Libya: Current account, percent of GDP

The latest value from 2023 is 18.5 percent, a decline from 20.6 percent in 2022. In comparison, the world average is -1.48 percent, based on data from 132 countries. Historically, the average for Libya from 1980 to 2023 is 6.55 percent. The minimum value, -78.45 percent, was reached in 2014 while the maximum of 51.11 percent was recorded in 2006. See the global rankings for that indicator or use the country comparator to compare trends over time.

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.