Skip to content

Economy of Libya vs Serbia compared: GDP & Debt

Updated on by Georank team

Libya has a GDP of $46.6B compared to $89.1B for Serbia, ranking 96/197 and 75/197 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 $
Serbia
GDP, current $

GDP, constant 2015 $
Year GDP
Libya Serbia
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 - -
1991 $31,991,821,265 $56,994,467,921 - -
1992 $33,887,047,909 $55,448,621,741 - -
1993 $30,660,051,911 $53,361,983,286 - -
1994 $28,610,549,763 $54,394,423,864 - -
1995 $25,541,379,187 $53,186,646,293 $17,921,892,655 $22,980,131,489
1996 $27,884,615,385 $54,321,714,851 $23,277,430,168 $24,396,847,843
1997 $30,700,897,875 $57,153,327,139 $27,153,408,995 $26,576,270,133
1998 $27,251,301,398 $55,123,101,078 $21,004,077,441 $27,996,145,144
1999 $35,975,860,857 $55,536,336,508 $20,878,694,851 $25,105,401,157
2000 $38,270,954,138 $57,579,668,503 $7,326,373,882 $26,625,556,359
2001 $34,112,093,927 $56,564,631,725 $13,599,378,662 $28,430,374,779
2002 $20,481,889,764 $56,022,234,981 $17,930,583,571 $30,290,019,296
2003 $26,265,625,000 $63,314,109,953 $23,593,044,418 $31,671,150,129
2004 $33,122,307,692 $66,138,956,973 $26,845,632,342 $33,788,958,042
2005 $47,334,691,241 $73,990,151,521 $28,334,256,181 $35,783,688,498
2006 $60,094,231,607 $78,799,900,129 $33,298,057,362 $37,179,489,902
2007 $68,032,978,391 $83,709,120,342 $44,888,028,946 $40,091,414,195
2008 $86,710,767,415 $83,573,471,187 $54,220,641,202 $42,160,489,092
2009 $60,808,562,033 $79,896,086,549 $46,955,984,410 $40,835,549,150
2010 $75,380,825,062 $83,912,660,700 $43,536,629,233 $41,493,398,683
2011 $48,169,263,294 $41,672,273,291 $51,251,098,408 $41,515,918,179
2012 $92,540,938,129 $77,854,953,190 $45,103,269,969 $41,331,605,757
2013 $75,351,107,029 $63,842,648,631 $50,455,529,604 $41,518,250,511
2014 $57,372,355,592 $49,131,511,071 $49,114,321,280 $40,769,149,069
2015 $48,717,501,321 $48,717,501,321 $41,297,410,635 $41,297,410,635
2016 $49,912,073,701 $47,991,152,063 $42,225,495,910 $42,526,090,284
2017 $67,157,452,182 $63,584,342,258 $45,972,834,714 $43,531,149,260
2018 $76,686,029,772 $68,633,808,774 $52,787,520,249 $45,555,064,903
2019 $69,254,496,472 $60,949,510,656 $53,864,693,665 $47,719,025,212
2020 $46,854,285,441 $42,996,651,438 $55,874,017,669 $47,265,683,024
2021 $35,217,995,647 $55,179,091,533 $66,159,884,073 $51,022,858,875
2022 $43,246,297,922 $50,625,917,040 $66,797,564,758 $52,365,263,375
2023 $45,096,462,972 $55,767,393,125 $81,342,660,752 $54,380,001,765
2024 $46,636,278,902 $55,429,536,118 $89,083,506,277 $56,488,865,192

Economic indicators

Libya Serbia
Gross domestic product
$46.6B
2024
$89.1B
2024
GDP rank
96/197
2024
75/197
2024
GDP growth
3.41%
2023-2024
9.52%
2023-2024
GDP per capita
$6,318
2024
$13,524
2024
GDP per capita rank
110/197
2024
74/197
2024
GDP per capita, PPP
$13,954
2024
$31,867
2024
Government debt n/a
$39.6B
2024
Debt-to-GDP ratio n/a
44.4%
2025
Government debt per person n/a
$6,015
2024
Government debt per person rank n/a
74/185
2024
Average annual personal income after taxes
$3,735
2025
$11,469
2025
Market capitalization of domestic companies n/a
$4.06B
2011
Income share by richest 10% n/a
24.7%
2022
Income share by poorest 10% n/a
2.4%
2022
Government expenditure, % of GDP
65.7%
2025
43.4%
2025
Consumer prices inflation
2.13%
2023-2024
4.67%
2023-2024
Central bank interest rate n/a
5.75%
2024
Unemployment rate
30%
2004
7.24%
2024
Population
7523849
6541064

GDP per capita in Libya vs Serbia

Libya's GDP per capita is $6,318, ranking 110/197, compared to $13,524 in Serbia, ranking 74/197. Adjusted for purchasing power (GDP per capita PPP), Libya ranks 119th at $13,954, while Serbia ranks 69th at $31,867.

