Key Market Indicators
Tobagonian defense expenditure is projected to reach approximately $224 million by 2028, rising from around $205 million in 2023. This represents an average annual growth rate of 1.4%. Since 1973, the nation's defense spending has seen a consistent increase, averaging a 4.3% growth rate per year. In 2023, Tobago ranked 114th globally in defense expenditure, with Jamaica surpassing it at the same $205 million mark. On the global stage, China, Russia, and India held the second, third, and fourth positions in defense spending, respectively.
