Cyprus has a GDP of $36.3B compared to $46.6B for Libya, ranking 104/197 and 96/197 by economy size, respectively.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Cyprus
|
Libya
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | - | - | $401,644,249 | $4,206,979,770 |
| 1961 | - | - | $443,905,612 | $4,623,294,239 |
| 1962 | - | - | $619,725,785 | $6,127,004,092 |
| 1963 | - | - | $892,327,911 | $8,272,704,007 |
| 1964 | - | - | $1,341,395,421 | $12,001,351,827 |
| 1965 | - | - | $1,804,979,680 | $15,379,597,828 |
| 1966 | - | - | $2,312,438,536 | $18,238,997,837 |
| 1967 | - | - | $2,726,986,913 | $20,265,366,359 |
| 1968 | - | - | $3,850,623,095 | $27,128,012,832 |
| 1969 | - | - | $4,380,987,481 | $30,678,497,534 |
| 1970 | - | - | $4,601,649,451 | $32,197,312,919 |
| 1971 | - | - | $5,260,185,125 | $30,498,091,672 |
| 1972 | - | - | $6,299,395,544 | $33,281,298,886 |
| 1973 | - | - | $8,625,889,430 | $33,925,831,082 |
| 1974 | - | - | $15,112,543,717 | $41,455,139,018 |
| 1975 | $489,912,574 | $3,097,709,457 | $14,710,912,458 | $43,125,063,344 |
| 1976 | $576,090,074 | $3,725,500,306 | $19,096,943,017 | $52,992,488,552 |
| 1977 | $734,876,021 | $4,335,066,701 | $22,428,297,108 | $57,683,765,284 |
| 1978 | $964,024,364 | $4,672,222,324 | $22,136,422,643 | $59,590,166,895 |
| 1979 | $1,288,699,776 | $5,135,032,548 | $30,536,429,497 | $64,928,319,577 |
| 1980 | $2,154,311,277 | $5,430,463,536 | $40,953,924,949 | $65,373,260,707 |
| 1981 | $2,087,496,374 | $5,567,148,219 | $36,374,353,880 | $52,828,013,782 |
| 1982 | $2,159,242,417 | $5,902,385,684 | $33,760,146,991 | $54,310,397,843 |
| 1983 | $2,160,364,071 | $6,231,867,577 | $33,200,520,140 | $52,967,721,371 |
| 1984 | $2,278,248,953 | $6,777,647,958 | $29,476,109,153 | $50,297,204,632 |
| 1985 | $2,430,411,900 | $7,108,569,382 | $31,530,566,324 | $54,485,341,416 |
| 1986 | $3,090,734,463 | $7,371,867,258 | $24,180,400,959 | $48,299,889,591 |
| 1987 | $3,704,813,886 | $7,892,708,170 | $26,697,659,335 | $41,198,814,143 |
| 1988 | $4,278,792,597 | $8,575,173,112 | $24,308,959,591 | $44,321,281,890 |
| 1989 | $4,563,482,604 | $9,256,678,609 | $25,156,707,899 | $47,512,155,858 |
| 1990 | $5,591,130,218 | $9,942,043,048 | $28,904,183,602 | $49,279,670,598 |
| 1991 | $5,770,197,348 | $10,015,564,575 | $31,991,821,265 | $56,994,467,921 |
| 1992 | $6,912,150,456 | $10,957,027,547 | $33,887,047,909 | $55,448,621,741 |
| 1993 | $6,590,291,048 | $11,033,726,793 | $30,660,051,911 | $53,361,983,286 |
| 1994 | $7,425,703,929 | $11,684,716,530 | $28,610,549,763 | $54,394,423,864 |
| 1995 | $9,933,137,128 | $12,661,847,364 | $25,541,379,187 | $53,186,646,293 |
| 1996 | $10,011,914,680 | $12,819,935,780 | $27,884,615,385 | $54,321,714,851 |
| 1997 | $9,547,816,420 | $13,158,501,395 | $30,700,897,875 | $57,153,327,139 |
| 1998 | $10,248,618,778 | $13,962,602,013 | $27,251,301,398 | $55,123,101,078 |
| 1999 | $10,497,907,228 | $14,660,446,536 | $35,975,860,857 | $55,536,336,508 |
| 2000 | $9,985,847,314 | $15,534,986,806 | $38,270,954,138 | $57,579,668,503 |
| 2001 | $10,397,898,907 | $16,149,016,881 | $34,112,093,927 | $56,564,631,725 |
