Libya has a GDP of $46.6B compared to $1.76B for the Solomon Islands, ranking 96/197 and 182/197 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
|
Solomon Islands
|
|||
| 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 | $25,203,524 | - |
| 1968 | $3,850,623,095 | $27,128,012,832 | $28,084,253 | - |
| 1969 | $4,380,987,481 | $30,678,497,534 | $28,606,411 | - |
| 1970 | $4,601,649,451 | $32,197,312,919 | - | - |
| 1971 | $5,260,185,125 | $30,498,091,672 | $50,056,883 | - |
| 1972 | $6,299,395,544 | $33,281,298,886 | $40,606,712 | - |
| 1973 | $8,625,889,430 | $33,925,831,082 | $55,272,109 | - |
| 1974 | $15,112,543,717 | $41,455,139,018 | $84,539,332 | - |
| 1975 | $14,710,912,458 | $43,125,063,344 | $74,620,320 | - |
| 1976 | $19,096,943,017 | $52,992,488,552 | $83,100,834 | - |
| 1977 | $22,428,297,108 | $57,683,765,284 | $93,145,283 | - |
| 1978 | $22,136,422,643 | $59,590,166,895 | $111,027,427 | - |
| 1979 | $30,536,429,497 | $64,928,319,577 | $151,276,496 | - |
| 1980 | $40,953,924,949 | $65,373,260,707 | $182,852,107 | $526,656,506 |
| 1981 | $36,374,353,880 | $52,828,013,782 | $193,750,541 | $517,192,386 |
| 1982 | $33,760,146,991 | $54,310,397,843 | $192,902,019 | $508,557,520 |
| 1983 | $33,200,520,140 | $52,967,721,371 | $181,220,399 | $528,343,417 |
| 1984 | $29,476,109,153 | $50,297,204,632 | $181,570,474 | $529,242,659 |
| 1985 | $31,530,566,324 | $54,485,341,416 | $165,524,943 | $512,665,070 |
| 1986 | $24,180,400,959 | $48,299,889,591 | $147,620,048 | $511,632,408 |
| 1987 | $26,697,659,335 | $41,198,814,143 | $155,128,542 | $554,718,560 |
| 1988 | $24,308,959,591 | $44,321,281,890 | $176,494,394 | $561,653,631 |
| 1989 | $25,156,707,899 | $47,512,155,858 | $172,882,411 | $585,603,984 |
| 1990 | $28,904,183,602 | $49,279,670,598 | $214,877,667 | $598,487,271 |
| 1991 | $31,991,821,265 | $56,994,467,921 | $227,540,473 | $634,396,517 |
| 1992 | $33,887,047,909 | $55,448,621,741 | $269,034,596 | $714,964,863 |
| 1993 | $30,660,051,911 | $53,361,983,286 | $300,746,361 | $743,563,455 |
| 1994 | $28,610,549,763 | $54,394,423,864 | $402,837,005 | $803,792,104 |
| 1995 | $25,541,379,187 | $53,186,646,293 | $469,443,202 | $884,883,597 |
| 1996 | $27,884,615,385 | $54,321,714,851 | $510,586,430 | $899,129,406 |
| 1997 | $30,700,897,875 | $57,153,327,139 | $526,554,006 | $890,910,669 |
| 1998 | $27,251,301,398 | $55,123,101,078 | $457,579,840 | $902,416,890 |
| 1999 | $35,975,860,857 | $55,536,336,508 | $488,024,514 | $898,033,573 |
| 2000 | $38,270,954,138 | $57,579,668,503 | $419,842,674 | $769,821,324 |
| 2001 | $34,112,093,927 | $56,564,631,725 | $409,508,553 | $708,569,673 |
| 2002 | $20,481,889,764 | $56,022,234,981 | $346,406,739 | $688,729,844 |
| 2003 | $26,265,625,000 | $63,314,109,953 | $417,668,983 | $733,658,907 |