Libya
GDP per capita

GDP per capita, PPP
Serbia
GDP per capita

GDP per capita, PPP
Year Current $
Libya Serbia
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 - -
1991 $7,040 $20,085 - -
1992 $7,303 $19,572 - -
1993 $6,478 $18,904 - -
1994 $5,933 $19,318 - -
1995 $5,205 $18,952 $2,349 $5,021
1996 $5,591 $19,392 $3,054 $5,433
1997 $6,062 $20,439 $3,574 $6,039
1998 $5,301 $19,639 $2,775 $6,459
1999 $6,895 $19,769 $2,769 $5,895
2000 $7,214 $20,617 $975 $6,414
2001 $6,313 $20,332 $1,812 $6,803
2002 $3,718 $20,061 $2,391 $7,563
2003 $4,674 $22,663 $3,154 $8,024
2004 $5,774 $23,813 $3,597 $8,716
2005 $8,079 $26,903 $3,808 $9,398
2006 $10,049 $28,936 $4,493 $10,466
2007 $11,145 $30,929 $6,081 $11,686
2008 $13,906 $30,812 $7,377 $13,123
2009 $9,551 $29,027 $6,414 $13,031
2010 $11,601 $30,234 $5,971 $13,322
2011 $7,594 $15,698 $7,082 $14,298
2012 $14,976 $26,826 $6,263 $14,506
2013 $11,952 $21,151 $7,040 $15,247
2014 $8,926 $17,510 $6,887 $15,296
2015 $7,458 $17,903 $5,820 $15,550
2016 $7,526 $16,961 $5,982 $16,455
2017 $9,966 $18,026 $6,548 $17,285
2018 $11,197 $18,879 $7,560 $18,469
2019 $9,963 $16,194 $7,756 $20,587
2020 $6,650 $10,955 $8,099 $21,013
2021 $4,936 $12,642 $9,681 $23,406
2022 $5,987 $12,273 $10,023 $26,242
2023 $6,173 $13,849 $12,282 $28,748
2024 $6,318 $13,954 $13,524 $31,867

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 Serbia's deficit of -$1.54B, or -1.73% of GDP.

Over the past 25 years, Libya recorded a fiscal deficit in 8 of those years, while Serbia ran a deficit in 20 years. On average, Libya posted an annual surplus equal to +4.12% of GDP, compared to deficit of -2.07% of GDP for Serbia.

Deficit/surplus
Libya

Serbia
Year Deficit/surplus, % of GDP
Libya Serbia
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% -0.15%
2001 0.07% 0.32%
2002 6.99% -2.33%
2003 6.17% -2.39%
2004 11.3% 0.06%
2005 30.4% 1.02%
2006 29.1% -0.9%
2007 28.4% -0.8%
2008 27.7% -4.25%
2009 -5.46% -3.3%
2010 11.5% -3.35%
2011 -11.5% -3.75%
2012 24.6% -6.11%
2013 -16.3% -4.79%
2014 -30.5% -5.61%
2015 -28.5% -3.25%
2016 -29.3% -1.08%
2017 -11.1% 1.32%
2018 9.39% 0.78%
2019 11.9% -0.004%
2020 -22.3% -6.91%
2021 14.8% -3.16%
2022 23.6% -0.14%
2023 8.22% -1.21%
2024 0.15% -1.73%
2025 0.21% -2.77%

Inflation comparison by year

Over the past 29 years, Libya has recorded an average annual inflation rate of 4.38%, compared with 18.3% in Serbia. In 2024, inflation was 2.13% in Libya and 4.67% in Serbia.

