Libya ranked 95/197 by economy size with a GDP of $48.5B and 107/197 by GDP per capita at $6,569.
In 2024, Libya made up 0.04% of the world's economy, compared to 0.03% in 1960.
Libya GDP & GDP growth by year
| Year | GDP | GDP growth |
|---|---|---|
| 2024 | $48,487,151,215 | 1.9% |
| 2023 | $44,027,664,915 | 10.2% |
| 2022 | $43,246,297,922 | -8.3% |
| 2021 | $35,217,995,647 | 28.3% |
| 2020 | $46,854,285,441 | -29.5% |
| 2019 | $69,254,496,472 | -11.2% |
| 2018 | $76,686,029,772 | 7.94% |
| 2017 | $67,157,452,182 | 32.5% |
| 2016 | $49,912,073,701 | -1.49% |
| 2015 | $48,717,501,321 | -0.84% |
| 2014 | $57,372,355,592 | -23% |
| 2013 | $75,351,107,029 | -18% |
| 2012 | $92,540,938,129 | 86.8% |
| 2011 | $48,169,263,294 | -50.3% |
| 2010 | $75,380,825,062 | 5.03% |
| 2009 | $60,808,562,033 | -4.4% |
| 2008 | $86,710,767,415 | -0.16% |
| 2007 | $68,032,978,391 | 6.23% |
| 2006 | $60,094,231,607 | 6.5% |
| 2005 | $47,334,691,241 | 11.9% |
| 2004 | $33,122,307,692 | 4.46% |
| 2003 | $26,265,625,000 | 13% |
| 2002 | $20,481,889,764 | -0.96% |
| 2001 | $34,112,093,927 | -1.76% |
| 2000 | $38,270,954,138 | 3.68% |
| 1999 | $35,975,860,857 | 0.75% |
| 1998 | $27,251,301,398 | -3.55% |
| 1997 | $30,700,897,875 | 5.21% |
| 1996 | $27,884,615,385 | 2.13% |
| 1995 | $25,541,379,187 | -2.22% |
| 1994 | $28,610,549,763 | 1.93% |
| 1993 | $30,660,051,911 | -3.76% |
| 1992 | $33,887,047,909 | -2.71% |
| 1991 | $31,991,821,265 | 15.7% |
| 1990 | $28,904,183,602 | 3.72% |
| 1989 | $25,156,707,899 | 7.2% |
| 1988 | $24,308,959,591 | 7.58% |
| 1987 | $26,697,659,335 | -14.7% |
| 1986 | $24,180,400,959 | -11.4% |
| 1985 | $31,530,566,324 | 8.33% |
| 1984 | $29,476,109,153 | -5.04% |
| 1983 | $33,200,520,140 | -2.47% |
| 1982 | $33,760,146,991 | 2.81% |
| 1981 | $36,374,353,880 | -19.2% |
| 1980 | $40,953,924,949 | 0.69% |
| 1979 | $30,536,429,497 | 8.96% |
| 1978 | $22,136,422,643 | 3.3% |
| 1977 | $22,428,297,108 | 8.85% |
| 1976 | $19,096,943,017 | 22.9% |
| 1975 | $14,710,912,458 | 4.03% |
| 1974 | $15,112,543,717 | 22.2% |
| 1973 | $8,625,889,430 | 1.94% |
| 1972 | $6,299,395,544 | 9.13% |
| 1971 | $5,260,185,125 | -5.28% |
| 1970 | $4,601,649,451 | 4.95% |
| 1969 | $4,380,987,481 | 13.1% |
| 1968 | $3,850,623,095 | 33.9% |
| 1967 | $2,726,986,913 | 11.1% |
| 1966 | $2,312,438,536 | 18.6% |
| 1965 | $1,804,979,680 | 28.1% |
| 1964 | $1,341,395,421 | 45.1% |
| 1963 | $892,327,911 | 35% |
| 1962 | $619,725,785 | 32.5% |
| 1961 | $443,905,612 | 9.9% |
| 1960 | $401,644,249 | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/libya | CC BY 
Libya GDP per capita by year
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 2024 | $6,569 | $14,304 |
| 2023 | $6,027 | $13,847 |
