Libya has a GDP of $48.5B compared to $277M for Palau, ranking 95/197 and 194/197 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 | |||
|---|---|---|---|---|
Libya
|
Palau
|
|||
| 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 | $11,563,041 | $148,308,262 |
| 1971 | $5,260,185,125 | $30,498,091,672 | $12,706,874 | $148,495,634 |
| 1972 | $6,299,395,544 | $33,281,298,886 | $13,956,474 | $149,002,451 |
| 1973 | $8,625,889,430 | $33,925,831,082 | $15,331,889 | $149,303,473 |
| 1974 | $15,112,543,717 | $41,455,139,018 | $16,848,759 | $149,461,040 |
| 1975 | $14,710,912,458 | $43,125,063,344 | $18,521,112 | $149,498,804 |
| 1976 | $19,096,943,017 | $52,992,488,552 | $20,364,420 | $149,436,726 |
| 1977 | $22,428,297,108 | $57,683,765,284 | $22,308,104 | $151,573,827 |
| 1978 | $22,136,422,643 | $59,590,166,895 | $24,530,015 | $150,833,245 |
| 1979 | $30,536,429,497 | $64,928,319,577 | $27,004,251 | $150,268,907 |
| 1980 | $40,953,924,949 | $65,373,260,707 | $29,728,054 | $149,706,684 |
| 1981 | $36,374,353,880 | $52,828,013,782 | $32,726,594 | $149,146,561 |
| 1982 | $33,760,146,991 | $54,310,397,843 | $36,027,583 | $148,588,530 |
| 1983 | $33,200,520,140 | $52,967,721,371 | $39,661,530 | $151,459,273 |
| 1984 | $29,476,109,153 | $50,297,204,632 | $44,814,259 | $158,459,716 |
| 1985 | $31,530,566,324 | $54,485,341,416 | $51,030,637 | $167,074,388 |
| 1986 | $24,180,400,959 | $48,299,889,591 | $58,109,314 | $176,157,398 |
| 1987 | $26,697,659,335 | $41,198,814,143 | $66,169,905 | $185,734,205 |
| 1988 | $24,308,959,591 | $44,321,281,890 | $75,348,615 | $195,831,657 |
| 1989 | $25,156,707,899 | $47,512,155,858 | $85,800,543 | $206,478,058 |
| 1990 | $28,904,183,602 | $49,279,670,598 | $97,702,303 | $217,703,251 |
| 1991 | $31,991,821,265 | $56,994,467,921 | $106,555,300 | $228,382,085 |
| 1992 | $33,887,047,909 | $55,448,621,741 | $104,771,300 | $213,765,541 |
| 1993 | $30,660,051,911 | $53,361,983,286 | $96,455,700 | $187,472,296 |
| 1994 | $28,610,549,763 | $54,394,423,864 | $106,138,500 | $201,157,831 |
| 1995 | $25,541,379,187 | $53,186,646,293 | $121,018,500 | $223,084,012 |
| 1996 | $27,884,615,385 | $54,321,714,851 | $137,494,600 | $246,284,846 |
| 1997 | $30,700,897,875 | $57,153,327,139 | $143,860,800 | $251,949,376 |
| 1998 | $27,251,301,398 | $55,123,101,078 | $149,079,600 | $256,988,326 |
| 1999 | $35,975,860,857 | $55,536,336,508 | $144,206,500 | $243,110,935 |
| 2000 | $38,270,954,138 | $57,579,668,503 | $149,551,483 | $236,780,563 |
| 2001 | $34,112,093,927 | $56,564,631,725 | $159,446,228 | $254,174,212 |
| 2002 | $20,481,889,764 | $56,022,234,981 | $162,658,722 | $266,158,469 |
| 2003 | $26,265,625,000 | $63,314,109,953 | $154,566,788 | $260,495,248 |
| 2004 | $33,122,307,692 | $66,138,956,973 | $166,363,739 | $269,540,972 |
| 2005 | $47,334,691,241 | $73,990,151,521 | $190,961,685 | $277,316,764 |
| 2006 | $60,094,231,607 | $78,799,900,129 | $193,611,359 | $277,949,312 |
| 2007 | $68,032,978,391 | $83,709,120,342 | $200,789,764 | $281,625,452 |
| 2008 | $86,710,767,415 | $83,573,471,187 | $201,067,734 | $266,995,278 |
