Key Market Indicators
Jamaican defense expenditure is projected to climb to approximately $232 million by 2028, marking a rise from around $218 million in 2023. This represents an annual compound growth rate (CAGR) of 1%. Since 1981, the demand for defense in Jamaica has seen a yearly increase of 0.8%. In 2023, the country ranked 113th in global defense spending, with Macedonia surpassing it by reaching the same $218 million mark. On the global stage, China, Russia, and India held the second, third, and fourth positions in defense expenditure rankings, respectively.
