Libya/Economy

Economy of Libya

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

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GDP (USD)
$45.1B(2023)
GDP PPP (USD)
$101.2B(2023)
GDP per Capita (USD)
$6,173(2023)
GDP Growth (inflation-adjusted)
10.2%(2023)
Inflation (CPI Annual %)
2.1%(2024)

Trade & Finance

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Exports (as share of GDP)
85.1%(2023)
Imports (as share of GDP)
70.5%(2023)
FDI Inflows (as share of GDP)
1.7%(2021)
Remittance Inflow (USD)
$0.0(2023)

Labor & Income

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Unemployment Rate
18.6%(2024)
Employment in Services
68.1%(2023)
GNI per Capita (USD)
$5,940(2023)

Energy & Environment

Coming Soon
Energy Use per Capita
2539 kg oil eq.(2022)
Renewable Energy Consumption (%)
3.1%(2021)

Economic Snapshot Overview

A summary of key economic indicators for Libya

  • 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 in Purchasing Power Parity (PPP) terms is estimated at $101.17B, reflecting the population's domestic purchasing power. The economy is experiencing robust expansion, with a high growth rate of 10.2%
    2023
    , accompanied by stable price levels, with inflation (CPI) at 2.1%
    2024
    .
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The country maintains a strong trade surplus, with exports representing 85.1% of GDP and imports 70.5%
    2023
    . Foreign Direct Investment (FDI) inflows are significant, constituting 1.71% of the economy
    2021
    . This performance positions the country 102nd globally out of 186 nations, indicating its relative attractiveness to foreign capital.
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $5,940
    2023
    . Globally, this ranks the nation 102nd out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The country faces significant labor market challenges, with an unemployment rate of 18.6%
    2024
    . The services sector is a primary driver of the labor market, accounting for 68.1% of total employment
    2023
    .
  • On the environment and energy front, energy consumption per capita is 2,539.198 kg of oil equivalent
    2022
    . The energy mix is still heavily reliant on traditional sources, with renewables contributing 3.1%
    2021
    . Its commitment to clean energy places it 28th among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

Maintaining a balance between growth, inflation, and employment is the central challenge for economic policymakers.

Trade & Investment Profile

The degree of openness to trade and foreign investment is a major determinant of economic structure and resilience.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

Heavy reliance on fossil fuels creates significant long-term risks related to climate change, price volatility, and energy security.

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.