| 2022 | $5,987 | $12,266 |
| 2021 | $4,936 | $12,642 |
| 2020 | $6,650 | $10,955 |
| 2019 | $9,963 | $16,194 |
| 2018 | $11,197 | $18,879 |
| 2017 | $9,966 | $18,026 |
| 2016 | $7,526 | $16,961 |
| 2015 | $7,458 | $17,903 |
| 2014 | $8,926 | $17,510 |
| 2013 | $11,952 | $21,151 |
| 2012 | $14,976 | $26,826 |
| 2011 | $7,594 | $15,698 |
| 2010 | $11,601 | $30,234 |
| 2009 | $9,551 | $29,027 |
| 2008 | $13,906 | $30,812 |
| 2007 | $11,145 | $30,929 |
| 2006 | $10,049 | $28,936 |
| 2005 | $8,079 | $26,903 |
| 2004 | $5,774 | $23,813 |
| 2003 | $4,674 | $22,663 |
| 2002 | $3,718 | $20,061 |
| 2001 | $6,313 | $20,332 |
| 2000 | $7,214 | $20,617 |
| 1999 | $6,895 | $19,769 |
| 1998 | $5,301 | $19,639 |
| 1997 | $6,062 | $20,439 |
| 1996 | $5,591 | $19,392 |
| 1995 | $5,205 | $18,952 |
| 1994 | $5,933 | $19,318 |
| 1993 | $6,478 | $18,904 |
| 1992 | $7,303 | $19,572 |
| 1991 | $7,040 | $20,085 |
| 1990 | $6,502 | $17,173 |
| 1989 | $5,793 | - |
| 1988 | $5,736 | - |
| 1987 | $6,465 | - |
| 1986 | $6,019 | - |
| 1985 | $8,087 | - |
| 1984 | $7,811 | - |
| 1983 | $8,927 | - |
| 1982 | $9,064 | - |
| 1981 | $10,044 | - |
| 1980 | $11,960 | - |
| 1979 | $9,443 | - |
| 1978 | $7,252 | - |
| 1977 | $7,783 | - |
| 1976 | $7,018 | - |
| 1975 | $5,721 | - |
| 1974 | $6,214 | - |
| 1973 | $3,727 | - |
| 1972 | $2,830 | - |
| 1971 | $2,443 | - |
| 1970 | $2,210 | - |
| 1969 | $2,175 | - |
| 1968 | $1,972 | - |
| 1967 | $1,437 | - |
| 1966 | $1,251 | - |
| 1965 | $1,001 | - |
| 1964 | $765 | - |
| 1963 | $528 | - |
| 1962 | $382 | - |
| 1961 | $285.3 | - |
| 1960 | $269 | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/libya | CC BY
Libya has a GDP per capita of $6,569, ranking 107/197, a GDP per capita based on purchasing power parity (PPP) of $14,304, ranking 118/197, and a median annual after tax income of $3,172, ranking 138/197.
Libya GDP rankings by year
| Year | Rank | ||
|---|---|---|---|
| GDP | GDP per capita | GDP per capita, PPP | |
| 2024 | 94 | 101 | 109 |
| 2023 | 94 | 106 | 111 |
| 2022 | 94 | 105 | 116 |
| 2021 | 100 | 106 | 108 |
| 2020 | 85 | 87 | 110 |
| 2019 | 74 | 74 | 86 |
| 2018 | 70 | 70 | 72 |
| 2017 | 72 | 71 | 74 |
| 2016 | 81 | 81 | 74 |
| 2015 | 84 | 82 | 71 |
| 2014 | 77 | 78 | 72 |
| 2013 | 68 | 68 | 62 |
| 2012 | 63 | 56 | 45 |
| 2011 | 80 | 82 | 73 |
| 2010 | 63 | 60 | 38 |
| 2009 | 64 | 63 | 42 |
| 2008 | 63 | 58 | 36 |
| 2007 | 63 | 59 | 35 |
| 2006 | 62 | 56 | 36 |
| 2005 | 61 | 57 | 35 |
| 2004 | 66 | 63 | 40 |
| 2003 | 66 | 66 | 41 |
| 2002 | 70 | 72 | 41 |
| 2001 | 58 | 54 | 39 |
| 2000 | 55 | 51 | 38 |
| 1999 | 55 | 50 | 36 |
| 1998 | 58 | 56 | 33 |
| 1997 | 56 | 51 | 32 |
| 1996 | 58 | 50 | 31 |
| 1995 | 59 | 50 | 30 |
| 1994 | 56 | 49 | 29 |
