Skip to content

Economy of Libya vs North Macedonia compared: GDP & Debt

Updated on by Georank team

Libya has a GDP of $46.6B compared to $16.7B for North Macedonia, ranking 96/197 and 138/197 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.

Libya
GDP, current $

GDP, constant 2015 $
North Macedonia
GDP, current $

GDP, constant 2015 $
Year GDP
Libya North Macedonia
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 $14,710,912,458 $43,125,063,344 - -
1976 $19,096,943,017 $52,992,488,552 - -
1977 $22,428,297,108 $57,683,765,284 - -
1978 $22,136,422,643 $59,590,166,895 - -
1979 $30,536,429,497 $64,928,319,577 - -
1980 $40,953,924,949 $65,373,260,707 - -
1981 $36,374,353,880 $52,828,013,782 - -
1982 $33,760,146,991 $54,310,397,843 - -
1983 $33,200,520,140 $52,967,721,371 - -
1984 $29,476,109,153 $50,297,204,632 - -
1985 $31,530,566,324 $54,485,341,416 - -
1986 $24,180,400,959 $48,299,889,591 - -
1987 $26,697,659,335 $41,198,814,143 - -
1988 $24,308,959,591 $44,321,281,890 - -
1989 $25,156,707,899 $47,512,155,858 - -
1990 $28,904,183,602 $49,279,670,598 $4,699,646,643 $7,293,742,777
1991 $31,991,821,265 $56,994,467,921 $4,938,775,510 $6,843,662,858
1992 $33,887,047,909 $55,448,621,741 $2,436,849,342 $6,394,362,794
1993 $30,660,051,911 $53,361,983,286 $2,682,456,897 $5,916,750,488
1994 $28,610,549,763 $54,394,423,864 $3,559,608,640 $5,812,724,182
1995 $25,541,379,187 $53,186,646,293 $4,707,041,315 $5,747,928,136
1996 $27,884,615,385 $54,321,714,851 $4,642,021,256 $5,816,047,056
1997 $30,700,897,875 $57,153,327,139 $3,912,986,091 $5,899,797,048
1998 $27,251,301,398 $55,123,101,078 $3,765,745,023 $6,099,135,594
1999 $35,975,860,857 $55,536,336,508 $3,863,619,285 $6,363,778,789
2000 $38,270,954,138 $57,579,668,503 $3,772,859,034 $6,653,275,728
2001 $34,112,093,927 $56,564,631,725 $3,709,636,031 $6,449,202,687
2002 $20,481,889,764 $56,022,234,981 $4,018,365,747 $6,545,532,201
2003 $26,265,625,000 $63,314,109,953 $4,946,296,599 $6,691,013,308
2004 $33,122,307,692 $66,138,956,973 $5,682,784,472 $7,003,757,264
2005 $47,334,691,241 $73,990,151,521 $6,258,602,873 $7,334,620,965
2006 $60,094,231,607 $78,799,900,129 $6,861,226,972 $7,711,402,290
2007 $68,032,978,391 $83,709,120,342 $8,336,474,974 $8,210,598,903
2008 $86,710,767,415 $83,573,471,187 $9,909,552,435 $8,659,882,990
2009 $60,808,562,033 $79,896,086,549 $9,401,736,825 $8,628,827,363
2010 $75,380,825,062 $83,912,660,700 $9,407,170,321 $8,918,648,176
2011 $48,169,263,294 $41,672,273,291 $10,494,626,768 $9,127,334,380
2012 $92,540,938,129 $77,854,953,190 $9,745,261,301 $9,085,697,011
2013 $75,351,107,029 $63,842,648,631 $10,817,702,346 $9,351,477,060
2014 $57,372,355,592 $49,131,511,071 $11,362,265,253 $9,690,853,712
2015 $48,717,501,321 $48,717,501,321 $10,064,519,963 $10,064,519,963
2016 $49,912,073,701 $47,991,152,063 $10,672,467,073 $10,351,178,143
2017 $67,157,452,182 $63,584,342,258 $11,307,067,070 $10,463,154,366
2018 $76,686,029,772 $68,633,808,774 $12,683,068,114 $10,764,555,646
2019 $69,254,496,472 $60,949,510,656 $12,606,338,449 $11,185,494,934
2020 $46,854,285,441 $42,996,651,438 $12,361,036,914 $10,661,068,595
2021 $35,217,995,647 $55,179,091,533 $14,000,283,827 $11,141,955,230
2022 $43,246,297,922 $50,625,917,040 $13,932,436,550 $11,449,348,867
2023 $45,096,462,972 $55,767,393,125 $15,763,604,288 $11,686,641,441
2024 $46,636,278,902 $55,429,536,118 $16,685,236,492 $12,008,754,399

