New Defense research report from Business Monitor International is now available from Fast Market Research

Boston, MA -- (ReleaseWire) -- 05/05/2014 --BMI expects Greece to spend up to US$5.7bn on defence in 2014. Between 2010 and 2013 we calculate that Greece has spent about US$6.6bn on defence on average annually during this period. For the remainder of the forecast period (2015-2018) we expect Greece to spend on average US$5.7bn on defence annually. We expect Greece to complete the forecast period spending up to US$5.9bn annually on defence in 2018. Despite the country's current serious economic problems, Greece is unusual as one of the members of NATO that routinely spends above the alliance's non-binding 2% of GDP defence spending target. Between 2010 and 2013, Greece spent an average of 2.5% of its GDP on defence. From 2015, we expect the proportion of its GDP which Greece spends on defence to decline slightly to an annual average of 2.4%.

Greece maintains a total of three armed forces: the army, air force and navy. Over the period from 2003 until 2011, Greece has maintained an average combined armed forces personnel size of 133,300.

View Full Report Details and Table of Contents

BMI has observed that Greece mostly maintained a negative defence trade balance between 2010 and 2013. We expect the defence trade balance to move into Greece's favour for the remainder of the forecast period. By 2017 and 2018 we expect Greece to have a defence trade surplus of US$7.1mn and US$9.2mn respectively.

BMI has observed a general increase in the value of defence exports made by Greek suppliers. On average, Greece exported US$15.9mn worth of defence equipment and services annually between 2010 and 2013. In 2014, we expect Greece to make defence exports worth US$19.6mn, with this figure set to increase to US $20.3mn in 2015. Greece imports significant quantities of materiel for its armed forces. In 2014 we expect Greece to import a total of US$18mn defence materiel and services.

We consider Greece to have a low risk of becoming involved in a major international conflict. We also believe that the country is comparatively secure from experiencing a major terrorist attack, although we perceived slightly more risk to Greece from criminal activity. As such, we have awarded Greece an overall security risk rating of 70 for Q214. The country's average security risk rating for the period January 2007 until Q214 is 71.

About Fast Market Research
Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.

Browse all Defense research reports at Fast Market Research

You may also be interested in these related reports:

- India Defence & Security Report Q2 2014
- South Korea Defence & Security Report Q2 2014
- Croatia Defence & Security Report Q2 2014
- Spain Defence & Security Report Q2 2014
- Singapore Defence & Security Report Q2 2014
- Japan Defence & Security Report Q2 2014
- Israel Defence & Security Report Q2 2014
- United Kingdom Defence & Security Report Q2 2014
- Brazil Defence & Security Report Q2 2014
- Poland Defence & Security Report Q2 2014