Key Market Indicators
Azerbaijan's defense expenditure is projected to rise to approximately $3.04 billion by 2028, marking a modest annual growth rate of 0.2% from its current level of around $3 billion in 2023. Since 1997, the country's defense spending has seen a significant increase, with an average annual growth rate of 12.4%. In 2023, Azerbaijan ranked as the 51st highest spender on defense globally. South Africa narrowly edged out Azerbaijan in 2023, with its defense budget also around $3 billion. Leading the global rankings in defense expenditure are China, Russia, and India, occupying the second, third, and fourth positions, respectively.
