Key Market Indicators
Iran's defense expenditure is projected to rise to nearly $7 billion by 2028, up from approximately $6.87 billion in 2023. This represents an average annual growth rate of 0.3%. Historically, the demand for defense spending in Iran has seen a year-on-year decrease of 9.4% since 1965. In the global ranking for 2023, Iran was positioned at 31st place, with Belgium surpassing it by allocating the same amount, $6.87 billion, to its defense budget. In the broader context, China, Russia, and India occupied the second, third, and fourth positions respectively in terms of defense expenditure.
