Libya - Economic sectors

After a decade of growth in the 1970s, the state-dominated Libyan economy has suffered from over 2 decades of sanctions. Additionally, the practical exclusion of the private sector from major economic activities has limited the growth and diversification of the 3 economic sectors. Agriculture is the smallest sector with limited farming activities and underdeveloped fisheries; it is unable to feed the population. Industry is the largest sector, almost exclusively because of the large hydrocarbon

industry. Oil exports make industry the largest contributor to the economy, and fluctuations in oil prices expand and contract both the sector and the entire economy. The service sector is not underdeveloped, but lacks viable tourist and retail industries. Financial services and transportation, however, make service a significant part of the economy.