|GDP (2012 est.)||$76.52 billion (2012 est.)|
|Currency & Exchange Rate||Libyan dinars (LYD) per US dollar 1.26|
Arabian Gulf Oil Company, National Oil Corporation.
Sarir, Zelten oil.
Residential taxation: foreigners taxed on local income; residents taxed on local and overseas income.
Libyan nationals and foreigners are subject to income tax on income arising in Libya if: they are Libyan, they are in Libya with a work visa; they undertake employment in Libya.
0-12,000 LD 5%; 12,000+ LD 10%
Social security contributions are payable monthly on salaries, wages, bonuses and other compensation income. The contribution rates are 11.25% for employers and 3.75% for employees. The state pays a 0.75% portion of the contribution for Libyan companies. Employers withold the employee contributions monthly.
|Crude oil - production(bbl/day)||1,483,000|
|Crude oil - exports(bbl/day)||1,378,000|
|Crude oil - imports(bbl/day)||0|
|Crude oil - proved reserves(bbl)||48,010,000,000|
|Refined petroleum products - production(bbl/day)||388,300|
|Refined petroleum products - consumption(bbl/day)||314,000|
|Natural gas - production(cu m)||7,855,000,000|
|Natural gas - proved reserves(cu m)||1,547,000,000,000|
Mediterranean along coast; dry, extreme desert interior.
Northern Africa, bordering the Mediterranean Sea, between Egypt, Tunisia, and Algeria.
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