Key Market Indicators
Latvia's defense expenditure is projected to reach approximately $1 billion by 2028, up from around $875 million in 2023. This represents an annual compound growth rate (CAGR) of 2.1%. Since 1997, Latvian defense spending has increased by an average of 4.3% annually. In the global rankings for 2023, Latvia held the 74th spot. Notably, Uganda surpassed Latvia with its defense budget also at roughly $875 million. On the global stage, China, Russia, and India occupied the second, third, and fourth positions, respectively, for defense spending.
