Key Market Indicators
Uruguay's defense expenditure is projected to reach approximately $1.57 billion by 2028, marking a steady increase from $1.41 billion in 2023. This represents an average annual growth rate of 1.7%. Since 1977, Uruguay's defense spending has experienced an average annual growth of 2.1%. In the global ranking for 2023, Uruguay was positioned at number 63, with Ethiopia surpassing it at $1.41 billion. Topping the list of global defense spenders in 2023 were China, Russia, and India, holding the second, third, and fourth positions respectively.