| 1993 | 55 | 46 | 26 |
| 1992 | 53 | 43 | 24 |
| 1991 | 54 | 43 | 20 |
| 1990 | 57 | 45 | 28 |
| 1989 | 55 | 42 | - |
| 1988 | 56 | 39 | - |
| 1987 | 52 | 36 | - |
| 1986 | 49 | 35 | - |
| 1985 | 40 | 27 | - |
| 1984 | 43 | 27 | - |
| 1983 | 39 | 24 | - |
| 1982 | 39 | 27 | - |
| 1981 | 38 | 25 | - |
| 1980 | 36 | 20 | - |
| 1979 | 37 | 22 | - |
| 1978 | 40 | 25 | - |
| 1977 | 33 | 20 | - |
| 1976 | 35 | 20 | - |
| 1975 | 41 | 24 | - |
| 1974 | 36 | 19 | - |
| 1973 | 45 | 25 | - |
| 1972 | 47 | 28 | - |
| 1971 | 47 | 25 | - |
| 1970 | 48 | 26 | - |
| 1969 | 47 | 17 | - |
| 1968 | 48 | 16 | - |
| 1967 | 50 | 22 | - |
| 1966 | 53 | 23 | - |
| 1965 | 55 | 25 | - |
| 1964 | 56 | 29 | - |
| 1963 | 65 | 34 | - |
| 1962 | 73 | 39 | - |
| 1961 | 77 | 45 | - |
| 1960 | 77 | 49 | - |
Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).
GeoRank.org/economy/libya | CC BY
Compared with 2000, in 2024 Libya is ranked 94th out of 182 by GDP (down from 55th), 101st by GDP per capita (down from 51st), and 109th by GDP per capita PPP (down from 38th).
Economic indicators
Libya
|
Rank | |
|---|---|---|
| Gross domestic product |
$48.5B
2024 |
95/197 |
| GDP growth |
1.9%
2023-2024 |
138/194 |
| GDP per capita |
$6,569
2024 |
107/197 |
| GDP per capita, PPP |
$14,304
2024 |
118/197 |
| Average annual personal income after taxes |
$3,172
2026 |
138/197 |
| Government expenditure, % of GDP |
94.8%
2024 |
4/195 |
| Consumer prices inflation |
2.13%
2023-2024 |
136/195 |
| Unemployment rate |
30%
2004 |
5/196 |
| Population |
7559873
|
105/197 |
Inflation rate by year
| Year | Inflation |
|---|---|
| 2024 | 2.13% |
| 2023 | 2.37% |
| 2022 | 4.51% |
| 2021 | 2.87% |
| 2020 | 1.45% |
| 2019 | -2.16% |
| 2018 | 13.2% |
| 2017 | 25.8% |
| 2016 | 25.9% |
| 2015 | 10.4% |
| 2014 | 2.43% |
| 2013 | 2.61% |
| 2012 | 6.06% |
| 2011 | 15.5% |
| 2010 | 2.8% |
| 2009 | 2.46% |
| 2008 | 10.4% |
| 2007 | 6.25% |
| 2006 | 1.46% |
| 2005 | 2.65% |
| 2004 | -2.2% |
| 2003 | -2.19% |
| 2002 | -9.8% |
| 2001 | -8.81% |
| 2000 | -2.9% |
| 1999 | 2.65% |
| 1998 | 3.71% |
| 1997 | 3.55% |
| 1996 | 4.03% |
| 1995 | 7.24% |
| 1994 | 5.11% |
| 1993 | 11.1% |
| 1992 | 9.36% |
| 1991 | 11.9% |
| 1990 | 8.45% |
| 1989 | 1.51% |
| 1988 | 6.09% |
| 1987 | 4.36% |
| 1986 | 3.29% |
| 1985 | 9.14% |
| 1984 | 12.5% |
| 1983 | 10.6% |
| 1982 | 10.3% |
| 1981 | 11.2% |
| 1980 | 9.73% |
| 1979 | -6.04% |
| 1978 | 29.4% |
| 1977 | 6.28% |
| 1976 | 5.48% |
| 1975 | 9.12% |
| 1974 | 7.46% |
| 1973 | 7.97% |
| 1972 | -0.25% |
| 1971 | -3.1% |
| 1970 | -5.3% |
| 1969 | 9.79% |
| 1968 | 0.39% |
| 1967 | 7.3% |
| 1966 | 12.2% |
| 1965 | 11.4% |
Data sources: World Bank | Economy & Growth (1965–2024, retrieved 2026-04-06).