Economic indicators

Libya North Macedonia
Gross domestic product
$46.6B
2024
$16.7B
2024
GDP rank
96/197
2024
138/197
2024
GDP growth
3.41%
2023-2024
5.85%
2023-2024
GDP per capita
$6,318
2024
$9,310
2024
GDP per capita rank
110/197
2024
88/197
2024
GDP per capita, PPP
$13,954
2024
$26,587
2024
Government debt n/a
$9.15B
2024
Debt-to-GDP ratio n/a
52.9%
2025
Government debt per person n/a
$5,105
2024
Government debt per person rank n/a
78/185
2024
Average annual personal income after taxes
$3,735
2025
$8,472
2025
Income share by richest 10% n/a
22.9%
2019
Income share by poorest 10% n/a
1.9%
2019
Government expenditure, % of GDP
65.7%
2025
39.1%
2025
Consumer prices inflation
2.13%
2023-2024
3.9%
2024-2025
Central bank interest rate n/a
5.35%
2025
Unemployment rate
30%
2004
12.3%
2024
Population
7523849
1783115

GDP per capita in Libya vs North Macedonia

Libya's GDP per capita is $6,318, ranking 110/197, compared to $9,310 in North Macedonia, ranking 88/197. Adjusted for purchasing power (GDP per capita PPP), Libya ranks 119th at $13,954, while North Macedonia ranks 78th at $26,587.

Libya
GDP per capita

GDP per capita, PPP
North Macedonia
GDP per capita

GDP per capita, PPP
Year Current $
Libya North Macedonia
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 $5,721 - - -
1976 $7,018 - - -
1977 $7,783 - - -
1978 $7,252 - - -
1979 $9,443 - - -
1980 $11,960 - - -
1981 $10,044 - - -
1982 $9,064 - - -
1983 $8,927 - - -
1984 $7,811 - - -
1985 $8,087 - - -
1986 $6,019 - - -
1987 $6,465 - - -
1988 $5,736 - - -
1989 $5,793 - - -
1990 $6,502 $17,173 $2,277 $5,347
1991 $7,040 $20,085 $2,402 $5,206
1992 $7,303 $19,572 $1,199 $5,032
1993 $6,478 $18,904 $1,337 $4,828
1994 $5,933 $19,318 $1,786 $4,879
1995 $5,205 $18,952 $2,355 $4,911
1996 $5,591 $19,392 $2,307 $5,025
1997 $6,062 $20,439 $1,960 $5,226
1998 $5,301 $19,639 $1,876 $5,448
1999 $6,895 $19,769 $1,915 $5,724
2000 $7,214 $20,617 $1,862 $6,153
2001 $6,313 $20,332 $1,823 $6,052
2002 $3,718 $20,061 $1,989 $6,395
2003 $4,674 $22,663 $2,445 $6,609
2004 $5,774 $23,813 $2,819 $7,230
2005 $8,079 $26,903 $3,121 $7,972
2006 $10,049 $28,936 $3,440 $8,890
2007 $11,145 $30,929 $4,204 $9,639
2008 $13,906 $30,812 $5,026 $10,924
2009 $9,551 $29,027 $4,800 $11,526
2010 $11,601 $30,234 $4,833 $11,994
2011 $7,594 $15,698 $5,417 $12,421
2012 $14,976 $26,826 $5,050 $12,726
2013 $11,952 $21,151 $5,626 $13,663
2014 $8,926 $17,510 $5,925 $14,485
2015 $7,458 $17,903 $5,263 $15,038
2016 $7,526 $16,961 $5,598 $16,457
2017 $9,966 $18,026 $5,955 $17,161
2018 $11,197 $18,879 $6,714 $18,460
2019 $9,963 $16,194 $6,719 $20,222
2020 $6,650 $10,955 $6,660 $19,962
2021 $4,936 $12,642 $7,621 $22,144
2022 $5,987 $12,273 $7,606 $24,067
2023 $6,173 $13,849 $8,624 $24,390
2024 $6,318 $13,954 $9,310 $26,587

Government deficit by year

In 2024, Libya's government surplus, the difference between spending and revenue, was $70.8M, equivalent to 0.15% of GDP. This compares to North Macedonia's deficit of -$742M, or -4.45% of GDP.

