Libya has one of the highest gross national product (GNP) per capita ratings in Africa and in the 1980s it was one of the worlds wealthiest nations, with GNP per capita higher than that in countries such as Italy, Singapore, South Korea and New Zealand. In todays world, Libya depends first-and-foremost on oil revenues, which provide the nation with almost all of its foreign earnings and around 25% of its GDP. Libya is the worlds 8th largest oil producer, with an estimated reserve of 44Bn barrels, 3.5% of total global oil reserves.
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