Key Market Indicators
Luxembourg's defense expenditure is projected to hit approximately $831 million by 2028, up from around $567 million in 2023. This marks an average annual growth rate of 6% in defense spending. Since 1965, Luxembourg's defense budget has surged by an annual average of 9.8%. In the current year, the country ranks 85th globally in terms of defense expenditure. Cambodia has overtaken Luxembourg with an equivalent budget of $567 million. Meanwhile, China, Russia, and India hold the second, third, and fourth spots, respectively, in the global ranking of defense spending.
