The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa.. After 2000, Libya recorded favourable growth rates with an estimated 10.6% growth of GDP in 2010. This development was interrupted by the Libyan ...
Inflation can be reduced by policies that slow down the growth of AD and/or boost the rate of growth of aggregate supply (AS) Controlling aggregate demand is important if inflation is to be controlled.
