Key Market Indicators
Bulgarian defense expenditure is projected to reach approximately $1.56 billion by 2028, up from around $1.38 billion in 2023. This represents an annual compound growth rate of 1.9%. Since 1994, Bulgaria has seen its defense demand increase by an average of 7.6% each year. In the 2023 rankings, Bulgaria held the 64th position, having been overtaken by Uruguay, which matched Bulgaria's 2023 expenditure. Globally, China, Russia, and India occupied the second, third, and fourth positions, respectively, in defense spending rankings.