| 2004 | $33,122,307,692 | $66,138,956,973 | $468,005,319 | $790,028,121 |
| 2005 | $47,334,691,241 | $73,990,151,521 | $552,864,570 | $848,157,142 |
| 2006 | $60,094,231,607 | $78,799,900,129 | $617,258,154 | $883,256,262 |
| 2007 | $68,032,978,391 | $83,709,120,342 | $695,295,348 | $915,403,897 |
| 2008 | $86,710,767,415 | $83,573,471,187 | $776,337,692 | $972,396,664 |
| 2009 | $60,808,562,033 | $79,896,086,549 | $805,557,563 | $1,000,248,710 |
| 2010 | $75,380,825,062 | $83,912,660,700 | $898,133,685 | $1,097,356,737 |
| 2011 | $48,169,263,294 | $41,672,273,291 | $1,063,895,361 | $1,178,889,790 |
| 2012 | $92,540,938,129 | $77,854,953,190 | $1,185,215,418 | $1,207,961,229 |
| 2013 | $75,351,107,029 | $63,842,648,631 | $1,285,911,586 | $1,271,231,099 |
| 2014 | $57,372,355,592 | $49,131,511,071 | $1,335,571,421 | $1,286,348,802 |
| 2015 | $48,717,501,321 | $48,717,501,321 | $1,307,909,888 | $1,307,909,888 |
| 2016 | $49,912,073,701 | $47,991,152,063 | $1,379,490,304 | $1,380,560,771 |
| 2017 | $67,157,452,182 | $63,584,342,258 | $1,469,789,119 | $1,423,017,819 |
| 2018 | $76,686,029,772 | $68,633,808,774 | $1,615,478,393 | $1,462,093,823 |
| 2019 | $69,254,496,472 | $60,949,510,656 | $1,619,155,017 | $1,487,659,507 |
| 2020 | $46,854,285,441 | $42,996,651,438 | $1,536,145,814 | $1,437,359,544 |
| 2021 | $35,217,995,647 | $55,179,091,533 | $1,522,794,913 | $1,474,218,470 |
| 2022 | $43,246,297,922 | $50,625,917,040 | $1,566,360,686 | $1,509,636,295 |
| 2023 | $45,096,462,972 | $55,767,393,125 | $1,660,896,531 | $1,549,737,698 |
| 2024 | $46,636,278,902 | $55,429,536,118 | $1,760,767,447 | $1,589,090,837 |
Economic indicators
|
Libya
|
Solomon Islands
|
|
|---|---|---|
| Gross domestic product |
$46.6B
2024 |
$1.76B
2024 |
| GDP rank |
96/197
2024 |
182/197
2024 |
| GDP growth |
3.41%
2023-2024 |
6.01%
2023-2024 |
| GDP per capita |
$6,318
2024 |
$2,149
2024 |
| GDP per capita rank |
110/197
2024 |
153/197
2024 |
| GDP per capita, PPP |
$13,954
2024 |
$2,872
2024 |
| Government debt | n/a |
$388M
2024 |
| Debt-to-GDP ratio | n/a |
23.7%
2025 |
| Government debt per person | n/a |
$473
2024 |
| Government debt per person rank | n/a |
169/185
2024 |
| Average annual personal income after taxes |
$3,735
2025 |
$2,069
2025 |
| Income share by richest 10% | n/a |
29.2%
2012 |
| Income share by poorest 10% | n/a |
2.8%
2012 |
| Government expenditure, % of GDP |
65.7%
2025 |
35.7%
2025 |
| Consumer prices inflation |
2.13%
2023-2024 |
4.32%
2023-2024 |
| Unemployment rate |
30%
2004 |
0.69%
2013 |
| Population |
7523849
|
854419
|
GDP per capita in Libya vs Solomon Islands
Libya's GDP per capita is $6,318, ranking 110/197, compared to $2,149 in the Solomon Islands, ranking 153/197. Adjusted for purchasing power (GDP per capita PPP), Libya ranks 119th at $13,954, while the Solomon Islands ranks 183rd at $2,872.