Over the past 28 years, Libya recorded a fiscal deficit in 10 of those years, while North Macedonia ran a deficit in 23 years. On average, Libya posted an annual surplus equal to +3.72% of GDP, compared to deficit of -2.52% of GDP for North Macedonia.

Deficit/surplus
Libya

North Macedonia
Year Deficit/surplus, % of GDP
Libya North Macedonia
1990 3.36% -
1991 8.41% -
1992 0.11% -
1993 -5.77% -
1994 -2.67% -
1995 3.8% -
1996 11.3% -
1997 -2.1% -0.36%
1998 -2.36% -1.63%
1999 5.69% 0.03%
2000 13.6% 2.37%
2001 0.07% -5.88%
2002 6.99% -5.24%
2003 6.17% -0.07%
2004 11.3% 0.37%
2005 30.4% 0.21%
2006 29.1% -0.51%
2007 28.4% 0.58%
2008 27.7% -0.93%
2009 -5.46% -2.63%
2010 11.5% -2.41%
2011 -11.5% -2.47%
2012 24.6% -3.81%
2013 -16.3% -3.84%
2014 -30.5% -4.19%
2015 -28.5% -3.48%
2016 -29.3% -2.7%
2017 -11.1% -2.73%
2018 9.39% -1.76%
2019 11.9% -1.97%
2020 -22.3% -8.05%
2021 14.8% -5.32%
2022 23.6% -5.23%
2023 8.22% -4.61%
2024 0.15% -4.45%
2025 0.21% -5.04%

Inflation comparison by year

Over the past 29 years, Libya has recorded an average annual inflation rate of 4.38%, compared with 2.62% in North Macedonia. In 2024, inflation was 2.13% in Libya and 3.9% in North Macedonia.

Inflation
Libya

North Macedonia
Year Inflation
Libya North Macedonia Libya North Macedonia
1996 4.03% 2.5%
1997 3.55% 1.3%
1998 3.71% 0.5%
1999 2.65% -1.3%
2000 -2.9% 6.6%
2001 -8.81% 5.2%
2002 -9.8% 1.1%
2003 -2.19% 0.9%
2004 -2.2% -0.4%
2005 2.65% 0.5%
2006 1.46% 3.2%
2007 6.25% 2.3%
2008 10.4% 8.3%
2009 2.46% -0.7%
2010 2.8% 1.5%
2011 15.5% 3.9%
2012 6.06% 3.3%
2013 2.61% 2.8%
2014 2.43% -0.3%
2015 10.4% -0.3%
2016 25.9% -0.2%
2017 25.8% 1.4%
2018 13.2% 1.5%
2019 -2.16% 0.8%
2020 1.45% 1.2%
2021 2.87% 3.2%
2022 4.51% 14.2%
2023 2.37% 9.4%
2024 2.13% 3.5%
2025 - 3.9%

Top exports between countries

Libya
Export category Export value
North Macedonia
Export category Export value
Chemicals & pharma $356K
Processed food, beverages & tobacco $214K
Machinery & equipment $208K
Raw materials & minerals $149K
Textiles & consumer goods $49K
Metals $23K
Raw agricultural goods $20K
Animal & marine products $1K
Wood & paper products $1K

Balance of trade

Libya North Macedonia
Current account balance
$1.86B
2023
-$374M
2024
Current account balance ranking
46/189
2023
101/189
2024
Current account balance, % of GDP
+4.13%
2023
-2.24%
2024
Goods imports
$23.2B
2023
$10.6B
2024
Goods exports
$37.1B
2023
$7.28B
2024
Service imports
$10.1B
2023
$2.01B
2024
Service exports
$642M
2023
$3.16B
2024
Imports of goods and services, % of GDP
59.1%
2024
75.8%
2024
Exports of goods and services, % of GDP
74.8%
2024
62.7%
2024

