Libya: Current account, percent of GDP

* indicates monthly or quarterly data series
 Libya

Current account balance as percent of GDP

 Latest value 18.50
 Year 2023
 Measure percent
 Data availability 1980 - 2023
 Average 6.55
 Min - Max -78.45 - 51.11
 Source African Development Bank
For that indicator, we provide data for Libya from 1980 to 2023. The average value for Libya during that period was 6.55 percent with a minimum of -78.45 percent in 2014 and a maximum of 51.11 percent in 2006. The latest value from 2023 is 18.5 percent. For comparison, the world average in 2023 based on 105 countries is -2.19 percent. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series


Recent values chart
Libya - Current account, percent of GDP - Recent values chart

Historical chart
Libya - Current account, percent of GDP - historical chart - 1980-2023




The current account of Libya and other countries has three components: 1) the exports of goods and services minus the imports of goods and services; 2) the difference of incomes that countries pay to each other; and 3) the difference in transfers that countries make to each other. Current account deficits are reported with a minus sign and surpluses are reported with a plus sign.

A current account deficit means that the country needs to find financing for its imports. The foreign currencies it receives from selling products abroad are not enough to pay for the products it wants to buy from other countries. The needed amounts of foreign currencies can be obtained by, for example, borrowing. For instance, in the last several years the U.S. has been borrowing money from China in order to buy Chinese products.

This is not necessarily a problem. The current account deficit starts to be a problem if it exceeds 3-4 percent of GDP for many years. Over that time, the country accumulates a significant amount of foreign debt that eventually has to be repaid.
Definition: Current account balance is the sum of net exports of goods and services, net primary income, and net secondary income.

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 Related indicators Latest value Reference Measure
 Terms of trade 106.18 2021 percent
 Trade openness 136.54 2022 percent
 Financial openness -1.242 2021 index points
 Exports, percent of GDP 42.84 2019 percent
 Exports, billion dollars 34.65 2023 billion U.S. dollars
 Growth of exports -52.56 2020 percent
 Imports, percent of GDP 35.37 2019 percent
 Imports, billion dollars 20.85 2023 billion U.S. dollars
 Foreign Direct Investment, percent of GDP 1.52 2021 percent
 Foreign Direct Investment, billion dollars 0.60 2021 billion U.S. dollars
 Portfolio investment inflows, equities 0.00 2013 million dollars (current)
 Current account, percent of GDP 18.50 2023 percent
 Current account, in dollars 5.68 2021 billion U.S. dollars
 Trade balance, percent of GDP 7.46 2019 percent
 Trade balance, in dollars 6.97 2021 billion U.S. dollars
 Reserves 86.68 2022 billion U.S. dollars
 Remittances, percent of GDP 0.00 2022 percent
 Remittances 0.00 2022 million U.S. dollars
 Net errors and omissions -577.50 2021 million USD
 Foreign exchange reserves 74.45 9/2022 billion
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