Key Market Indicators
Venezuelan defense expenditure is projected to surge to approximately $36 million by 2028, up from nearly $10 million in 2023. This represents an average annual growth rate of 18.6%. Historically, Venezuela has seen a significant decline in defense spending, with demand dropping by 58% year-on-year since 1965. As of 2023, Venezuela ranks 148th in global defense expenditure. In a surprising turn, Cape Verde surpassed Venezuela with a similar budget close to $10 million. Meanwhile, China, Russia, and India hold the second, third, and fourth positions, respectively, in global defense spending rankings.
