Key Market Indicators
Singapore's defense expenditure is projected to hit approximately $13.5 billion by 2028, up from around $12 billion in 2023. This marks an average annual growth rate of 1.9%. Since 1975, the nation's defense spending has increased by an average of 2.5% each year. As of 2023, Singapore ranks 20th globally in defense expenditure. In comparison, the Netherlands narrowly surpassed Singapore with a defense budget of $12 billion for the same year. Leading the global rankings, China, Russia, and India secured the second, third, and fourth spots respectively.