| 2009 | $60,808,562,033 | $79,896,086,549 | $189,854,706 | $249,543,076 |
| 2010 | $75,380,825,062 | $83,912,660,700 | $188,042,374 | $242,947,000 |
| 2011 | $48,169,263,294 | $41,672,273,291 | $198,742,371 | $255,317,876 |
| 2012 | $92,540,938,129 | $77,854,953,190 | $215,616,882 | $259,543,767 |
| 2013 | $75,351,107,029 | $63,842,648,631 | $224,110,611 | $252,919,480 |
| 2014 | $57,372,355,592 | $49,131,511,071 | $245,591,095 | $265,990,771 |
| 2015 | $48,717,501,321 | $48,717,501,321 | $287,057,526 | $287,057,526 |
| 2016 | $49,912,073,701 | $47,991,152,063 | $305,227,020 | $290,866,364 |
| 2017 | $67,157,452,182 | $63,584,342,258 | $292,148,590 | $282,170,907 |
| 2018 | $76,686,029,772 | $68,633,808,774 | $287,998,352 | $278,660,963 |
| 2019 | $69,254,496,472 | $60,949,510,656 | $282,041,290 | $277,652,130 |
| 2020 | $46,854,285,441 | $42,996,651,438 | $261,688,507 | $258,570,955 |
| 2021 | $35,217,995,647 | $55,164,567,213 | $231,343,460 | $224,284,364 |
| 2022 | $43,246,297,922 | $50,586,008,472 | $243,826,813 | $227,677,067 |
| 2023 | $44,027,664,915 | $55,745,806,520 | $276,733,063 | $232,722,386 |
| 2024 | $48,487,151,215 | $56,804,949,261 | - | - |
Economic indicators
|
Libya
|
Palau
|
|
|---|---|---|
| Gross domestic product |
$48.5B
2024 |
$277M
2023 |
| GDP rank |
95/197
2024 |
194/197
2023 |
| GDP growth |
10.1%
2023-2024 |
13.5%
2022-2023 |
| GDP per capita |
$6,569
2024 |
$15,611
2023 |
| GDP per capita rank |
107/197
2024 |
67/197
2023 |
| GDP per capita, PPP |
$14,304
2024 |
$18,230
2023 |
| Average annual personal income after taxes |
$3,735
2026 |
$8,654
2026 |
| Government expenditure, % of GDP |
60.8%
2026 |
53.1%
2026 |
| Consumer prices inflation |
2.13%
2023-2024 |
2.9%
2025-2026 |
| Unemployment rate |
30%
2004 |
0.77%
2020 |
| Population |
7540799
|
17618
|
GDP per capita in Libya vs Palau
Libya's GDP per capita is $6,569, ranking 107/197, compared to $15,611 in Palau, ranking 67/197. Adjusted for purchasing power (GDP per capita PPP), Libya ranks 118th at $14,304, while Palau ranks 103rd at $18,230.
| Year | Current $ | |||
|---|---|---|---|---|
|
Libya
|
Palau
|
|||
| 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 | - | $1,017 | - |
| 1971 | $2,443 | - | $1,081 | - |
| 1972 | $2,830 | - | $1,145 | - |
| 1973 | $3,727 | - | $1,221 | - |
| 1974 | $6,214 | - | $1,328 | - |
| 1975 | $5,721 | - | $1,464 | - |
| 1976 | $7,018 | - | $1,616 | - |
| 1977 | $7,783 | - | $1,781 | - |
| 1978 | $7,252 | - | $1,972 | - |
| 1979 | $9,443 | - | $2,189 | - |
| 1980 | $11,960 | - | $2,423 | - |
| 1981 | $10,044 | - | $2,639 | - |
| 1982 | $9,064 | - | $2,838 | - |
| 1983 | $8,927 | - | $3,049 | - |
| 1984 | $7,811 | - | $3,360 | - |
| 1985 | $8,087 | - | $3,728 | - |
| 1986 | $6,019 | - | $4,144 | - |
| 1987 | $6,465 | - | $4,616 | - |
| 1988 | $5,736 | - | $5,145 | - |
| 1989 | $5,793 | - | $5,741 | - |
| 1990 | $6,502 | $17,173 | $6,403 | $9,609 |
| 1991 | $7,040 | $20,085 | $6,824 | $10,184 |
| 1992 | $7,303 | $19,572 | $6,553 | $9,521 |
| 1993 | $6,478 | $18,904 | $5,892 | $8,348 |