| 2002 | $11,420,228,846 | $16,750,240,728 | $20,481,889,764 | $56,022,234,981 |
| 2003 | $14,547,329,558 | $17,189,649,730 | $26,265,625,000 | $63,314,109,953 |
| 2004 | $17,320,551,250 | $18,053,648,327 | $33,122,307,692 | $66,138,956,973 |
| 2005 | $18,433,412,511 | $18,929,789,646 | $47,334,691,241 | $73,990,151,521 |
| 2006 | $20,072,754,987 | $19,822,098,963 | $60,094,231,607 | $78,799,900,129 |
| 2007 | $23,968,727,074 | $20,832,674,396 | $68,032,978,391 | $83,709,120,342 |
| 2008 | $27,844,646,258 | $21,592,439,785 | $86,710,767,415 | $83,573,471,187 |
| 2009 | $26,048,179,949 | $21,157,334,410 | $60,808,562,033 | $79,896,086,549 |
| 2010 | $25,799,940,078 | $21,640,286,747 | $75,380,825,062 | $83,912,660,700 |
| 2011 | $27,641,547,910 | $21,730,464,390 | $48,169,263,294 | $41,672,273,291 |
| 2012 | $25,047,436,975 | $20,981,332,378 | $92,540,938,129 | $77,854,953,190 |
| 2013 | $23,959,712,861 | $19,599,191,826 | $75,351,107,029 | $63,842,648,631 |
| 2014 | $23,225,918,260 | $19,251,098,679 | $57,372,355,592 | $49,131,511,071 |
| 2015 | $19,909,278,417 | $19,909,278,417 | $48,717,501,321 | $48,717,501,321 |
| 2016 | $21,046,462,281 | $21,218,032,913 | $49,912,073,701 | $47,991,152,063 |
| 2017 | $22,946,570,629 | $22,438,246,417 | $67,157,452,182 | $63,584,342,258 |
| 2018 | $25,754,001,368 | $23,845,497,750 | $76,686,029,772 | $68,633,808,774 |
| 2019 | $26,196,667,100 | $25,246,562,823 | $69,254,496,472 | $60,949,510,656 |
| 2020 | $25,555,093,854 | $24,433,464,399 | $46,854,285,441 | $42,996,651,438 |
| 2021 | $30,372,642,502 | $27,215,993,570 | $35,217,995,647 | $55,179,091,533 |
| 2022 | $30,935,566,077 | $29,176,869,929 | $43,246,297,922 | $50,625,917,040 |
| 2023 | $33,886,930,712 | $29,983,292,283 | $45,096,462,972 | $55,767,393,125 |
| 2024 | $36,333,022,329 | $31,017,134,702 | $46,636,278,902 | $55,429,536,118 |
Economic indicators
|
Cyprus
|
Libya
|
|
|---|---|---|
| Gross domestic product |
$36.3B
2024 |
$46.6B
2024 |
| GDP rank |
104/197
2024 |
96/197
2024 |
| GDP growth |
7.22%
2023-2024 |
3.41%
2023-2024 |
| GDP per capita |
$26,749
2024 |
$6,318
2024 |
| GDP per capita rank |
45/197
2024 |
110/197
2024 |
| GDP per capita, PPP |
$61,240
2024 |
$13,954
2024 |
| Government debt |
$23.8B
2024 |
n/a |
| Debt-to-GDP ratio |
60.3%
2025 |
n/a |
| Government debt per person |
$17,490
2024 |
n/a |
| Government debt per person rank |
34/185
2024 |
n/a |
| Average annual personal income after taxes |
$24,086
2025 |
$3,735
2025 |
| Market capitalization of domestic companies |
$10.9B
2024 |
n/a |
| Number of billionaires |
10
2025 |
n/a |
| Income share by richest 10% |
26.3%
2023 |
n/a |
| Income share by poorest 10% |
3.6%
2023 |
n/a |
| Government expenditure, % of GDP |
40.4%
2025 |
65.7%
2025 |
| Consumer prices inflation |
1.8%
2023-2024 |
2.13%
2023-2024 |
| Unemployment rate |
4.86%
2024 |
30%
2004 |
| Population |
1380052
|
7523849
|
GDP per capita in Cyprus vs Libya
Cyprus' GDP per capita is $26,749, ranking 45/197, compared to $6,318 in Libya, ranking 110/197. Adjusted for purchasing power (GDP per capita PPP), Cyprus ranks 30th at $61,240, while Libya ranks 119th at $13,954.
