Key Market Indicators
Cyprus's defense expenditure is projected to rise to approximately $573 million by 2028, up from around $515 million in 2023. This marks an average annual growth rate of 1.7%. Since 1990, the demand for defense spending in Cyprus has shown a yearly increase of 2.7%. In the 2023 global rankings, Cyprus stood at number 88, with Sudan surpassing it with an expenditure of $515 million. Leading the rankings are China, Russia, and India, which occupy the second, third, and fourth positions, respectively.
