Libya's current account balance (% of GDP) was 4.24% in 2023, the latest year in the World Bank's World Development Indicators. That is up 4.22 percentage points from 0.01% in 2013.
Key figures
| Value | Year | |
|---|---|---|
| Latest | 4.24% | 2023 |
| Five years earlier | 14.7% | 2018 |
| Ten years earlier | 0.01% | 2013 |
| Highest | 41.91% | 2007 |
| Lowest | -33.18% | 2014 |
| Average since 2014 | -0.12% | 2014–2023 |
| First recorded | 9.63% | 1977 |
What the numbers say
In 2023, Libya's current account balance (% of GDP) fell 17.98 percentage points on 2022 (from 22.22% to 4.24%).
Across the 30 yearly changes before that (1993 to 2022), the average change was +0.6 percentage points and a typical year strayed about 13.95 percentage points from that (the standard deviation). This year's change was 1.3 standard deviations below that average, so it was larger than a typical year, though not out of the range seen before.
On record, the biggest yearly rise was 26.32 percentage points in 2021 and the biggest yearly fall was 33.19 percentage points in 2014. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.
From 2014 to 2023 the straight-line trend is upward, about 4.22 percentage points a year. A straight line explains 54% of the movement over 10 observed years.
Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.
How it compares
In 2023, Libya had the 5th highest value of the 12 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.
Closest to Libya in the 2023 ranking
- Guyana — 2nd of 12: 13.9%
- South Sudan — 3rd of 12: 7.93%
- Aruba — 4th of 12: 5.19%
- Comoros — 6th of 12: -1.68%
- Sint Maarten (Dutch part) — 7th of 12: -6.92%
- Benin — 8th of 12: -8.18%
What this measures
Balance of current transactions (transactions in goods and services, earned income and transfer income) between residents and non-residents. The term current account balance is used in the external accounts and is expressed from the perspective of resident units. The term current external balance is used in the national accounts and is expressed from the perspective of the non-resident units, and therefore with the opposite sign. This indicator is expressed as a percentage of Gross Domestic Product (GDP) which is the total income earned through the production of goods and services in an economic territory during an accounting period.
All 47 values
| Year | Current account balance (% of GDP) |
|---|---|
| 2023 | 4.24 |
| 2022 | 22.22 |
| 2021 | 16.11 |
| 2020 | -10.2 |
| 2019 | 6.96 |
| 2018 | 14.7 |
| 2017 | 6.59 |
| 2016 | -9.43 |
| 2015 | -19.18 |
| 2014 | -33.18 |
| 2013 |
Current account balance (% of GDP) in nearby economies
More economic policy & debt data for Libya
- Total reserves, including gold (current US$) — US$104.66 billion (2025)
- Total reserves, excluding gold (current US$) — US$84.06 billion (2025)
- GDP (current US$) — US$48.1 billion (2025)
- GDP (current LCU) — 255.17 billion (2025)
- GDP (constant 2015 US$) — US$64.4 billion (2025)
- GDP (constant LCU) — 96.66 billion (2025)
- GDP per capita (current US$) — US$6,449 (2025)
- GDP per capita (current LCU) — 34,212 (2025)
- GDP per capita (constant 2015 US$) — US$8,634 (2025)
- GDP per capita (constant LCU) — 12,960 (2025)
- GNI (current US$) — US$49.92 billion (2025)
Reading data like this
Questions people ask
- What is Libya's current account balance (% of GDP)?
- 4.24% in 2023, according to the World Bank (World Development Indicators).
- How has it changed since 1977?
- It is down 5.39 percentage points from 9.63% in 1977. The highest value was 41.91% in 2007 and the lowest -33.18% in 2014.
- How does Libya rank?
- 5th highest of 12 economies with data for 2023.
- Is the latest change in current account balance (% of GDP) unusual for Libya?
- In 2023, Libya's current account balance (% of GDP) fell 17.98 percentage points on 2022 (from 22.22% to 4.24%). Across the 30 yearly changes before that (1993 to 2022), the average change was +0.6 percentage points and a typical year strayed about 13.95 percentage points from that (the standard deviation). This year's change was 1.3 standard deviations below that average, so it was larger than a typical year, though not out of the range seen before.
Source
World Bank, World Development Indicators, indicator BN.CAB.XOKA.GD.ZS, licensed CC BY 4.0. Original source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF); World Development Indicators Database, World Bank (WB); National Accounts data files, Organisation for Economic Co-operation and Development (OECD) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.
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