Key Market Indicators
Russia is set to be the fourth largest defence spender in the world by 2026, with expenditure reaching $63 billion. This marks an increase of 0.3% year-on-year compounded annual growth rate (CAGR) from 2021, when the country spent $60 billion. Since 1998, Russian defence expenditure has fallen 2.8% year-on-year. In 2021, India was the third largest defence spender at $60 billion, with China and Russia coming in second and fourth respectively.