Greece Defence and Security Report 2017
BMI View: Greece's defence expenditure by Greece will remain constrained by adverse economicconditions over the next several years. While we expect defence spending to return to positive growth ineuro terms (but stagnate in USD terms) amid ongoing security challenges, procurement plan will remain onhold, at least over the next few years, as the government favours personnel expenses. Defence import levelswill be low on a historical comparison, while exports are set to grow, as local manufacturers seek to makeup for weakened domestic demand for their products by expanding in international markets.
Despite large cuts to the defence budget over the past few years, owing to the government's aggressivefiscal consolidation drive urged by external financiers, Greece's defence expenditure as a share of GDPremain high compared with other NATO states, at an estimated 2.2% of GDP in 2017.
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