ABSTRACT
The intensified economic activity with the resultant rise in salaries and wages was a pull factor for young Libyans, while the rise in the cost of living constituted a push factor. The fact that employment in the oil sector is very small compared with the size of the active labour force does not seem to have totally exploded the false hopes and expectations of many young Libyans. The National Bank of Libya was established in 1956 to replace the Currency Board of earlier days and become in the full sense of the term a central bank. The emphasis on agriculture derives from a combination of long-term economic and social considerations that are high in the list of the pre occupations of the new leaders of Libya. The growth of value added in the national accounts for the decade 1962-71 testifies to the expansion in agricultural and industrial production, and in construction, within the group of commodity sectors.
