Key Market Indicators
Montenegro's defense expenditure is projected to reach nearly $100 million by 2028, up from approximately $98 million in 2023. This marks an average annual growth rate of 0.3%. Since 2010, the country's defense spending has seen a year-on-year increase of 5.4%. In the global ranking for defense budgets in 2023, Montenegro stood at 125th place. The country was narrowly surpassed by Madagascar, which also allocated about $98 million for defense in the same year. In contrast, China, Russia, and India occupied the second, third, and fourth positions, respectively, in this ranking.
