Libya's economy is estimated to have contracted by 3.2% year-on-year in 2024, according to the AFDB. GDP Annual Growth Rate in Libya averaged 2.99 percent from 2000 until 2024, reaching an all time high of 104.37 percent in 2012 and a record low of -62.10 percent in 2011. source: Central Bank of Libya

GDP Annual Growth Rate in Libya is expected to reach 7.30 percent by the end of 2025, according to Trading Economics global macro models and analysts expectations. In the long-term, the Libya GDP Annual Growth Rate is projected to trend around 3.20 percent in 2026 and 4.10 percent in 2027, according to our econometric models.



Related Last Previous Unit Reference
GDP 46.64 45.10 USD Billion Dec 2024
GDP Annual Growth Rate -3.20 9.10 percent Dec 2024
GDP per Capita 7509.74 7633.45 USD Dec 2024
GDP per Capita PPP 12275.91 12478.14 USD Dec 2024



Libya GDP Annual Growth Rate
Libya has one of the highest GDP per capita in Africa. Libya’s territory (90 percent of which is a desert) has the largest oil reserves in Africa and one of the largest in the world. As a result, Libya’s economy is highly dependent on oil production which accounts for 94 percent of government revenues. In 2011, as part of the Arab Spring, Libya went through a civil war that ousted the dictatorial regime. During the conflict oil production was disrupted which resulted in a GDP contraction of over 40 percent. Yet, it is expected that with the recovery of oil industry, the high rates of growth will be back.
Actual Previous Highest Lowest Dates Unit Frequency
-3.20 9.10 104.37 -62.10 2000 - 2024 percent Yearly