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Libya

Dawlat Libiya

Last updated: 2026-03-28 (today)

Budget

revenues

$28.005 billion (2019 est.)

expenditures

$37.475 billion (2019 est.)

Exports

note

note: balance of payments - exports of goods and services in current dollars

Exports 2021

$32.38 billion (2021 est.)

Exports 2022

$39.831 billion (2022 est.)

Exports 2023

$37.753 billion (2023 est.)

Imports

note

note: balance of payments - imports of goods and services in current dollars

Imports 2021

$25.406 billion (2021 est.)

Imports 2022

$27.872 billion (2022 est.)

Imports 2023

$33.284 billion (2023 est.)

Industries

petroleum, petrochemicals, aluminum, iron and steel, food processing, textiles, handicrafts, cement

Labor force

2.585 million (2024 est.)

note: number of people ages 15 or older who are employed or seeking work

Public debt

Public debt 2016

7.5% of GDP (2016 est.)

Remittances

note

note: 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.)

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.)

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

Unemployment rate

note

note: % 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.)

Exports - partners

Italy 23%, Germany 15%, Spain 9%, France 7%, China 6% (2023)

note: top five export partners based on percentage share of exports

Imports - partners

China 17%, Turkey 15%, Italy 8%, UAE 8%, Egypt 8% (2023)

note: top five import partners based on percentage share of imports

Real GDP per capita

note

note: 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.)

Real GDP growth rate

note

note: 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.)

Agricultural products

potatoes, onions, watermelons, tomatoes, dates, olives, milk, chicken, wheat, vegetables (2023)

note: top ten agricultural products based on tonnage

Exports - commodities

crude petroleum, natural gas, refined petroleum, gold, scrap iron (2023)

note: top five export commodities based on value in dollars

Imports - commodities

refined petroleum, broadcasting equipment, tobacco, garments, cars (2023)

note: top five import commodities based on value in dollars

Current account balance

note

note: balance of payments - net trade and primary/secondary income in current dollars

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.)

GDP (official exchange rate)

$46.636 billion (2024 est.)

note: data in current dollars at official exchange rate

GDP - composition, by end use

note

note: figures may not total 100% due to rounding or gaps in data collection

household consumption

32.7% (2024 est.)

government consumption

36.7% (2024 est.)

investment in inventories

0% (2024 est.)

investment in fixed capital

14.8% (2024 est.)

exports of goods and services

74.8% (2024 est.)

imports of goods and services

-59.1% (2024 est.)

Inflation rate (consumer prices)

note

note: annual % change based on consumer prices

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.)

Industrial production growth rate

-5.8% (2024 est.)

note: annual % change in industrial value added based on constant local currency

Real GDP (purchasing power parity)

note

note: 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.)

Youth unemployment rate (ages 15-24)

male

41.5% (2024 est.)

note

note: % of labor force ages 15-24 seeking employment

total

49.5% (2024 est.)

female

68.8% (2024 est.)

Reserves of foreign exchange and gold

note

note: 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.)

GDP - composition, by sector of origin

note

note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data

industry

68.3% (2024 est.)

services

34.3% (2024 est.)

agriculture

1.7% (2024 est.)