Key Market Indicators
Sri Lanka's defense expenditure is projected to hit approximately $1.1 billion by 2028, a slight increase from the nearly $1.1 billion allocated in 2023. This steady trend indicates no significant change in average annual spending. Since 1965, Sri Lanka's defense budget demand has seen a yearly decline of 7.6%. In the global rankings for 2023, Sri Lanka placed 72nd, just behind Kenya, which also allocated around $1.1 billion. Leading the global defense spending rankings, China, Russia, and India took the second, third, and fourth spots respectively.