| Year | Current $ | |||
|---|---|---|---|---|
|
Cyprus
|
Libya
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | - | - | $269 | - |
| 1961 | - | - | $285.3 | - |
| 1962 | - | - | $382 | - |
| 1963 | - | - | $528 | - |
| 1964 | - | - | $765 | - |
| 1965 | - | - | $1,001 | - |
| 1966 | - | - | $1,251 | - |
| 1967 | - | - | $1,437 | - |
| 1968 | - | - | $1,972 | - |
| 1969 | - | - | $2,175 | - |
| 1970 | - | - | $2,210 | - |
| 1971 | - | - | $2,443 | - |
| 1972 | - | - | $2,830 | - |
| 1973 | - | - | $3,727 | - |
| 1974 | - | - | $6,214 | - |
| 1975 | $743 | - | $5,721 | - |
| 1976 | $870 | - | $7,018 | - |
| 1977 | $1,102 | - | $7,783 | - |
| 1978 | $1,434 | - | $7,252 | - |
| 1979 | $1,902 | - | $9,443 | - |
| 1980 | $3,154 | - | $11,960 | - |
| 1981 | $3,030 | - | $10,044 | - |
| 1982 | $3,100 | - | $9,064 | - |
| 1983 | $3,055 | - | $8,927 | - |
| 1984 | $3,167 | - | $7,811 | - |
| 1985 | $3,324 | - | $8,087 | - |
| 1986 | $4,159 | - | $6,019 | - |
| 1987 | $4,908 | - | $6,465 | - |
| 1988 | $5,584 | - | $5,736 | - |
| 1989 | $5,870 | - | $5,793 | - |
| 1990 | $7,092 | $13,339 | $6,502 | $17,173 |
| 1991 | $7,222 | $13,537 | $7,040 | $20,085 |
| 1992 | $8,530 | $14,750 | $7,303 | $19,572 |
| 1993 | $7,978 | $14,842 | $6,478 | $18,904 |
| 1994 | $8,791 | $15,725 | $5,933 | $19,318 |
| 1995 | $11,514 | $17,085 | $5,205 | $18,952 |
| 1996 | $11,373 | $17,314 | $5,591 | $19,392 |
| 1997 | $10,637 | $17,777 | $6,062 | $20,439 |
| 1998 | $11,206 | $18,759 | $5,301 | $19,639 |
| 1999 | $11,273 | $19,663 | $6,895 | $19,769 |
| 2000 | $10,537 | $21,291 | $7,214 | $20,617 |
| 2001 | $10,785 | $22,869 | $6,313 | $20,332 |
| 2002 | $11,636 | $23,556 | $3,718 | $20,061 |
| 2003 | $14,553 | $24,281 | $4,674 | $22,663 |
| 2004 | $17,016 | $25,946 | $5,774 | $23,813 |
| 2005 | $17,790 | $27,763 | $8,079 | $26,903 |
| 2006 | $19,037 | $30,015 | $10,049 | $28,936 |
| 2007 | $22,344 | $32,889 | $11,145 | $30,929 |
| 2008 | $25,522 | $34,830 | $13,906 | $30,812 |
| 2009 | $23,480 | $33,884 | $9,551 | $29,027 |
| 2010 | $22,876 | $33,506 | $11,601 | $30,234 |
| 2011 | $24,110 | $33,406 | $7,594 | $15,698 |
| 2012 | $21,493 | $31,924 | $14,976 | $26,826 |
| 2013 | $20,238 | $30,452 | $11,952 | $21,151 |
| 2014 | $19,326 | $30,171 | $8,926 | $17,510 |
| 2015 | $16,326 | $31,931 | $7,458 | $17,903 |
| 2016 | $17,013 | $35,878 | $7,526 | $16,961 |
| 2017 | $18,295 | $38,415 | $9,966 | $18,026 |
| 2018 | $20,267 | $40,925 | $11,197 | $18,879 |
| 2019 | $20,360 | $45,116 | $9,963 | $16,194 |
| 2020 | $19,624 | $43,354 | $6,650 | $10,955 |
| 2021 | $23,057 | $48,784 | $4,936 | $12,642 |
| 2022 | $23,236 | $55,946 | $5,987 | $12,273 |
| 2023 | $25,195 | $57,214 | $6,173 | $13,849 |
| 2024 | $26,749 | $61,240 | $6,318 | $13,954 |
Government deficit by year
In 2024, Cyprus' government surplus, the difference between spending and revenue, was $1.64B, equivalent to 4.51% of GDP. This compares to Libya's surplus of $70.8M, or 0.15% of GDP.