Economic freedom indices

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

Libya North Macedonia
Economic freedom 35.9 63.2
Economic freedom ranking 189/197 80/197
Property rights 5.7 59.1
Government integrity 11.7 43.6
Judicial effectiveness 3.6 49.7
Tax burden 93.2 94.8
Government spending 0 60.6
Fiscal health 19.9 50.9
Business freedom 31.1 74.2
Labor freedom 48.6 57.6
Monetary freedom 75.1 65
Trade freedom 80 77.8
Investment freedom 5 65
Financial freedom 20 60

Economic freedom by year comparison

The Economic Freedom Index for Libya is 35.9, ranking 189/197, compared to 63.2 for North Macedonia, ranking 80/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Libya
North Macedonia
Year Economic freedom index
Libya North Macedonia
1996 31.7 -
1997 28.9 -
1998 32 -
1999 32.3 -
2000 34.7 -
2001 34 -
2002 35.4 58
2003 34.6 60.1
2004 31.5 56.8
2005 32.8 56.1
2006 33.2 59.2
2007 37 60.6
2008 38.7 61.1
2009 43.5 61.2
2010 40.2 65.7
2011 38.6 66
2012 35.9 68.5
2013 - 68.2
2014 - 68.6
2015 - 67.1
2016 - 67.5
2017 - 70.7
2018 - 71.3
2019 - 71.1
2020 - 69.5
2021 - 68.6
2022 - 65.7
2023 - 63.7
2024 - 61.4
2025 - 63.2

More economic indicators

Libya North Macedonia
Services, % of GDP
34.3%
2024
59.2%
2024
Industry, % of GDP
68.3%
2024
22.7%
2024
Agriculture, forestry, and fishing, % of GDP
1.74%
2024
5.97%
2024
GNI, Atlas method
$46.6B
2024
$15B
2024
GNI per capita, PPP
$14,050
2024
$25,210
2024
Total reserves including gold
$92.9B
2024
$5.25B
2024
Total reserves ranking
29/177
2024
97/177
2024
Net foreign direct investment
-$795M
2023
-$1.18B
2024
Net inflows of foreign direct investment
$795M
2023
$1.17B
2024
Net outflows of foreign direct investment
-$56.5M
2024
-$2.99M
2024
Servicing debt to the IMF, % of GNI
n/a
11.6%
2023
Poverty at national poverty lines
7.4%
2005
22.2%
2022
Gross capital formation, % of GDP
14.8%
2024
28.4%
2024