| Year | Current $ | |||
|---|---|---|---|---|
|
Libya
|
Solomon Islands
|
|||
| 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 | - | $153.5 | - |
| 1968 | $1,972 | - | $166.9 | - |
| 1969 | $2,175 | - | $165.9 | - |
| 1970 | $2,210 | - | $162 | - |
| 1971 | $2,443 | - | $277.1 | - |
| 1972 | $2,830 | - | $219.5 | - |
| 1973 | $3,727 | - | $291.3 | - |
| 1974 | $6,214 | - | $433 | - |
| 1975 | $5,721 | - | $372 | - |
| 1976 | $7,018 | - | $401 | - |
| 1977 | $7,783 | - | $434 | - |
| 1978 | $7,252 | - | $500 | - |
| 1979 | $9,443 | - | $658 | - |
| 1980 | $11,960 | - | $768 | - |
| 1981 | $10,044 | - | $786 | - |
| 1982 | $9,064 | - | $756 | - |
| 1983 | $8,927 | - | $686 | - |
| 1984 | $7,811 | - | $665 | - |
| 1985 | $8,087 | - | $586 | - |
| 1986 | $6,019 | - | $506 | - |
| 1987 | $6,465 | - | $515 | - |
| 1988 | $5,736 | - | $567 | - |
| 1989 | $5,793 | - | $538 | - |
| 1990 | $6,502 | $17,173 | $648 | $1,266 |
| 1991 | $7,040 | $20,085 | $666 | $1,346 |
| 1992 | $7,303 | $19,572 | $764 | $1,505 |
| 1993 | $6,478 | $18,904 | $829 | $1,556 |
| 1994 | $5,933 | $19,318 | $1,078 | $1,668 |
| 1995 | $5,205 | $18,952 | $1,220 | $1,821 |
| 1996 | $5,591 | $19,392 | $1,289 | $1,830 |
| 1997 | $6,062 | $20,439 | $1,292 | $1,793 |
| 1998 | $5,301 | $19,639 | $1,092 | $1,785 |
| 1999 | $6,895 | $19,769 | $1,134 | $1,754 |
| 2000 | $7,214 | $20,617 | $953 | $1,503 |
| 2001 | $6,313 | $20,332 | $912 | $1,387 |
| 2002 | $3,718 | $20,061 | $757 | $1,344 |
| 2003 | $4,674 | $22,663 | $896 | $1,433 |
| 2004 | $5,774 | $23,813 | $986 | $1,556 |
| 2005 | $8,079 | $26,903 | $1,144 | $1,693 |
| 2006 | $10,049 | $28,936 | $1,256 | $1,786 |
| 2007 | $11,145 | $30,929 | $1,390 | $1,869 |
| 2008 | $13,906 | $30,812 | $1,526 | $1,989 |
| 2009 | $9,551 | $29,027 | $1,555 | $2,021 |
| 2010 | $11,601 | $30,234 | $1,685 | $2,182 |
| 2011 | $7,594 | $15,698 | $1,924 | $2,306 |
| 2012 | $14,976 | $26,826 | $2,066 | $2,320 |
| 2013 | $11,952 | $21,151 | $2,161 | $2,394 |
| 2014 | $8,926 | $17,510 | $2,165 | $2,377 |
| 2015 | $7,458 | $17,903 | $2,045 | $2,354 |
| 2016 | $7,526 | $16,961 | $2,083 | $2,421 |
| 2017 | $9,966 | $18,026 | $2,144 | $2,454 |
| 2018 | $11,197 | $18,879 | $2,278 | $2,494 |
| 2019 | $9,963 | $16,194 | $2,224 | $2,512 |
| 2020 | $6,650 | $10,955 | $2,063 | $2,405 |
| 2021 | $4,936 | $12,642 | $1,997 | $2,518 |
| 2022 | $5,987 | $12,273 | $2,005 | $2,697 |
| 2023 | $6,173 | $13,849 | $2,076 | $2,801 |
| 2024 | $6,318 | $13,954 | $2,149 | $2,872 |
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 the Solomon Islands' deficit of -$54.3M, or -3.08% of GDP.
