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Economy of Libya vs Malawi compared: GDP & Debt

Updated on by Georank team

Libya has a GDP of $48.5B compared to $11.3B for Malawi, ranking 95/197 and 151/197 by economy size, respectively.

Libya vs Malawi GDP by year

Libya
Malawi
1x
Year GDP, current $
Libya Malawi
2024 $48,487,151,215 $11,316,411,329
2023 $44,027,664,915 $13,363,669,673
2022 $43,246,297,922 $12,429,059,928
2021 $35,217,995,647 $12,378,119,199
2020 $46,854,285,441 $11,769,313,598
2019 $69,254,496,472 $11,051,852,713
2018 $76,686,029,772 $9,879,220,354
2017 $67,157,452,182 $8,943,543,794
2016 $49,912,073,701 $7,909,868,618
2015 $48,717,501,321 $9,219,474,379
2014 $57,372,355,592 $8,801,326,169
2013 $75,351,107,029 $8,031,571,928
2012 $92,540,938,129 $8,773,203,178
2011 $48,169,263,294 $11,648,142,958
2010 $75,380,825,062 $10,128,323,011
2009 $60,808,562,033 $9,009,887,947
2008 $86,710,767,415 $7,743,617,352
2007 $68,032,978,391 $6,451,210,219
2006 $60,094,231,607 $5,818,279,739
2005 $47,334,691,241 $5,320,409,651
2004 $33,122,307,692 $5,058,726,350
2003 $26,265,625,000 $4,669,789,300
2002 $20,481,889,764 $5,087,328,438
2001 $34,112,093,927 $2,498,008,665
2000 $38,270,954,138 $2,537,307,580
1999 $35,975,860,857 $2,584,478,924
1998 $27,251,301,398 $2,547,609,590
1997 $30,700,897,875 $3,875,785,863
1996 $27,884,615,385 $3,319,573,750
1995 $25,541,379,187 $2,033,701,498
1994 $28,610,549,763 $1,719,864,761
1993 $30,660,051,911 $3,013,392,658
1992 $33,887,047,909 $2,618,837,835
1991 $31,991,821,265 $3,206,783,830
1990 $28,904,183,602 $2,737,087,862
1989 $25,156,707,899 $2,314,205,130
1988 $24,308,959,591 $2,008,189,508
1987 $26,697,659,335 $1,721,711,808
1986 $24,180,400,959 $1,722,586,299
1985 $31,530,566,324 $1,646,442,273
1984 $29,476,109,153 $1,758,028,656
1983 $33,200,520,140 $1,780,148,049
1982 $33,760,146,991 $1,717,379,495
1981 $36,374,353,880 $1,801,193,910
1980 $40,953,924,949 $1,801,156,775
1979 $30,536,429,497 -
1978 $22,136,422,643 -
1977 $22,428,297,108 -
1976 $19,096,943,017 -
1975 $14,710,912,458 -
1974 $15,112,543,717 -
1973 $8,625,889,430 -
1972 $6,299,395,544 -
1971 $5,260,185,125 -
1970 $4,601,649,451 -
1969 $4,380,987,481 -
1968 $3,850,623,095 -
1967 $2,726,986,913 -
1966 $2,312,438,536 -
1965 $1,804,979,680 -
1964 $1,341,395,421 -
1963 $892,327,911 -
1962 $619,725,785 -
1961 $443,905,612 -
1960 $401,644,249 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/libya/malawi | CC BY

