Libya's GDP changed from approximately $40B 190M in 1980 to $48B 221M in 2024, showing an overall 20.0% sharply increased during the period.
The lowest GDP was recorded in 2002 at $21B 128M, and the highest in 2012 at $92B 542M.
Over the 44-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 0.4%.
For comparison, the average annual growth rate of Egypt was 6.3%, and that of Algeria was 4.1%.
Libya GDP from 1980 to 2024
The total market value of goods and services produced annually in Libya.
Overview of Libya's GDP (1980–2024)
The Gross Domestic Product (GDP) of Libya recorded a 20.0% sharply increased from 1980 to 2024.
The average GDP during this period was $44B 573M, and the median was $37B 129M.
GDP fluctuated within a range of $71B 414M, with a standard deviation of $17B 872M.
The average annual change was $826M 700K.
Highest and Lowest GDP Records
- Lowest GDP: 2002, $21B 128M
- Highest GDP: 2012, $92B 542M
- Most Recent GDP: 2024, $48B 221M
Notable Annual GDP Changes
- 2012: Significant increase in GDP
- 2011: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Libya's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $69B 280M → $46B 921M
- Outcome: sharply declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $68B 211M → $60B 809M
- Outcome: sharply declined
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $39B 498M → $35B 206M
- Outcome: sharply declined
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $37B 702M → $30B 921M
- Outcome: sharply declined
Key Economic Indicators of Libya (1980–2024)
| year | GDP Growth | Nominal GDP | PPP GDP | GDP per Capita | PPP per Capita | Savings | Population | Current Account | Fiscal Balance |
|---|---|---|---|---|---|---|---|---|---|
1980 | 0.606 % | $ 40B 190M | $ 97B 852M | $ 13,449.65 | $ 32,746.58 | 0 % | 2M 988K people | 20.439 % | 0 % |
1981 | -20.04 % | $ 34B 720M | $ 85B 645M | $ 11,107.63 | $ 27,399.54 | 0 % | 3M 126K people | -11.414 % | 0 % |
1982 | 1.518 % | $ 34B 616M | $ 92B 317M | $ 10,575.64 | $ 28,203.85 | 0 % | 3M 273K people | -4.56 % | 0 % |
1983 | -4.709 % | $ 32B 988M | $ 91B 415M | $ 9,671.45 | $ 26,801.25 | 0 % | 3M 411K people | -4.979 % | 0 % |
1984 | -8.306 % | $ 30B 890M | $ 86B 847M | $ 8,681.16 | $ 24,407.06 | 0 % | 3M 558K people | -4.751 % | 0 % |
1985 | 0.607 % | $ 30B 384M | $ 90B 137M | $ 8,586.41 | $ 25,472.48 | 0 % | 3M 539K people | 6.274 % | 0 % |
1986 | -11.353 % | $ 24B 756M | $ 81B 513M | $ 6,733.97 | $ 22,173.06 | 0 % | 3M 676K people | -0.67 % | 0 % |
1987 | -14.702 % | $ 23B 9M | $ 71B 252M | $ 6,002.07 | $ 18,586.69 | 0 % | 3M 834K people | -4.532 % | 0 % |
1988 | 7.579 % | $ 25B 870M | $ 79B 356M | $ 5,981.63 | $ 18,348.20 | 0 % | 4M 325K people | -7.057 % | 0 % |
1989 | 7.199 % | $ 27B 446M | $ 88B 405M | $ 6,070.10 | $ 19,551.76 | 0 % | 4M 522K people | -3.737 % | 0 % |
1990 | 3.72 % | $ 31B 627M | $ 95B 125M | $ 7,424.17 | $ 22,329.77 | 0 % | 4M 260K people | 6.789 % | 4.651 % |
1991 | 18.32 % | $ 34B 995M | $ 116B 359M | $ 8,026.29 | $ 26,687.77 | 0 % | 4M 360K people | 1.234 % | 9.594 % |
1992 | -4.545 % | $ 35B 459M | $ 113B 601M | $ 7,950.51 | $ 25,471.11 | 0 % | 4M 460K people | 5.051 % | 1.219 % |
1993 | -5.468 % | $ 31B 912M | $ 109B 934M | $ 6,998.26 | $ 24,108.37 | 0 % | 4M 560K people | -2.646 % | -4.637 % |
1994 | 3.219 % | $ 29B 719M | $ 115B 896M | $ 6,391.13 | $ 24,923.97 | 0 % | 4M 650K people | 0.507 % | -1.603 % |
1995 | -15.431 % | $ 33B 738M | $ 100B 67M | $ 7,102.86 | $ 21,066.75 | 0 % | 4M 750K people | 2.811 % | 4.791 % |
1996 | 1.759 % | $ 36B 827M | $ 103B 692M | $ 7,608.82 | $ 21,423.95 | 0 % | 4M 840K people | -0.218 % | 12.241 % |
1997 | -2.635 % | $ 37B 702M | $ 102B 701M | $ 7,663 | $ 20,874.16 | 0 % | 4M 920K people | -0.29 % | -1.251 % |
1998 | -0.676 % | $ 30B 921M | $ 103B 153M | $ 6,171.77 | $ 20,589.36 | 0 % | 5M 10K people | -1.804 % | -1.512 % |
1999 | -0.189 % | $ 37B 129M | $ 104B 415M | $ 7,294.48 | $ 20,513.68 | 0 % | 5M 90K people | 2.641 % | 6.406 % |