GeoRank.org/economy/libya | CC BY
Over the past 20 years, Libya has had an average annual inflation rate of 6.95%. In 2024, inflation was 2.13%. The bar chart above shows consumer price inflation by year.
Balance of trade
|
Libya
|
Rank | |
|---|---|---|
|
Current account balance
|
$1.86B
2023 |
46/190 |
| Current account balance, % of GDP |
+4.24%
2023 |
38/190 |
| Goods imports |
$23.2B
2023 |
76/189 |
| Goods exports |
$37.1B
2023 |
62/189 |
| Service imports |
$10.1B
2023 |
69/189 |
| Service exports |
$642M
2023 |
140/189 |
| Imports of goods and services, % of GDP |
56.8%
2024 |
58/181 |
| Exports of goods and services, % of GDP |
72%
2024 |
25/193 |
Libya top 10 trading partners
Libya's biggest trading partner accounting for 24.8% of all exports and imports is Italy, with a trade balance between the two of +$8.34B: Libya exports $9.73B worth of goods and services to Italy and imports $1.39B.
Below is the list of the top 10 trade partners of Libya.
| Rank | Country | Trade value | Share of total trade | Export to | Import from | Top export to | Top import from |
|---|---|---|---|---|---|---|---|
| 1 |
Italy
|
$11.1B | 24.8% | $9.73B | $1.39B | Raw materials & minerals | Raw materials & minerals |
| 2 |
China
|
$9.03B | 20.1% | $6.58B | $2.45B | Raw materials & minerals | Textiles & consumer goods |
| 3 |
Spain
|
$3.88B | 8.64% | $3.41B | $468M | Raw materials & minerals | Animal & marine products |
| 4 |
UAE
|
$2.57B | 5.72% | $1.21B | $1.35B | Precious metals & jewellery | Machinery & equipment |
| 5 |
Turkey
|
$2.55B | 5.68% | $481M | $2.07B | Precious metals & jewellery | Textiles & consumer goods |
| 6 |
France
|
$1.68B | 3.73% | $1.47B | $210M | Raw materials & minerals | Chemicals & pharma |
| 7 |
Netherlands
|
$1.26B | 2.8% | $662M | $595M | Raw materials & minerals | Raw materials & minerals |
| 8 |
United States
|
$1.19B | 2.65% | $777M | $413M | Raw materials & minerals | Machinery & equipment |
| 9 |
Greece
|
$1.14B | 2.55% | $694M | $451M | Raw materials & minerals | Raw materials & minerals |
| 10 |
Germany
|
$914M | 2.04% | $411M | $503M | Raw materials & minerals | Machinery & equipment |
Top 10 exports
|
Libya
|
Rank | |
|---|---|---|
| Raw materials & minerals | $27.7B | 39/193 |
| Precious metals & jewellery | $1.2B | 60/190 |
| Metals | $298M | 104/192 |
| Transport & tourism services | $92.8M | 157/188 |
| Business & finance services | $55.5M | 136/188 |
| Chemicals & pharma | $35.7M | 129/193 |
| IT & IP services | $26.6M | 136/183 |
| Animal & marine products | $25.9M | 133/192 |
| Machinery & equipment | $25.9M | 153/193 |
| Miscellaneous | $12.9M | 98/191 |
Top 10 imports
|
Libya
|
Rank | |
|---|---|---|
| Transport & tourism services | $5.44B | 62/188 |
| Machinery & equipment | $4.4B | 91/193 |
| Raw materials & minerals | $2.77B | 102/193 |
| Textiles & consumer goods | $2.08B | 75/193 |
| Business & finance services | $1.96B | 67/188 |
| Processed food, beverages & tobacco | $1.74B | 78/193 |
| Chemicals & pharma | $1.42B | 101/193 |
| Raw agricultural goods | $918M | 89/193 |
| Government & miscellaneous services | $874M | 23/180 |
| Animal & marine products | $740M | 72/193 |
Economic freedom indices
|
Libya
|
Rank | |
|---|---|---|
| Economic freedom | 35.9 | 189/197 |
| Property rights | 6.3 | 174/182 |
