The Gross Domestic Product (GDP) in Libya is expected to contract 60.30 percent in 2020, according to AFDB forecasts. source: Central Bank of Libya

GDP Annual Growth Rate in Libya averaged 2.08 percent from 2000 until 2020, 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. Libya GDP Annual Growth Rate - values, historical data and charts - was last updated on July of 2021.

GDP Annual Growth Rate in Libya is expected to reach 58.00 percent by the end of 2021, 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 2022 and 4.00 percent in 2023, according to our econometric models.

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Libya GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-60.30 4.00 104.37 -62.10 2000 - 2020 percent Yearly

Libya GDP Last Previous Highest Lowest Unit
GDP Annual Growth Rate -60.30 4.00 104.37 -62.10 percent [+]
GDP 25.42 52.08 87.14 20.48 USD Billion [+]
GDP per capita 5503.73 8122.17 12064.77 4539.00 USD [+]
GDP per capita PPP 10282.29 15174.16 22539.89 8479.95 USD [+]


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.