The general government procurement on defence in Austria has shown variability over the years, with an initial increase in 2013 followed by a decline until 2015. From 2016 onwards, there has been a general upward trend with some fluctuations. By 2023, the procurement value stood at 1.62 units. The year-on-year variations have generally followed the changes in the procurement values, with significant decreases early on, a strong rebound in 2016, and more moderate changes in the subsequent years.
Over the last two years, the procurement values have seen year-on-year increases of 0.63% in both 2021 and 2022, and a 0.62% increase in 2023, indicating stability and slow growth. The compound annual growth rate (CAGR) over the last five years (up to 2023) stands at 2.24%. Forecasted data from 2024 to 2028 suggest a steady increase in procurement values, with a forecasted 5-year CAGR of 0.49% and total growth rate of 2.45% by 2028.
Future trends to watch for:
- Potential impacts of geopolitical changes on defence spending strategies.
- Technological advancements influencing procurement needs and priorities.
- Budgetary policies and economic conditions affecting government allocation towards defence.