GDP per capita in Libya vs Malawi by year

Libya
GDP per capita

GDP per capita, PPP
Malawi
GDP per capita

GDP per capita, PPP
1x
Year Current $
Libya Malawi
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $6,569 $14,304 $523 $1,858
2023 $6,027 $13,847 $633 $1,830
2022 $5,987 $12,266 $604 $1,778
2021 $4,936 $12,642 $617 $1,688
2020 $6,650 $10,955 $603 $1,513
2019 $9,963 $16,194 $581 $1,450
2018 $11,197 $18,879 $533 $1,364
2017 $9,966 $18,026 $496 $1,380
2016 $7,526 $16,961 $451 $1,410
2015 $7,458 $17,903 $540 $1,403
2014 $8,926 $17,510 $530 $1,506
2013 $11,952 $21,151 $497 $1,558
2012 $14,976 $26,826 $558 $1,464
2011 $7,594 $15,698 $763 $1,516
2010 $11,601 $30,234 $683 $1,458
2009 $9,551 $29,027 $626 $1,388
2008 $13,906 $30,812 $554 $1,311
2007 $11,145 $30,929 $475 $1,231
2006 $10,049 $28,936 $441 $1,124
2005 $8,079 $26,903 $414 $1,071
2004 $5,774 $23,813 $405 $1,033
2003 $4,674 $22,663 $383 $979
2002 $3,718 $20,061 $428 $931
2001 $6,313 $20,332 $215.5 $924
2000 $7,214 $20,617 $224.2 $974
1999 $6,895 $19,769 $233.9 $961
1998 $5,301 $19,639 $236 $941
1997 $6,062 $20,439 $367 $915
1996 $5,591 $19,392 $321 $884
1995 $5,205 $18,952 $200.4 $825
1994 $5,933 $19,318 $169.2 $692
1993 $6,478 $18,904 $293 $746
1992 $7,303 $19,572 $258.4 $674
1991 $7,040 $20,085 $326 $732
1990 $6,502 $17,173 $286.7 $672
1989 $5,793 - $252.2 -
1988 $5,736 - $229.4 -
1987 $6,465 - $207.6 -
1986 $6,019 - $217.9 -
1985 $8,087 - $216.1 -
1984 $7,811 - $239.7 -
1983 $8,927 - $252.4 -
1982 $9,064 - $253.3 -
1981 $10,044 - $276.4 -
1980 $11,960 - $287.5 -
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/malawi | CC BY

Libya's GDP per capita is $6,569, ranking 107/197, compared to $523 in Malawi, ranking 194/197. Adjusted for purchasing power (GDP per capita PPP), Libya ranks 118th at $14,304, while Malawi ranks 189th at $1,858.

Economic indicators

Libya Malawi
Gross domestic product
$48.5B
2024
$11.3B
2024
GDP rank
95/197
2024
151/197
2024
GDP growth
1.9%
2023-2024
1.67%
2023-2024
GDP per capita
$6,569
2024
$523
2024
GDP per capita rank
107/197
2024
194/197
2024
GDP per capita, PPP
$14,304
2024
$1,858
2024
GDP per capita PPP rank
118/197
2024
189/197
2024
Government debt n/a
$9.91B
2024
Debt-to-GDP ratio n/a
87.6%
2024
Government debt per person n/a
$458
2024
Government debt per person rank n/a
168/185
2024
Average annual personal income after taxes
$3,172
2026
$3,031
2026
Income share by richest 10% n/a
31%
2019
Income share by poorest 10% n/a
2.9%
2019
Government expenditure, % of GDP
94.8%
2024
29.5%
2024
Consumer prices inflation
2.13%
2023-2024
32.2%
2023-2024
Central bank interest rate n/a
26%
2024
Unemployment rate
30%
2004
15.4%
2024
Population
7559873
22949294

Government deficit by year

Deficit/surplus
Libya

Malawi
1x
Year Deficit/surplus, % of GDP
Libya Malawi
2024 -25.1% -11%
2023 8.22% -7.84%
2022 23.6% -9.32%
2021 14.8% -8.34%
2020 -22.3% -8.03%
2019 11.9% -4.55%
2018 9.39% -4.35%
2017 -11.1% -5.15%
2016 -29.3% -4.9%
2015 -28.5% -4.17%
2014 -30.5% -3.08%
2013 -16.3% -3.73%
2012 24.6% -1.45%
2011 -11.5% -2.85%
2010 11.5% 0.63%
2009 -5.46% -2.97%
2008 27.7% -2.92%
2007 28.4% -2.56%
2006 29.1% -0.05%
2005 30.4% -1.63%
2004 11.3% -2.61%
2003 6.17% -2.6%
2002 6.99% -4.47%
2001 0.07% -
2000 13.6% -
1999 5.69% -
1998 -2.36% -
1997 -2.1% -
1996 11.3% -
1995 3.8% -
1994 -2.67% -
1993 -5.77% -
1992 0.11% -
1991 8.41% -
1990 3.36% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/libya/malawi | CC BY

In 2024, Libya's government deficit, the difference between spending and revenue, was $12.1B, equivalent to 25.1% of GDP. This compares to Malawi's deficit of $1.24B, or 11% of GDP.

Over the past 23 years, Libya recorded a fiscal deficit in 9 of those years, while Malawi ran a deficit in 22 years. On average, Libya posted an annual surplus equal to 2.79% of GDP, compared to deficit of 4.26% of GDP for Malawi.