Inflation
Libya

Serbia
Year Inflation
Libya Serbia Libya Serbia
1996 4.03% 95.6%
1997 3.55% 23.3%
1998 3.71% 30.2%
1999 2.65% 42.5%
2000 -2.9% 71.1%
2001 -8.81% 95%
2002 -9.8% 19.5%
2003 -2.19% 9.88%
2004 -2.2% 11%
2005 2.65% 16.1%
2006 1.46% 11.7%
2007 6.25% 6.39%
2008 10.4% 12.4%
2009 2.46% 8.12%
2010 2.8% 6.14%
2011 15.5% 11.1%
2012 6.06% 7.33%
2013 2.61% 7.69%
2014 2.43% 2.08%
2015 10.4% 1.39%
2016 25.9% 1.12%
2017 25.8% 3.13%
2018 13.2% 1.96%
2019 -2.16% 1.85%
2020 1.45% 1.58%
2021 2.87% 4.09%
2022 4.51% 12%
2023 2.37% 12.4%
2024 2.13% 4.67%

Top exports between countries

Libya
Export category Export value
Serbia
Export category Export value
Processed food, beverages & tobacco $11.8M
Chemicals & pharma $3.19M
Machinery & equipment $651K
Animal & marine products $607K
Metals $397K
Textiles & consumer goods $243K
Raw agricultural goods $222K
Raw materials & minerals $208K
Wood & paper products $178K

Balance of trade

Libya Serbia
Current account balance
$1.86B
2023
-$4.31B
2024
Current account balance ranking
46/189
2023
162/189
2024
Current account balance, % of GDP
+4.13%
2023
-4.84%
2024
Goods imports
$23.2B
2023
$39.6B
2024
Goods exports
$37.1B
2023
$32.2B
2024
Service imports
$10.1B
2023
$12.7B
2024
Service exports
$642M
2023
$15.6B
2024
Imports of goods and services, % of GDP
59.1%
2024
58.8%
2024
Exports of goods and services, % of GDP
74.8%
2024
52.7%
2024

Economic freedom indices

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

Libya Serbia
Economic freedom 35.9 64.4
Economic freedom ranking 189/197 71/197
Property rights 5.7 58.9
Government integrity 11.7 37.2
Judicial effectiveness 3.6 50.8
Tax burden 93.2 87.3
Government spending 0 40.2
Fiscal health 19.9 91.2
Business freedom 31.1 74.7
Labor freedom 48.6 66.6
Monetary freedom 75.1 68.5
Trade freedom 80 77.2
Investment freedom 5 70
Financial freedom 20 50

Economic freedom by year comparison

The Economic Freedom Index for Libya is 35.9, ranking 189/197, compared to 64.4 for Serbia, ranking 71/197. The chart below displays a comparison of annual changes in economic freedom indexes.

Libya
Serbia
Year Economic freedom index
Libya Serbia
1996 31.7 -
1997 28.9 -
1998 32 -
1999 32.3 -
2000 34.7 -
2001 34 -
2002 35.4 46.6
2003 34.6 43.5
2004 31.5 -
2005 32.8 -
2006 33.2 -
2007 37 -
2008 38.7 -
2009 43.5 56.6
2010 40.2 56.9
2011 38.6 58
2012 35.9 58
2013 - 58.6
2014 - 59.4
2015 - 60
2016 - 62.1
2017 - 58.9
2018 - 62.5
2019 - 63.9
2020 - 66
2021 - 67.2
2022 - 65.2
2023 - 63.5
2024 - 62.7
2025 - 64.4

More economic indicators

Libya Serbia
Services, % of GDP
34.3%
2024
58.5%
2024
Industry, % of GDP
68.3%
2024
23.3%
2024
Agriculture, forestry, and fishing, % of GDP
1.74%
2024
3.15%
2024
GNI, Atlas method
$46.6B
2024
$76.2B
2024
GNI per capita, PPP
$14,050
2024
$29,870
2024
Total reserves including gold
$92.9B
2024
$30.5B
2024
Total reserves ranking
29/177
2024
55/177
2024
Net foreign direct investment
-$795M
2023
-$4.98B
2024
Net inflows of foreign direct investment
$795M
2023
$5.64B
2024
Net outflows of foreign direct investment
-$56.5M
2024
$660M
2024
Servicing debt to the IMF, % of GNI
n/a
7.86%
2023
Poverty at national poverty lines
7.4%
2005
19.7%
2023
Gross capital formation, % of GDP
14.8%
2024
25.6%
2024

GDP per capita map

GDP per capita

Compare countries by 7 more topics

Economy comparisons

Economy vs Libya vs Serbia
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
North Macedonia 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
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.