Libya: Value added by the manufacturing sector as percent of GDP
For that indicator, The World Bank provides data for Libya from 2002 to 2008. The average value for Libya during that period was 4.86 percent with a minumum of 3.13 percent in 2002 and a maximum of 5.92 percent in 2003.
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The importance of manufacturing in the economy of Libya and other countries is measured as the value added of manufacturing as percent of GDP. Manufacturing is part of the industrial sector of the economy.
Definition: Manufacturing refers to industries belonging to ISIC divisions 15-37. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3. Note: For VAB countries, gross value added at factor cost is used as the denominator.