The economic architecture of Libya is substantial, anchored by a Gross Domestic Product (GDP) of approximately $45.1B
2023
. This places it as the 94th largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $6.17K
2023
, while its GDP adjusted for Purchasing Power Parity (PPP) is estimated at $101.17B, offering a clearer picture of the population's domestic purchasing power. The economy is experiencing a period of vigorous expansion, with a high growth rate of 10.2%
2023
, accompanied by a stable price environment, with inflation (CPI) contained at 2.1%.
2024
On the global stage, Libya's trade and financial dynamics reveal a complex interplay of international and domestic factors. The country maintains a strong export-oriented economy, reflected in a significant trade surplus, with exports representing 85.1% of GDP compared to imports at 70.5%
2023
. The investment climate attracts significant Foreign Direct Investment (FDI), with inflows constituting 1.71% of the economy
2021
. This performance positions the country 102nd globally out of 186 nations, confirming its status as a competitive destination for foreign capital.
The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $5,940
2023
, ranking the nation 102nd out of 190. This figure provides a comprehensive measure of the average income per person, reflecting the nation's overall economic well-being. The country confronts significant labor market challenges, evidenced by a high unemployment rate of 18.6%.
2024
A key feature of the workforce is its concentration in the services sector, which accounts for 68.1% of total employment
2023
.
In the environmental and energy sectors, the nation's policies and outcomes reflect its developmental priorities. Energy consumption per capita stands at 2,539.198 kg of oil equivalent
2022
, a metric that often correlates with industrial activity and living standards. The energy portfolio remains heavily dependent on conventional sources, with renewables contributing a modest 3.1%
2021
. This commitment places it 28th among 190 countries, highlighting its relative progress in decarbonization. Total greenhouse gas emissions were last recorded at 95.93K tonnes of CO2 equivalent
2023
, a key factor in its national climate strategy and international obligations.

Key Economic Insights

Macroeconomic Health

Balancing growth, inflation, and employment remains the core challenge for economic stewardship.

Trade & Investment Profile

The orientation towards global trade and foreign investment is a defining feature of the economic landscape.

Social Equity & Distribution

Ensuring equitable distribution of economic gains is fundamental for long-term social and political stability.

Energy & Sustainability

A heavy dependence on fossil fuels poses significant long-term risks, including exposure to price volatility, energy insecurity, and climate change impacts.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.