Key Market Indicators
Serbia's defense expenditure is projected to increase to approximately $1.58 billion by 2028, up from $1.38 billion in 2023. This represents a compound annual growth rate (CAGR) of 2.2%. Since 1997, Serbian demand for defense spending has consistently increased, averaging an annual growth rate of 11%. In 2023, Serbia ranked 65th globally in defense expenditure, trailing behind Bulgaria, which reported a similar spending level of $1.38 billion. Globally, the top spots in defense spending for 2023 were dominated by China, Russia, and India, holding the second, third, and fourth positions respectively.
