Small businesses have been leading the way in post-Gadhafi Libya. (REUTERS/Ismail Zitouny)
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Small businesses are prospering in Libya's major cities even as the economy at large is being throttled because of security problems and industrial action which has shrunk lifeline oil revenues.Economic experts, however, stress that trade and services play a secondary role in the overall Libyan economy, with only little value added.The oil crisis dates back to last July when striking workers and pro-autonomy demonstrators in eastern Libya began blockading the country's main terminals.The action sent production shooting down to as low as 250,000 barrels per day, compared with 1.5 million bpd before the strike.Revising its forecasts, the World Bank said a 2012 fiscal surplus is now expected to turn into a deficit of about 5 percent of GDP for 2013 and 4 percent this year.
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