The contribution of the construction industry to economic development Dissertation

The contribution of the construction industry to economic development in Libya - Dissertation Example Over the next ten years i.e. 1991-2001 both GDP of construction industry and national GDP were increased significantly and the contribution of construction industry to Libya’s GDP was also increased significantly. In 2001 this contribution reached at 7.03%. However, since 2001 it again started to lower and quite surprisingly it came to almost 3.95% in the year 2006. In the next three years construction industry has contributed 4.52%, 5.13% and 8.78% respectively. Question 2 These percentage contributions of construction industry to the national GDP tells the way Libya’s construction industry has grown with the growth of the country’s economy. During the period of 1986-1991 construction industry’s growth was quite volatile whereas the national economy has grown consistently. In other words construction industry failed to perform in a constant way with respect to Libya’s economy. Similar trend is also observed over the next ten years i.e. 1991-2001 an d main reason behind such findings is the fact that there is lack of consistency in the growth of construction industry although the national economy has grown on a regular basis. However, data shows that during 2004-2009 this industry has grown constantly (from 2159.2 Million Libyan Dollar to 7577.5 Million Libyan Dollar).