| 1994 | $5,933 | $19,318 | $6,329 | $8,932 |
| 1995 | $5,205 | $18,952 | $7,038 | $9,863 |
| 1996 | $5,591 | $19,392 | $7,788 | $10,800 |
| 1997 | $6,062 | $20,439 | $7,945 | $10,957 |
| 1998 | $5,301 | $19,639 | $8,048 | $11,048 |
| 1999 | $6,895 | $19,769 | $7,630 | $10,388 |
| 2000 | $7,214 | $20,617 | $7,798 | $10,197 |
| 2001 | $6,313 | $20,332 | $8,239 | $11,092 |
| 2002 | $3,718 | $20,061 | $8,340 | $11,704 |
| 2003 | $4,674 | $22,663 | $7,862 | $11,588 |
| 2004 | $5,774 | $23,813 | $8,394 | $12,213 |
| 2005 | $8,079 | $26,903 | $9,635 | $12,960 |
| 2006 | $10,049 | $28,936 | $9,882 | $13,545 |
| 2007 | $11,145 | $30,929 | $10,403 | $14,308 |
| 2008 | $13,906 | $30,812 | $10,578 | $14,039 |
| 2009 | $9,551 | $29,027 | $10,148 | $13,414 |
| 2010 | $11,601 | $30,234 | $10,222 | $13,443 |
| 2011 | $7,594 | $15,698 | $10,994 | $14,673 |
| 2012 | $14,976 | $26,826 | $12,137 | $15,461 |
| 2013 | $11,952 | $21,151 | $12,699 | $15,425 |
| 2014 | $8,926 | $17,510 | $13,863 | $16,442 |
| 2015 | $7,458 | $17,903 | $16,154 | $17,854 |
| 2016 | $7,526 | $16,961 | $17,150 | $18,235 |
| 2017 | $9,966 | $18,026 | $16,402 | $17,991 |
| 2018 | $11,197 | $18,879 | $16,167 | $18,172 |
| 2019 | $9,963 | $16,194 | $15,847 | $18,422 |
| 2020 | $6,650 | $10,955 | $14,708 | $17,390 |
| 2021 | $4,936 | $12,642 | $13,009 | $15,781 |
| 2022 | $5,987 | $12,266 | $13,730 | $17,185 |
| 2023 | $6,027 | $13,847 | $15,611 | $18,230 |
| 2024 | $6,569 | $14,304 | - | - |
Government deficit by year
In 2023, Libya's government surplus, the difference between spending and revenue, was $3.62B, equivalent to 8.22% of GDP. This compares to Palau's surplus of $2.83M, or 1.02% of GDP.
Over the past 24 years, Libya recorded a fiscal deficit in 8 of those years, while Palau ran a deficit in 13 years. On average, Libya posted an annual surplus equal to +4.29% of GDP, compared to deficit of -2.44% of GDP for Palau.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Libya
|
Palau
|
|
| 1990 | 3.36% | - |
| 1991 | 8.41% | - |
| 1992 | 0.11% | - |
| 1993 | -5.77% | - |
| 1994 | -2.67% | - |
| 1995 | 3.8% | - |
| 1996 | 11.3% | - |
| 1997 | -2.1% | - |
| 1998 | -2.36% | - |
| 1999 | 5.69% | - |
| 2000 | 13.6% | -13.4% |
| 2001 | 0.07% | -16.7% |
| 2002 | 6.99% | -12.7% |
| 2003 | 6.17% | -3.17% |
| 2004 | 11.3% | -4.82% |
| 2005 | 30.4% | 1.38% |
| 2006 | 29.1% | 0.14% |
| 2007 | 28.4% | -2.08% |
| 2008 | 27.7% | -1.71% |
| 2009 | -5.46% | -2.14% |
| 2010 | 11.5% | -1.27% |
| 2011 | -11.5% | 1.29% |
| 2012 | 24.6% | 0.98% |
| 2013 | -16.3% | 0.54% |
| 2014 | -30.5% | 3.59% |
| 2015 | -28.5% | 5.08% |
| 2016 | -29.3% | 3.52% |
| 2017 | -11.1% | 4.76% |
| 2018 | 9.39% | 6.18% |
| 2019 | 11.9% | -0.36% |
| 2020 | -22.3% | -13% |
| 2021 | 14.8% | -9.94% |
| 2022 | 23.6% | -5.84% |
| 2023 | 8.22% | 1.02% |
| 2024 | 0.15% | 4.38% |
| 2025 | 0.21% | 2.29% |
| 2026 | 0.17% | 2.11% |
Inflation comparison by year
Over the past 24 years, Libya has recorded an average annual inflation rate of 4.83%, compared with 3.15% in Palau. In 2024, inflation was 2.13% in Libya and 2.9% in Palau.
