Key Market Indicators
Armenia's defense expenditure is projected to surge to approximately $1 billion by 2028, up from around $830 million in 2023. This represents an average annual growth rate of 3%. Since 1998, Armenia's defense spending has grown at an average rate of 10.1% per year. In the global ranking for 2023, Armenia was positioned 78th, with Belarus slightly ahead, also spending around $830 million. Leading the global defense expenditure rankings are China, Russia, and India, occupying the second, third, and fourth spots, respectively.