Over the past 35 years, Libya recorded a fiscal deficit in 12 of those years, while the Solomon Islands ran a deficit in 12 years. On average, Libya posted an annual surplus equal to +3.51% of GDP, compared to surplus of +2.66% of GDP for the Solomon Islands.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Libya
|
Solomon Islands
|
|
| 1990 | 3.36% | 0.58% |
| 1991 | 8.41% | 0.14% |
| 1992 | 0.11% | 4.13% |
| 1993 | -5.77% | 2.45% |
| 1994 | -2.67% | 4.33% |
| 1995 | 3.8% | 3.19% |
| 1996 | 11.3% | 3.73% |
| 1997 | -2.1% | 2.14% |
| 1998 | -2.36% | 5.04% |
| 1999 | 5.69% | -0.32% |
| 2000 | 13.6% | -2.93% |
| 2001 | 0.07% | -2.4% |
| 2002 | 6.99% | -4.35% |
| 2003 | 6.17% | 10.6% |
| 2004 | 11.3% | 17% |
| 2005 | 30.4% | 13.4% |
| 2006 | 29.1% | 13% |
| 2007 | 28.4% | 15.3% |
| 2008 | 27.7% | 1.94% |
| 2009 | -5.46% | 2.35% |
| 2010 | 11.5% | 6.02% |
| 2011 | -11.5% | 6.22% |
| 2012 | 24.6% | 4.63% |
| 2013 | -16.3% | 3.57% |
| 2014 | -30.5% | 2.13% |
| 2015 | -28.5% | 0.81% |
| 2016 | -29.3% | -3.56% |
| 2017 | -11.1% | -2.27% |
| 2018 | 9.39% | 1.49% |
| 2019 | 11.9% | -1.52% |
| 2020 | -22.3% | -2.44% |
| 2021 | 14.8% | -1.86% |
| 2022 | 23.6% | -2.51% |
| 2023 | 8.22% | -3.81% |
| 2024 | 0.15% | -3.08% |
| 2025 | 0.21% | -3.15% |
Inflation comparison by year
Over the past 29 years, Libya has recorded an average annual inflation rate of 4.38%, compared with 6.24% in the Solomon Islands. In 2024, inflation was 2.13% in Libya and 4.32% in the Solomon Islands.
| Year | Inflation | ||
|---|---|---|---|
|
Libya
|
Solomon Islands
|
Libya
|
Solomon Islands
|
| 1996 | 4.03% | 11.8% | |
| 1997 | 3.55% | 8.08% | |
| 1998 | 3.71% | 12.4% | |
| 1999 | 2.65% | 8.02% | |
| 2000 | -2.9% | 7.89% | |
| 2001 | -8.81% | 6.93% | |
| 2002 | -9.8% | 10.9% | |
| 2003 | -2.19% | 8.27% | |
| 2004 | -2.2% | 6.99% | |
| 2005 | 2.65% | 7.33% | |
| 2006 | 1.46% | 11.2% | |
| 2007 | 6.25% | 7.67% | |
| 2008 | 10.4% | 17.3% | |
| 2009 | 2.46% | 7.09% | |
| 2010 | 2.8% | 1.05% | |
| 2011 | 15.5% | 7.34% | |
| 2012 | 6.06% | 5.91% | |
| 2013 | 2.61% | 5.39% | |
| 2014 | 2.43% | 5.17% | |
| 2015 | 10.4% | -0.57% | |
| 2016 | 25.9% | 0.51% | |
| 2017 | 25.8% | 0.49% | |
| 2018 | 13.2% | 3.46% | |
| 2019 | -2.16% | 1.63% | |
| 2020 | 1.45% | 2.96% | |
| 2021 | 2.87% | -0.12% | |
| 2022 | 4.51% | 5.52% | |
| 2023 | 2.37% | 5.89% | |
| 2024 | 2.13% | 4.32% | |
Balance of trade
|
Libya
|
Solomon Islands
|
|
|---|---|---|
Current account balance
|
$1.86B
2023 |
-$66.2M
2024 |
| Current account balance ranking |
46/189
2023 |
83/189
2024 |
| Current account balance, % of GDP |
+4.13%
2023 |
-3.76%
2024 |
| Goods imports |
$23.2B
2023 |
$609M
