment is quite highest in Libya and was recorded at 21% as per the latest census figures. However according to the Arab League report, in 2010, unemployment for women stands at 18% and men at 21% which makes Libya the only Arab country where there are more employed women than men.

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