The military expenditure in Spain, as a percentage of GDP, has shown various fluctuations over the past decade. Starting from 1.27% in 2013, the value decreased slightly over the next few years, reaching a low of 1.14% in 2016. The expenditure then displayed a trend of gradual increase, peaking at 1.47% in 2022 and maintained this level in 2023. The year-on-year variations have seen significant highs and lows, with notable increases in 2020 (10.97%) and more moderate changes in subsequent years, such as 0.33% in 2023. The compounded annual growth rate (CAGR) over the last five years up to 2023 was 3.24%
The forecasted data from 2024 projects a steady increase, with military expenditure expected to reach 1.56% of GDP by 2028, indicating an overall 4.05% growth rate and an average annual growth rate of 0.8% CAGR over the next five years.
Future trends to watch for:
- Potential geopolitical influences that may necessitate higher military spending.
- The impact of economic fluctuations on budget allocations for defense.
- Technological advancements and their integration into military strategies and expenditure.