Over the past 30 years, Cyprus recorded a fiscal deficit in 22 of those years, while Libya ran a deficit in 10 years. On average, Cyprus posted an annual deficit equal to -2.25% of GDP, compared to surplus of +3.98% of GDP for Libya.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Cyprus
|
Libya
|
|
| 1990 | - | 3.36% |
| 1991 | - | 8.41% |
| 1992 | - | 0.11% |
| 1993 | - | -5.77% |
| 1994 | - | -2.67% |
| 1995 | -0.71% | 3.8% |
| 1996 | -2.96% | 11.3% |
| 1997 | -4.82% | -2.1% |
| 1998 | -3.85% | -2.36% |
| 1999 | -4.05% | 5.69% |
| 2000 | -2.24% | 13.6% |
| 2001 | -2.11% | 0.07% |
| 2002 | -4.13% | 6.99% |
| 2003 | -5.91% | 6.17% |
| 2004 | -3.71% | 11.3% |
| 2005 | -2.22% | 30.4% |
| 2006 | -1.04% | 29.1% |
| 2007 | 3.23% | 28.4% |
| 2008 | 0.87% | 27.7% |
| 2009 | -5.43% | -5.46% |
| 2010 | -4.68% | 11.5% |
| 2011 | -5.65% | -11.5% |
| 2012 | -5.55% | 24.6% |
| 2013 | -5.16% | -16.3% |
| 2014 | -8.8% | -30.5% |
| 2015 | -0.77% | -28.5% |
| 2016 | 0.45% | -29.3% |
| 2017 | 2.13% | -11.1% |
| 2018 | -3.36% | 9.39% |
| 2019 | 1.03% | 11.9% |
| 2020 | -5.57% | -22.3% |
| 2021 | -1.64% | 14.8% |
| 2022 | 2.65% | 23.6% |
| 2023 | 2.01% | 8.22% |
| 2024 | 4.51% | 0.15% |
| 2025 | 3.84% | 0.21% |
Inflation comparison by year
Over the past 29 years, Cyprus has recorded an average annual inflation rate of 2.02%, compared with 4.38% in Libya. In 2024, inflation was 1.8% in Cyprus and 2.13% in Libya.
| Year | Inflation | ||
|---|---|---|---|
|
Cyprus
|
Libya
|
Cyprus
|
Libya
|
| 1996 | 2.98% | 4.03% | |
| 1997 | 3.61% | 3.55% | |
| 1998 | 2.23% | 3.71% | |
| 1999 | 1.63% | 2.65% | |
| 2000 | 4.14% | -2.9% | |
| 2001 | 1.97% | -8.81% | |
| 2002 | 2.8% | -9.8% | |
| 2003 | 4.14% | -2.19% | |
| 2004 | 2.29% | -2.2% | |
| 2005 | 2.56% | 2.65% | |
| 2006 | 2.3% | 1.46% | |
| 2007 | 2.37% | 6.25% | |
| 2008 | 4.67% | 10.4% | |
| 2009 | 0.33% | 2.46% | |
| 2010 | 2.43% | 2.8% | |
| 2011 | 3.29% | 15.5% | |
| 2012 | 2.39% | 6.06% | |
| 2013 | -0.4% | 2.61% | |
| 2014 | -1.35% | 2.43% | |
| 2015 | -2.1% | 10.4% | |
| 2016 | -1.43% | 25.9% | |
| 2017 | 0.53% | 25.8% | |
| 2018 | 1.44% | 13.2% | |
| 2019 | 0.25% | -2.16% | |
| 2020 | -0.64% | 1.45% | |
| 2021 | 2.45% | 2.87% | |
| 2022 | 8.4% | 4.51% | |
| 2023 | 3.54% | 2.37% | |
| 2024 | 1.8% | 2.13% | |
Top exports between countries
|
Cyprus
|
|
|---|---|
| Export category | Export value |
| Raw materials & minerals | $715M |
| Chemicals & pharma | $129M |
| Machinery & equipment | $5.29M |
| Processed food, beverages & tobacco | $1.41M |
| Textiles & consumer goods | $1.05M |
| Animal & marine products | $534K |
| Metals | $54K |
| Raw agricultural goods | $52K |
| Miscellaneous | $33K |
| Wood & paper products | $2K |
|
Libya
|
|
|---|---|
| Export category | Export value |
| Chemicals & pharma | $2.46M |
| Machinery & equipment | $947K |
| Processed food, beverages & tobacco | $90K |
Balance of trade
|
Cyprus