| Government integrity | 10.3 | 175/182 |
| Judicial effectiveness | 4.9 | 176/182 |
| Tax burden | 95 | 13/182 |
| Government spending | 0 | 177/180 |
| Fiscal health | 19.9 | 152/181 |
| Business freedom | 32.4 | 170/182 |
| Labor freedom | 48.2 | 146/182 |
| Monetary freedom | 75.2 | 77/180 |
| Trade freedom | 80 | 26/181 |
| Investment freedom | 5 | 176/181 |
| Financial freedom | 20 | 167/181 |
Economic freedom by year
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 2026 | - | 4.9 | 95 | - | - |
| 2025 | - | 3.6 | - | - | - |
| 2024 | - | 4.2 | 93.2 | - | - |
| 2023 | - | 12.5 | - | - | - |
| 2022 | - | - | - | - | - |
| 2021 | - | 19.7 | - | 0 | 19.9 |
| 2020 | - | 20.8 | - | 0 | - |
| 2019 | - | 24.4 | - | 0 | 20 |
| 2018 | - | 22.1 | 90.5 | 0 | 19.9 |
| 2017 | - | 22.6 | 95 | 0 | 11.4 |
| 2016 | - | - | 95 | 0 | - |
| 2015 | - | - | 95 | 37.5 | - |
| 2014 | - | - | 95 | 0 | - |
| 2013 | - | - | - | - | - |
| 2012 | 35.9 | - | 80.2 | 17.9 | - |
| 2011 | 38.6 | - | 80.3 | 44.5 | - |
| 2010 | 40.2 | - | 81.7 | 62.8 | - |
| 2009 | 43.5 | - | 81.7 | 68.1 | - |
| 2008 | 38.7 | - | 81.7 | 63.5 | - |
| 2007 | 37 | - | 81.7 | 43.8 | - |
| 2006 | 33.2 | - | 52.2 | 41.4 | - |
| 2005 | 32.8 | - | 47.1 | 49.8 | - |
| 2004 | 31.5 | - | 32.3 | 68.1 | - |
| 2003 | 34.6 | - | 53 | 72.1 | - |
| 2002 | 35.4 | - | 51.3 | 64.7 | - |
| 2001 | 34 | - | 53.6 | 54.6 | - |
| 2000 | 34.7 | - | 53.9 | 61.1 | - |
| 1999 | 32.3 | - | 33.3 | 61.1 | - |
| 1998 | 32 | - | 33.3 | 61.1 | - |
| 1997 | 28.9 | - | 33.3 | 61.1 | - |
| 1996 | 31.7 | - | 33.3 | 73 | - |
Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09).
GeoRank.org/economy/libya | CC BY
Libya is ranked 174/177 for economic freedom with a score of 35.9, compared to 135/140 and a score of 31.7 in 1996.
Other economic metrics
|
Libya
|
Rank | |
|---|---|---|
| Services, % of GDP |
28.3%
2024 |
190/191 |
| Industry, % of GDP |
73.5%
2024 |
2/194 |
| Agriculture, forestry, and fishing, % of GDP |
2.39%
2024 |
145/193 |
|
GNI, Atlas method
|
$50.9B
2024 |
91/194 |
| GNI per capita, PPP |
$15,400
2024 |
106/191 |
| Total reserves including gold |
$92.9B
2024 |
29/177 |
|
Net foreign direct investment
|
-$795M
2023 |
112/189 |
|
Net inflows of foreign direct investment
|
$0
2024 |
170/193 |
|
Net outflows of foreign direct investment
|
-$56.5M
2024 |
180/193 |
| Poverty at national poverty lines |
7.4%
2005 |
161/176 |
|
Gross capital formation, % of GDP
|
14.3%
2024 |
159/178 |
Compare Libya vs other countries
GDP per capita map
Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).
GeoRank.org/economy/libya | CC BY
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Data sources:
- World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
- The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09)
- U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
- TradeMap (2019–2021, retrieved 2026-02-08)
- International Monetary Fund (IMF) | Fiscal Monitor (2024, retrieved 2026-02-20)
- Central Intelligence Agency (CIA) (2004–2005, retrieved 2026-02-20)
- United Nations | World Population Prospects (2026, retrieved 2026-03-10)
- LivingCost (2026, retrieved 2025-10-14)
Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.
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.