Greek Defense Expenditure Had Declined from US$5 Billion in 2011 to US$3.7 Billion in 2015

Date: 2015-10-30

The Greek defense market will be driven by the country’s strained relationship with Turkey over a territorial dispute in the Cyprus region, along with a sovereignty rights issue in the Gulf of Aegean. In addition, the capital expenditure allocation is anticipated to average 27.5% of the total defense budget during 2016-2020 and defense equipment procurements are expected to be in the areas of frigates, submarines, corvettes, and multi-role aircraft MRO services

– During 2011-2015, Greek defense expenditure registered a growth rate of -7.53%, declining from US$5 billion in 2011 to US$3.7 billion in 2015

– Military expenditure is anticipated to register a CAGR of 2.75% during 2016-2020, to value US$4 billion in 2020

– The country’s strained relationship with Turkey over a territorial dispute in the Cyprus region, along with a sovereignty rights issue in the Gulf of Aegean are expected to drive defense expenditure over the forecast period

– Demand for equipment is mainly expected to revolve around frigates, submarines, corvettes, and multi-role aircraft and MRO services during 2016-2020

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