Key Market Indicators
Ecuador's defense expenditure is projected to climb to approximately $2.76 billion by 2028, up from around $2.52 billion in 2023. This marks a steady annual growth rate of 1.5% in compound annual growth rate (CAGR). Historically, Ecuador's demand for defense spending has seen a slight decline, averaging a 0.2% decrease year on year since 1965. In 2023, Ecuador ranked 56th in global defense spending. Notably, Hungary surpassed Ecuador with defense expenditures matching the $2.52 billion mark in 2023. Leading the global rankings are China, Russia, and India, holding the second, third, and fourth positions respectively.