Inflation comparison by year

Inflation
Libya

Malawi
1x
Year Consumer prices inflation
Libya Malawi
2024 2.13% 32.2%
2023 2.37% 28.8%
2022 4.51% 20.8%
2021 2.87% 9.3%
2020 1.45% 8.6%
2019 -2.16% 9.4%
2018 13.2% 9.2%
2017 25.8% 11.5%
2016 25.9% 21.7%
2015 10.4% 21.9%
2014 2.43% 23.8%
2013 2.61% 28.3%
2012 6.06% 21.3%
2011 15.5% 7.6%
2010 2.8% 7.4%
2009 2.46% 8.4%
2008 10.4% 8.7%
2007 6.25% 7.9%
2006 1.46% 13.9%
2005 2.65% 15.5%
2004 -2.2% 11.4%
2003 -2.19% 9.6%
2002 -9.8% 14.7%
2001 -8.81% 22.7%
2000 -2.9% 29.6%
1999 2.65% 44.8%
1998 3.71% 29.8%
1997 3.55% 9.1%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/libya/malawi | CC BY

Over the past 28 years, Libya has recorded an average annual inflation rate of 4.39%, compared with 17.4% in Malawi. In 2024, inflation was 2.13% in Libya and 32.2% in Malawi.

Balance of trade

Libya Malawi
Current account balance
$1.86B
2023
-$2.13B
2024
Current account balance ranking
46/190
2023
145/190
2024
Current account balance, % of GDP
+4.24%
2023
-18.8%
2024
Goods imports
$23.2B
2023
$3.02B
2024
Goods exports
$37.1B
2023
$1.02B
2024
Service imports
$10.1B
2023
$895M
2024
Service exports
$642M
2023
$508M
2024
Imports of goods and services, % of GDP
56.8%
2024
31.2%
2023
Exports of goods and services, % of GDP
72%
2024
11.2%
2023

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Libya Malawi
Economic freedom 35.9 50.7
Economic freedom ranking 189/197 159/197
Property rights 6.3 49.5
Government integrity 10.3 35
Judicial effectiveness 4.9 51.8
Tax burden 95 77
Government spending 0 77.8
Fiscal health 19.9 4.7
Business freedom 32.4 34.1
Labor freedom 48.2 55.2
Monetary freedom 75.2 55.1
Trade freedom 80 68.6
Investment freedom 5 50
Financial freedom 20 50

Economic freedom comparison by year

Libya
Malawi
1x
Year Economic freedom index
Libya Malawi
2026 - 50.7
2025 - 50.9
2024 - 52.1
2023 - 52.8
2022 - 53
2021 - 53
2020 - 52.8
2019 - 51.4
2018 - 52
2017 - 52.2
2016 - 51.8
2015 - 54.8
2014 - 55.4
2013 - 55.3
2012 35.9 56.4
2011 38.6 55.8
2010 40.2 54.1
2009 43.5 53.7
2008 38.7 52.7
2007 37 52.9
2006 33.2 55.4
2005 32.8 53.6
2004 31.5 53.6
2003 34.6 53.2
2002 35.4 56.9
2001 34 56.2
2000 34.7 57.4
1999 32.3 54
1998 32 54.1
1997 28.9 53.4
1996 31.7 56.2
1995 - 54.7

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/libya/malawi | CC BY

The Economic Freedom Index for Libya is 35.9, ranking 189/197, compared to 50.7 for Malawi, ranking 159/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Libya Malawi
Services, % of GDP
28.3%
2024
44.2%
2024
Industry, % of GDP
73.5%
2024
17.1%
2024
Agriculture, forestry, and fishing, % of GDP
2.39%
2024
31.8%
2024
GNI, Atlas method
$50.9B
2024
$12.3B
2024
GNI per capita, PPP
$15,400
2024
$1,830
2024
Total reserves including gold
$92.9B
2024
$594M
2020
Total reserves ranking
29/177
2024
154/177
2020
Net foreign direct investment
-$795M
2023
-$202M
2024
Net inflows of foreign direct investment
$0
2024
$681M
2024
Net outflows of foreign direct investment
-$56.5M
2024
$56.4M
2024
Servicing debt to the IMF, % of GNI n/a
1.47%
2024
Poverty at national poverty lines
7.4%
2005
50.7%
2019
Gross capital formation, % of GDP
14.3%
2024
14.5%
2023

GDP per capita map

1x

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/malawi | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. Central Intelligence Agency (CIA) (2004–2005, retrieved 2026-02-20)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

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.