GDP per capita map

GDP per capita

Compare countries by 7 more topics

Economy comparisons

Economy vs Libya vs North Macedonia
Afghanistan Compare Compare
Albania Compare Compare
Algeria Compare Compare
Andorra Compare Compare
Angola Compare Compare
Antigua Compare Compare
Argentina Compare Compare
Armenia Compare Compare
Australia Compare Compare
Austria Compare Compare
Azerbaijan Compare Compare
Bahamas Compare Compare
Bahrain Compare Compare
Bangladesh Compare Compare
Barbados Compare Compare
Belarus Compare Compare
Belgium Compare Compare
Belize Compare Compare
Benin Compare Compare
Bhutan Compare Compare
Bolivia Compare Compare
Bosnia Compare Compare
Botswana Compare Compare
Brazil Compare Compare
Brunei Compare Compare
Bulgaria Compare Compare
Burkina Faso Compare Compare
Burundi Compare Compare
Cambodia Compare Compare
Cameroon Compare Compare
Canada Compare Compare
Cape Verde Compare Compare
Cayman Islands Compare Compare
CAR Compare Compare
Chad Compare Compare
Chile Compare Compare
China Compare Compare
Colombia Compare Compare
Comoros Compare Compare
Congo Compare Compare
Costa Rica Compare Compare
Croatia Compare Compare
Cuba Compare Compare
Curacao Compare Compare
Cyprus Compare Compare
Czech Republic Compare Compare
DR Congo Compare Compare
Denmark Compare Compare
Djibouti Compare Compare
Dominica Compare Compare
Dominican Republic Compare Compare
East Timor Compare Compare
Ecuador Compare Compare
Egypt Compare Compare
El Salvador Compare Compare
Equatorial Guinea Compare Compare
Eritrea Compare Compare
Estonia Compare Compare
Eswatini Compare Compare
Ethiopia Compare Compare
Fiji Compare Compare
Finland Compare Compare
France Compare Compare
Gabon Compare Compare
Gambia Compare Compare
Georgia Compare Compare
Germany Compare Compare
Ghana Compare Compare
Greece Compare Compare
Grenada Compare Compare
Guatemala Compare Compare
Guinea Compare Compare
Guinea-Bissau Compare Compare
Guyana Compare Compare
Haiti Compare Compare
Honduras Compare Compare
Hungary Compare Compare
Iceland Compare Compare
India Compare Compare
Indonesia Compare Compare
Iran Compare Compare
Iraq Compare Compare
Ireland Compare Compare
Israel Compare Compare
Italy Compare Compare
Ivory Coast Compare Compare
Jamaica Compare Compare
Japan Compare Compare
Jordan Compare Compare
Kazakhstan Compare Compare
Kenya Compare Compare
Kiribati Compare Compare
Kuwait Compare Compare
Kyrgyzstan Compare Compare
Laos Compare Compare
Latvia Compare Compare
Lebanon Compare Compare
Lesotho Compare Compare
Liberia Compare Compare
Liechtenstein Compare Compare
Lithuania Compare Compare
Luxembourg Compare Compare
Madagascar Compare Compare
Malawi Compare Compare
Malaysia Compare Compare
Maldives Compare Compare
Mali Compare Compare
Malta Compare Compare
Marshall Islands Compare Compare
Mauritania Compare Compare
Mauritius Compare Compare
Mexico Compare Compare
Moldova Compare Compare
Monaco Compare Compare
Mongolia Compare Compare
Montenegro Compare Compare
Morocco Compare Compare
Mozambique Compare Compare
Myanmar Compare Compare
Namibia Compare Compare
Nauru Compare Compare
Nepal Compare Compare
Netherlands Compare Compare
New Zealand Compare Compare
Nicaragua Compare Compare
Niger Compare Compare
Nigeria Compare Compare
North Korea Compare Compare
Norway Compare Compare
Oman Compare Compare
Pakistan Compare Compare
Palau Compare Compare
Palestine Compare Compare
Panama Compare Compare
Papua New Guinea Compare Compare
Paraguay Compare Compare
Peru Compare Compare
Philippines Compare Compare
Poland Compare Compare
Portugal Compare Compare
Qatar Compare Compare
Romania Compare Compare
Russia Compare Compare
Rwanda Compare Compare
Saint Kitts Compare Compare
Saint Lucia Compare Compare
Saint Vincent Compare Compare
Samoa Compare Compare
San Marino Compare Compare
Sao Tome Compare Compare
Saudi Arabia Compare Compare
Senegal Compare Compare
Serbia Compare Compare
Seychelles Compare Compare
Sierra Leone Compare Compare
Singapore Compare Compare
Slovakia Compare Compare
Slovenia Compare Compare
Solomon Islands Compare Compare
Somalia Compare Compare
South Africa Compare Compare
South Korea Compare Compare
South Sudan Compare Compare
Spain Compare Compare
Sri Lanka Compare Compare
Sudan Compare Compare
Suriname Compare Compare
Sweden Compare Compare
Switzerland Compare Compare
Syria Compare Compare
Taiwan Compare Compare
Tajikistan Compare Compare
Tanzania Compare Compare
Thailand Compare Compare
Togo Compare Compare
Tonga Compare Compare
Trinidad Compare Compare
Tunisia Compare Compare
Turkey Compare Compare
Turkmenistan Compare Compare
Tuvalu Compare Compare
Uganda Compare Compare
Ukraine Compare Compare
UAE Compare Compare
United Kingdom Compare Compare
United States Compare Compare
Uruguay Compare Compare
Uzbekistan Compare Compare
Vanuatu Compare Compare
Vatican Compare Compare
Venezuela Compare Compare
Vietnam Compare Compare
Yemen Compare Compare
Zambia Compare Compare
Zimbabwe Compare Compare

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.