Key Market Indicators
Norwegian defense expenditure is projected to hit approximately $9.24 billion by 2028, up from around $8.53 billion in 2023. This represents an annual growth rate of 1.3%. Since 1965, Norway has seen a yearly increase in defense spending of 2.5%. In 2023, the country ranked 26th in global defense expenditure, with Mexico narrowly ahead, allocating a similar amount of $8.53 billion. China, Russia, and India held the second, third, and fourth positions, respectively, in this ranking.
