The economy of Libya is expected to have grown by a strong 177 percent in 2021, following a 59.7 percent contraction in 2020, according to AFDB forecasts. The recovery in 2021 reflected the low-base effect but also progress toward political stability and the reopening of major oilfields. source: Central Bank of Libya

GDP Annual Growth Rate in Libya averaged 10.06 percent from 2000 until 2021, reaching an all time high of 177.00 percent in 2021 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. Libya GDP Annual Growth Rate - values, historical data and charts - was last updated on February of 2023.

GDP Annual Growth Rate in Libya is expected to reach 5.00 percent by the end of 2022, 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 7.00 percent in 2023 and 3.80 percent in 2024, according to our econometric models.

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Libya GDP Annual Growth Rate

Related Last Previous Unit Reference
GDP Annual Growth Rate 177.00 -59.70 percent Dec 2021
GDP Constant Prices 99113.00 112442.80 LYD Million Dec 2019

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
177.00 -59.70 177.00 -62.10 2000 - 2021 percent Yearly