2024 |
| Goods exports |
$37.1B
2023 |
$510M
2024 |
| Service imports |
$10.1B
2023 |
$248M
2024 |
| Service exports |
$642M
2023 |
$133M
2024 |
| Imports of goods and services, % of GDP |
59.1%
2024 |
51.7%
2022 |
| Exports of goods and services, % of GDP |
74.8%
2024 |
26.3%
2022 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Libya
|
Solomon Islands
|
|
|---|---|---|
| Economic freedom | 35.9 | 56.3 |
| Economic freedom ranking | 189/197 | 121/197 |
| Property rights | 5.7 | 48.2 |
| Government integrity | 11.7 | 42 |
| Judicial effectiveness | 3.6 | 61.9 |
| Tax burden | 93.2 | 70.6 |
| Government spending | 0 | 70.2 |
| Fiscal health | 19.9 | 95.3 |
| Business freedom | 31.1 | 50.1 |
| Labor freedom | 48.6 | 60.5 |
| Monetary freedom | 75.1 | 76.2 |
| Trade freedom | 80 | 55.4 |
| Investment freedom | 5 | 15 |
| Financial freedom | 20 | 30 |
Economic freedom by year comparison
The Economic Freedom Index for Libya is 35.9, ranking 189/197, compared to 56.3 for the Solomon Islands, ranking 121/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Libya
|
Solomon Islands
|
|
| 1996 | 31.7 | - |
| 1997 | 28.9 | - |
| 1998 | 32 | - |
| 1999 | 32.3 | - |
| 2000 | 34.7 | - |
| 2001 | 34 | - |
| 2002 | 35.4 | - |
| 2003 | 34.6 | - |
| 2004 | 31.5 | - |
| 2005 | 32.8 | - |
| 2006 | 33.2 | - |
| 2007 | 37 | - |
| 2008 | 38.7 | - |
| 2009 | 43.5 | 46 |
| 2010 | 40.2 | 42.9 |
| 2011 | 38.6 | 45.9 |
| 2012 | 35.9 | 46.2 |
| 2013 | - | 45 |
| 2014 | - | 46.2 |
| 2015 | - | 47 |
| 2016 | - | 47 |
| 2017 | - | 55 |
| 2018 | - | 57.5 |
| 2019 | - | 54.6 |
| 2020 | - | 52.9 |
| 2021 | - | 56.5 |
| 2022 | - | 56.5 |
| 2023 | - | 56.9 |
| 2024 | - | 55 |
| 2025 | - | 56.3 |
More economic indicators
|
Libya
|
Solomon Islands
|
|
|---|---|---|
| Services, % of GDP |
34.3%
2024 |
47.3%
2022 |
| Industry, % of GDP |
68.3%
2024 |
18.7%
2022 |
| Agriculture, forestry, and fishing, % of GDP |
1.74%
2024 |
33.8%
2022 |
|
GNI, Atlas method
|
$46.6B
2024 |
$1.71B
2024 |
| GNI per capita, PPP |
$14,050
2024 |
$2,880
2024 |
| Total reserves including gold |
$92.9B
2024 |
$688M
2023 |
| Total reserves ranking |
29/177
2024 |
149/177
2023 |
|
Net foreign direct investment
|
-$795M
2023 |
$19.9M
2024 |
|
Net inflows of foreign direct investment
|
$795M
2023 |
$33M
2024 |
|
Net outflows of foreign direct investment
|
-$56.5M
2024 |
$52.9M
2024 |
|
Servicing debt to the IMF, % of GNI
|
n/a |
1.77%
2023 |
| Poverty at national poverty lines |
7.4%
2005 |
12.7%
2012 |
|
Gross capital formation, % of GDP
|
14.8%
2024 |
23.4%
2022 |
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.
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.