Countries
Libya
Key Economic Indicators
$105.58 billion
$14,304
1.9%
2.13%
18.76%
$46.636 billion (2024 est.)
7.5% of GDP (2016 est.)
$1.86 billion
Economic Overview
upper middle-income, fossil fuel-based North African economy; 31% economic contraction due to COVID-19 and 2020 oil blockade; reduced government spending; central bank had to devalue currency; public wages are over 60% of expenditures
All Economic Data
Agricultural products
potatoes, onions, watermelons, tomatoes, dates, olives, milk, chicken, wheat, vegetables (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Budget
Expenditures:
$37.475 billion (2019 est.)
Revenues:
$28.005 billion (2019 est.)
Currency
code:
LYD
name:
Libyan dinar (LYD) [ل.د]
Current account balance
$1.86 billion
Current account balance 2021:
$5.675 billion (2021 est.)
Current account balance 2022:
$9.607 billion (2022 est.)
Current account balance 2023:
$1.865 billion (2023 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Exchange rates
Currency:
Libyan dinars (LYD) per US dollar -
Exchange rates 2020:
1.389 (2020 est.)
Exchange rates 2021:
4.514 (2021 est.)
Exchange rates 2022:
4.813 (2022 est.)
Exchange rates 2023:
4.813 (2023 est.)
Exchange rates 2024:
4.832 (2024 est.)
Exports
$34.9 billion
Exports 2021:
$32.38 billion (2021 est.)
Exports 2022:
$39.831 billion (2022 est.)
Exports 2023:
$37.753 billion (2023 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
crude petroleum, natural gas, refined petroleum, gold, scrap iron (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
Italy 23%, Germany 15%, Spain 9%, France 7%, China 6% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$794.7 million
GDP - composition, by end use
Exports of goods and services:
74.8% (2024 est.)
Government consumption:
36.7% (2024 est.)
Household consumption:
32.7% (2024 est.)
Imports of goods and services:
-59.1% (2024 est.)
Investment in fixed capital:
14.8% (2024 est.)
Investment in inventories:
0% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
1.7% (2024 est.)
Industry:
68.3% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
34.3% (2024 est.)
GDP (official exchange rate)
$46.636 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$6,569
GNI (gross national income)
$52.19 billion
GNI per capita
$6,890
Gross domestic investment
14 % of GDP
Imports
$27.56 billion
Imports 2021:
$25.406 billion (2021 est.)
Imports 2022:
$27.872 billion (2022 est.)
Imports 2023:
$33.284 billion (2023 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, broadcasting equipment, tobacco, garments, cars (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
China 17%, Turkey 15%, Italy 8%, UAE 8%, Egypt 8% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
-5.8% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
petroleum, petrochemicals, aluminum, iron and steel, food processing, textiles, handicrafts, cement
Inflation rate (consumer prices)
2.13%
Inflation rate (consumer prices) 2022:
4.5% (2022 est.)
Inflation rate (consumer prices) 2023:
2.4% (2023 est.)
Inflation rate (consumer prices) 2024:
2.1% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
2.585 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
2.62 million persons
Labor force - by occupation
agriculture:
10%
industry:
18.63%
services:
71.38%
Public debt
Public debt 2016:
7.5% of GDP (2016 est.)
Real GDP (purchasing power parity)
$105.58 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$82.756 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$91.161 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$90.609 billion (2024 est.)
Real GDP growth rate
1.9%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
-8.3% (2022 est.)
Real GDP growth rate 2023:
10.2% (2023 est.)
Real GDP growth rate 2024:
-0.6% (2024 est.)
Real GDP per capita
$14,304
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$11,500 (2022 est.)
Real GDP per capita 2023:
$12,500 (2023 est.)
Real GDP per capita 2024:
$12,300 (2024 est.)
Remittances
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2021:
0% of GDP (2021 est.)
Remittances 2022:
0% of GDP (2022 est.)
Remittances 2023:
0% of GDP (2023 est.)
Reserves of foreign exchange and gold
$92.89 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$86.683 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$92.427 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$92.894 billion (2024 est.)
Unemployment rate
18.76%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
19.3% (2022 est.)
Unemployment rate 2023:
18.8% (2023 est.)
Unemployment rate 2024:
18.7% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
68.8% (2024 est.)
Male:
41.5% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
49.5% (2024 est.)
World Bank Indicators
Currency
Libyan dinar (LYD) . (2025)
Languages
Arabic (2025)
Economic Rankings
Unemployment Rate
#10
GDP Growth Rate
#19
Reserves
#29
Exports
#72
Imports
#77
GDP (Nominal)
#95
GDP (PPP)
#98
GDP per Capita
#115
Inflation Rate
#168
Quick Facts
Industries
petroleum, petrochemicals, aluminum, iron and steel, food processing, textiles, handicrafts, cement
Agricultural products
potatoes, onions, watermelons, tomatoes, dates, olives, milk, chicken, wheat, vegetables (2023)
Labor force
2.585 million (2024 est.)
Exports - partners
Italy 23%, Germany 15%, Spain 9%, France 7%, China 6% (2023)
Imports - partners
China 17%, Turkey 15%, Italy 8%, UAE 8%, Egypt 8% (2023)
Exchange rates
Libyan dinars (LYD) per US dollar -
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