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.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
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 | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
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 |
