Boston, MA -- (ReleaseWire) -- 04/14/2014 -- BMI's Spain Defence & Security Report for Q2 2014 examines the country's strategic posture, its defence industry and its defence procurement plans. It also details the country's armed forces' orders of battle, in addition to the competencies and performance of its major defence companies.
BMI believes that Spain will spend US$14bn on defence in 2014. This is a slight decrease from 2013. For the years 2014-2018, we believe that Spain will spend, on average, US$14bn annually on defence. We expect a period of decline in the years 2015-2016, with the defence budget falling to US$13.8bn; a level that we expect it to maintain into 2016, before a further increase in 2017 when the budget, we believe, we climb to US$14.1bn. We then expect it to reach US$14.5bn in 2018.
BMI has given Spain an overall security risk reward rating of 82 for Q214. We believe that Spain is highly unlikely to become involved in a major interstate conflict. Moreover, we assess the country as having a moderate risk of experiencing a terrorist attack, although we judge it to be at less risk from crime.
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As regards recent procurement activity, in December 2013 it was reported that, while Spain will acquire 27 Airbus A400M Atlas turboprop freighters to equip its air force, current budgetary restrictions will mean that the air force will only be able to operate 14 airframes at any one time. Moreover, towards the end of 2013 the Spanish air force announced that it would purchase up to three Airbus A330-MRTT multirole tanker transport aircraft. These will be used for tanker missions, VIP transport, medical evacuation and general freighter duties. Other recent purchases in Spain include the acquisition of either EC-135 medium-lift helicopters which will support the army. These aircraft were acquired in December 2013 and, as of February 2014, two airframes have already been delivered.
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