| Year | Inflation | |
|---|---|---|
|
Libya
|
Palau
|
|
| 1997 | 3.55% | - |
| 1998 | 3.71% | - |
| 1999 | 2.65% | - |
| 2000 | -2.9% | - |
| 2001 | -8.81% | -0.7% |
| 2002 | -9.8% | -0.3% |
| 2003 | -2.19% | 0.6% |
| 2004 | -2.2% | 0.5% |
| 2005 | 2.65% | 3.6% |
| 2006 | 1.46% | 4.2% |
| 2007 | 6.25% | 3% |
| 2008 | 10.4% | 9.9% |
| 2009 | 2.46% | 4.7% |
| 2010 | 2.8% | 1.1% |
| 2011 | 15.5% | 2.6% |
| 2012 | 6.06% | 5.4% |
| 2013 | 2.61% | 2.8% |
| 2014 | 2.43% | 4% |
| 2015 | 10.4% | 2.2% |
| 2016 | 25.9% | -1.3% |
| 2017 | 25.8% | 1.1% |
| 2018 | 13.2% | 2.4% |
| 2019 | -2.16% | 0.4% |
| 2020 | 1.45% | 0.7% |
| 2021 | 2.87% | -0.5% |
| 2022 | 4.51% | 13.2% |
| 2023 | 2.37% | 12.4% |
| 2024 | 2.13% | 3.6% |
| 2025 | - | 1.8% |
| 2026 | - | 2.9% |
Balance of trade
|
Libya
|
Palau
|
|
|---|---|---|
Current account balance
|
$1.86B
2023 |
-$134M
2023 |
| Current account balance ranking |
46/190
2023 |
91/190
2023 |
| Current account balance, % of GDP |
+4.24%
2023 |
-48.5%
2023 |
| Goods imports |
$23.2B
2023 |
$164M
2023 |
| Goods exports |
$37.1B
2023 |
$1.74M
2023 |
| Service imports |
$10.1B
2023 |
$43M
2023 |
| Service exports |
$642M
2023 |
$61.9M
2023 |
| Imports of goods and services, % of GDP |
56.8%
2024 |
80.4%
2023 |
| Exports of goods and services, % of GDP |
72%
2024 |
26.3%
2023 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Libya
|
Palau
|
|
|---|---|---|
| Economic freedom | 35.9 | 62 |
| Economic freedom ranking | 189/197 | 84/197 |
| Property rights | 5.7 | n/a |
| Government integrity | 11.7 | n/a |
| Judicial effectiveness | 3.6 | n/a |
| Tax burden | 93.2 | n/a |
| Government spending | 0 | n/a |
| Fiscal health | 19.9 | n/a |
| Business freedom | 31.1 | n/a |
| Labor freedom | 48.6 | n/a |
| Monetary freedom | 75.1 | n/a |
| Trade freedom | 80 | n/a |
| Investment freedom | 5 | n/a |
| Financial freedom | 20 | n/a |
More economic indicators
|
Libya
|
Palau
|
|
|---|---|---|
| Services, % of GDP |
28.3%
2024 |
74.8%
2023 |
| Industry, % of GDP |
73.5%
2024 |
10.1%
2023 |
| Agriculture, forestry, and fishing, % of GDP |
2.39%
2024 |
3.04%
2023 |
|
GNI, Atlas method
|
$50.9B
2024 |
$262M
2023 |
| GNI per capita, PPP |
$15,400
2024 |
$18,320
2023 |
| Total reserves including gold |
$92.9B
2024 |
n/a |
| Total reserves ranking |
29/177
2024 |
n/a |
|
Net foreign direct investment
|
-$795M
2023 |
-$79.9M
2023 |
|
Net inflows of foreign direct investment
|
$0
2024 |
$69.1M
2024 |
|
Net outflows of foreign direct investment
|
-$56.5M
2024 |
$0
2024 |
| Poverty at national poverty lines |
7.4%
2005 |
24.9%
2020 |
|
Gross capital formation, % of GDP
|
14.3%
2024 |
35.6%
2023 |
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.