Key Market Indicators
Defence expenditure in the country is projected to hit approximately $280 million by 2028, up from around $269 million in 2023. This marks an average annual growth rate of 0.7%. However, since 1975, the demand for defence spending has seen an average yearly decline of 1.7%. In the global rankings for 2023, the country stood at number 108, having been overtaken by Gabon, which matched its defence budget at about $269 million. Leading the list, China, Russia, and India were ranked second, third, and fourth respectively.
