The Gross Domestic Product (GDP) in Libya expanded 10.90 percent in 2018 from the previous year. Libya GDP Annual Growth Rate - data, historical chart, and calendar of releases - was last updated on February of 2020 from its official source.

GDP Annual Growth Rate in Libya averaged 5.26 percent from 2000 until 2018, reaching an all time high of 104.37 percent in 2012 and a record low of -62.10 percent in 2011. This page provides - Libya GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

GDP Annual Growth Rate in Libya is expected to reach 1.50 percent by the end of 2020, 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 -0.70 percent in 2021 and 4.00 percent in 2022, according to our econometric models.


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Libya GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
10.90 55.00 104.37 -62.10 2000 - 2018 percent Yearly


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.