Libya GDP Trends from 1980 to 2024: A overall increase with some decline Flow

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%.

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.


Libya GDP from 1980 to 2024

The total market value of goods and services produced annually in Libya.

Change Chart

    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)

    yearNominal GDPGDP per CapitaPPP per CapitaPPP GDPGDP GrowthCurrent AccountSavingsFiscal BalancePopulation
    1980
    $ 40B 190M
    $ 13,449.65
    $ 32,746.58
    $ 97B 852M
    0.606 %
    20.439 %
    0 %
    0 %
    2M 988K people
    1981
    $ 34B 720M
    $ 11,107.63
    $ 27,399.54
    $ 85B 645M
    -20.04 %
    -11.414 %
    0 %
    0 %
    3M 126K people
    1982
    $ 34B 616M
    $ 10,575.64
    $ 28,203.85
    $ 92B 317M
    1.518 %
    -4.56 %
    0 %
    0 %
    3M 273K people
    1983
    $ 32B 988M
    $ 9,671.45
    $ 26,801.25
    $ 91B 415M
    -4.709 %
    -4.979 %
    0 %
    0 %
    3M 411K people
    1984
    $ 30B 890M
    $ 8,681.16
    $ 24,407.06
    $ 86B 847M
    -8.306 %
    -4.751 %
    0 %
    0 %
    3M 558K people
    1985
    $ 30B 384M
    $ 8,586.41
    $ 25,472.48
    $ 90B 137M
    0.607 %
    6.274 %
    0 %
    0 %
    3M 539K people
    1986
    $ 24B 756M
    $ 6,733.97
    $ 22,173.06
    $ 81B 513M
    -11.353 %
    -0.67 %
    0 %
    0 %
    3M 676K people
    1987
    $ 23B 9M
    $ 6,002.07
    $ 18,586.69
    $ 71B 252M
    -14.702 %
    -4.532 %
    0 %
    0 %
    3M 834K people
    1988
    $ 25B 870M
    $ 5,981.63
    $ 18,348.20
    $ 79B 356M
    7.579 %
    -7.057 %
    0 %
    0 %
    4M 325K people
    1989
    $ 27B 446M
    $ 6,070.10
    $ 19,551.76
    $ 88B 405M
    7.199 %
    -3.737 %
    0 %
    0 %
    4M 522K people
    1990
    $ 31B 627M
    $ 7,424.17
    $ 22,329.77
    $ 95B 125M
    3.72 %
    6.789 %
    0 %
    4.651 %
    4M 260K people
    1991
    $ 34B 995M
    $ 8,026.29
    $ 26,687.77
    $ 116B 359M
    18.32 %
    1.234 %
    0 %
    9.594 %
    4M 360K people
    1992
    $ 35B 459M
    $ 7,950.51
    $ 25,471.11
    $ 113B 601M
    -4.545 %
    5.051 %
    0 %
    1.219 %
    4M 460K people
    1993
    $ 31B 912M
    $ 6,998.26
    $ 24,108.37
    $ 109B 934M
    -5.468 %
    -2.646 %
    0 %
    -4.637 %
    4M 560K people
    1994
    $ 29B 719M
    $ 6,391.13
    $ 24,923.97
    $ 115B 896M
    3.219 %
    0.507 %
    0 %
    -1.603 %
    4M 650K people
    1995
    $ 33B 738M
    $ 7,102.86
    $ 21,066.75
    $ 100B 67M
    -15.431 %
    2.811 %
    0 %
    4.791 %
    4M 750K people
    1996
    $ 36B 827M
    $ 7,608.82
    $ 21,423.95
    $ 103B 692M
    1.759 %
    -0.218 %
    0 %
    12.241 %
    4M 840K people
    1997
    $ 37B 702M
    $ 7,663
    $ 20,874.16
    $ 102B 701M
    -2.635 %
    -0.29 %
    0 %
    -1.251 %
    4M 920K people
    1998
    $ 30B 921M
    $ 6,171.77
    $ 20,589.36
    $ 103B 153M
    -0.676 %
    -1.804 %
    0 %
    -1.512 %
    5M 10K people
    1999
    $ 37B 129M
    $ 7,294.48
    $ 20,513.68
    $ 104B 415M
    -0.189 %
    2.641 %
    0 %
    6.406 %
    5M 90K people