Insurance and financial services in Libya
Libya: Insurance and financial services was 25.6% in 2023. ◆ Volatile
Insurance and financial services in Libya, 1977–2023
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service imports, BoP.
Analysis
The most recent figure for insurance and financial services in Libya is 25.6%, measured in 2023.
Compared with earlier readings it is up 5.7% on the previous year and up 32.1% over ten years.
Over the whole period, insurance and financial services in Libya peaked at 37.6% in 2015 and was at its lowest, 0.5%, in 2001.
Libya ranks 4th of 197 countries on this measure, in the top 10%.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Libya, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1977 | 4.2% | — |
| 1978 | 4.4% | +5.4% |
| 1979 | 4.9% | +10.9% |
| 1980 | 5.0% | +1.8% |
| 1981 | 5.9% | +17.3% |
| 1982 | 5.4% | -8.3% |
| 1983 | 4.3% | -20.0% |
| 1984 | 4.3% | -0.9% |
| 1985 | 3.7% | -14.3% |
| 1986 | 5.2% | +41.9% |
| 1987 | 4.1% | -20.3% |
| 1988 | 2.0% | -52.4% |
| 1989 | 2.2% | +10.0% |
| 1990 | 2.7% | +26.1% |
| 2000 | 0.6% | -79.5% |
| 2001 | 0.5% | -13.4% |
| 2002 | 1.6% | +221.4% |
| 2003 | 4.3% | +178.0% |
| 2004 | 6.1% | +41.5% |
| 2005 | 7.7% | +25.4% |
| 2006 | 7.7% | +0.8% |
| 2007 | 7.2% | -6.2% |
| 2008 | 5.6% | -23.0% |
| 2009 | 11.7% | +110.3% |
| 2010 | 10.6% | -9.4% |
| 2011 | 5.7% | -46.6% |
| 2012 | 18.0% | +217.0% |
| 2013 | 19.4% | +7.8% |
| 2014 | 33.6% | +73.2% |
| 2015 | 37.6% | +12.0% |
| 2016 | 25.3% | -32.9% |
| 2017 | 19.5% | -23.0% |
| 2018 | 22.9% | +17.5% |
| 2019 | 24.5% | +7.1% |
| 2020 | 17.2% | -29.8% |
| 2021 | 21.6% | +25.8% |
| 2022 | 24.2% | +12.1% |
| 2023 | 25.6% | +5.7% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 4.5% | 4.2% | 4.9% | 3 |
| 1980s | 4.2% | 2.0% | 5.9% | 10 |
| 1990s | 2.7% | 2.7% | 2.7% | 1 |
| 2000s | 5.3% | 0.5% | 11.7% | 10 |
| 2010s | 21.7% | 5.7% | 37.6% | 10 |
| 2020s | 22.2% | 17.2% | 25.6% | 4 |
Countries ranked near Libya
- 1 Luxembourg 49.2% compare
- 2 Bahrain 35.0% compare
- 3 Cayman Islands 30.2% compare
- 5 Macau, China 21.3% compare
- 6 Gambia 19.8% compare
- 7 United States of America 19.7% compare
More economy & growth data for Libya
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.31 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 2.3 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps -56.51 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit -0.0012 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita -7.66 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 794.70 million BoP, current US$ (2023)
- Foreign direct investment, net inflows (BoP, current US$), annual 13.21 % change on previous year (2023)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0181 BoP, current US$ per US$ of GDP (2023)
- Foreign direct investment, net inflows (BoP, current US$), per capita 108.78 BoP, current US$ per person (2023)
- Total reserves (includes gold, current US$), annual growth rate 12.66 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Libya?
- Insurance and financial services in Libya was 25.6% in 2023, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Libya?
- The highest recorded value was 37.6% in 2015.
- What is the lowest insurance and financial services recorded in Libya?
- The lowest recorded value was 0.5% in 2001.
- How does Libya rank for insurance and financial services?
- Libya ranks 4th out of 197 countries with data for 2023.
- Is insurance and financial services rising or falling in Libya?
- Over the last ten years it is up 32.1%. The long-run trend across the full record is volatile.
- Where does this Libya data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Insurance and financial services (% of service imports, BoP). Statizoid updates them automatically from the source API.
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About this data
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 imports which are services provided by non-residents to residents.