|
Libya
|
|
|---|---|---|
Current account balance
|
-$3.05B
2024 |
$1.86B
2023 |
| Current account balance ranking |
155/189
2024 |
46/189
2023 |
| Current account balance, % of GDP |
-8.39%
2024 |
+4.13%
2023 |
| Goods imports |
$11.8B
2024 |
$23.2B
2023 |
| Goods exports |
$4.39B
2024 |
$37.1B
2023 |
| Service imports |
$22B
2024 |
$10.1B
2023 |
| Service exports |
$30.7B
2024 |
$642M
2023 |
| Imports of goods and services, % of GDP |
93.1%
2024 |
59.1%
2024 |
| Exports of goods and services, % of GDP |
96.7%
2024 |
74.8%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Cyprus
|
Libya
|
|
|---|---|---|
| Economic freedom | 73.2 | 35.9 |
| Economic freedom ranking | 24/197 | 189/197 |
| Property rights | 83.7 | 5.7 |
| Government integrity | 57.3 | 11.7 |
| Judicial effectiveness | 89.2 | 3.6 |
| Tax burden | 79.9 | 93.2 |
| Government spending | 51.2 | 0 |
| Fiscal health | 85.2 | 19.9 |
| Business freedom | 78.9 | 31.1 |
| Labor freedom | 61.9 | 48.6 |
| Monetary freedom | 76.1 | 75.1 |
| Trade freedom | 79.6 | 80 |
| Investment freedom | 75 | 5 |
| Financial freedom | 60 | 20 |
Economic freedom by year comparison
The Economic Freedom Index for Cyprus is 73.2, ranking 24/197, compared to 35.9 for Libya, ranking 189/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Cyprus
|
Libya
|
|
| 1996 | 67.7 | 31.7 |
| 1997 | 67.9 | 28.9 |
| 1998 | 68.2 | 32 |
| 1999 | 67.8 | 32.3 |
| 2000 | 67.2 | 34.7 |
| 2001 | 71 | 34 |
| 2002 | 73 | 35.4 |
| 2003 | 73.3 | 34.6 |
| 2004 | 74.1 | 31.5 |
| 2005 | 71.9 | 32.8 |
| 2006 | 71.8 | 33.2 |
| 2007 | 71.7 | 37 |
| 2008 | 71.3 | 38.7 |
| 2009 | 70.8 | 43.5 |
| 2010 | 70.9 | 40.2 |
| 2011 | 73.3 | 38.6 |
| 2012 | 71.8 | 35.9 |
| 2013 | 69 | - |
| 2014 | 67.6 | - |
| 2015 | 67.9 | - |
| 2016 | 68.7 | - |
| 2017 | 67.9 | - |
| 2018 | 67.8 | - |
| 2019 | 68.1 | - |
| 2020 | 70.1 | - |
| 2021 | 71.4 | - |
| 2022 | 72.9 | - |
| 2023 | 72.3 | - |
| 2024 | 72.2 | - |
| 2025 | 73.2 | - |
More economic indicators
|
Cyprus
|
Libya
|
|
|---|---|---|
| Services, % of GDP |
76.9%
2024 |
34.3%
2024 |
| Industry, % of GDP |
10.3%
2024 |
68.3%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
1.18%
2024 |
1.74%
2024 |
|
GNI, Atlas method
|
$31B
2024 |
$46.6B
2024 |
| GNI per capita, PPP |
$54,660
2024 |
$14,050
2024 |
| Total reserves including gold |
$2.09B
2024 |
$92.9B
2024 |
| Total reserves ranking |
124/177
2024 |
29/177
2024 |
|
Net foreign direct investment
|
-$5.58B
2024 |
-$795M
2023 |
|
Net inflows of foreign direct investment
|
-$18.6B
2024 |
$795M
2023 |
|
Net outflows of foreign direct investment
|
-$24.2B
2024 |
-$56.5M
2024 |
| Poverty at national poverty lines |
13.9%
2021 |
7.4%
2005 |
|
Gross capital formation, % of GDP
|
18.9%
2024 |
14.8%
2024 |
GDP per capita map
GDP per capita
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Economy comparisons
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.