Libya's insurance and financial services (% of service exports, BoP) was 94.11% in 2023, the latest year in the World Bank's World Development Indicators. That is up 74.16 percentage points from 19.96% in 2013.
Key figures
| Value | Year | |
|---|---|---|
| Latest | 94.11% | 2023 |
| Five years earlier | 41.51% | 2018 |
| Ten years earlier | 19.96% | 2013 |
| Highest | 94.11% | 2023 |
| Lowest | 2.21% | 2008 |
| Average since 2014 | 53.9% | 2014–2023 |
| First recorded | 11.63% | 2000 |
What the numbers say
In 2023, Libya's insurance and financial services (% of service exports, BoP) rose 28.2 percentage points on 2022 (from 65.91% to 94.11%).
Across the 18 yearly changes before that (2001 to 2022), the average change was +3.35 percentage points and a typical year strayed about 20.11 percentage points from that (the standard deviation). This year's change was 1.2 standard deviations above 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 48.49 percentage points in 2015 and the biggest yearly fall was 48.13 percentage points in 2016. 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 there is no clear straight-line trend: a straight line explains 9% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.
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 2nd highest value of the 13 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.
| Value | Year | |
|---|---|---|
| Libya | 94.11% | 2023 |
| World | 11.46% | 2025 |
| Upper middle income | 2.86% | 2025 |
Closest to Libya in the 2023 ranking
- Benin — 2nd of 13: 11.18%
- Guyana — 3rd of 13: 10.37%
- South Sudan — 4th of 13: 9.77%
What this measures
Insurance and financial services cover various types of insurance provided to nonresidents by resident insurance enterprises and vice versa, and financial intermediary and auxiliary services (except those of insurance enterprises and pension funds) exchanged between residents and nonresidents. This indicator is expressed as a percentage of service exports which are services provided by residents to non-residents.
Regional and income-group figures are computed by the World Bank as a weighted average.
All 22 values
| Year | Insurance and financial services (% of service exports, BoP) |
|---|---|
| 2023 | 94.11 |
| 2022 | 65.91 |
| 2021 | 67.03 |
| 2020 | 30.76 |
| 2019 | 25.89 |
| 2018 | 41.51 |
| 2017 | 41.5 |
| 2016 | 41.52 |
| 2015 | 89.65 |
| 2014 | 41.16 |
| 2013 |
Insurance and financial services (% of service exports, BoP) in nearby economies
- Afghanistan — 0.37% (2020)
- Algeria — 10.86% (2025)
- Bahrain — 29.02% (2025)
- Egypt, Arab Rep. — 3.01% (2025)
- Iraq — 0.14% (2025)
- Israel — 0.06% (2025)
- Jordan — 1.28% (2024)
- Kuwait — 9.26% (2025)
- Lebanon — 9.42% (2023)
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 insurance and financial services (% of service exports, BoP)?
- 94.11% in 2023, according to the World Bank (World Development Indicators).
- How has it changed since 2000?
- It is up 82.49 percentage points from 11.63% in 2000. The highest value was 94.11% in 2023 and the lowest 2.21% in 2008.
- How does Libya rank?
- 2nd highest of 13 economies with data for 2023.
- Is the latest change in insurance and financial services (% of service exports, BoP) unusual for Libya?
- In 2023, Libya's insurance and financial services (% of service exports, BoP) rose 28.2 percentage points on 2022 (from 65.91% to 94.11%). Across the 18 yearly changes before that (2001 to 2022), the average change was +3.35 percentage points and a typical year strayed about 20.11 percentage points from that (the standard deviation). This year's change was 1.2 standard deviations above 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 BX.GSR.INSF.ZS, licensed CC BY 4.0. Original source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF) 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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