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Tuesday, June 4, 2024

Slovenia Forecasts $1.5 billion Defence Budget for 2027 while Russia’s War Continue

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Slovenia is set to increase its defence spending over the next five years to reach $1.53 billion by 2027, according to GlobalData. The leading data and analytics company notes that the country is now set to meet NATO’s target of spending 2% of its gross domestic product (GDP) on defence.

 

GlobalData’s latest report, ‘Slovenia Defence Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2022-27’, notes that Slovenia is heavily reliant upon its membership in international organisations such as NATO for its security. To continue to benefit from the collective defence offered by membership of NATO, Slovenia must remain an active and engaged member of the organisation. Meeting the 2% of GDP target is a good way to do so. 2022 was also the first year that Slovenia met NATO’s other spending target, which is where 20% of a country’s defence budget should be allocated to acquisitions.

 

Madeline Wild, Associate Defence Analyst at GlobalData, comments: “Russia’s invasion of Ukraine has forced states across Europe to reassess their defence spending. Slovenia’s defence market is small, with current spending levels restricting Slovenia’s ability to bolster its defensive strength due to the small acquisition budget on offer. However, forecasted growth means that long-term investments into major platforms can be carried out due to payments being split over a multiyear timeframe.”

 

The country’s growing defence spending is forecast to outpace GDP increases dramatically, rising from 1.5% of GDP being spent on defence in 2022 to 2.2% in 2027. This growth aligns Slovenia with its NATO allies, who have also announced budgetary growth to meet the threat posed by Russia.

 

Slovenia can also strengthen its relationships with NATO allies through procurement programs. Industrial collaboration can be beneficial regarding what it can offer politically and regarding the provision of military capabilities. Joint procurement programs can help states strengthen their relationships and provide new channels for cooperation and communication.

 

Wild adds: “One of the major ongoing procurement programs within Slovenia is the acquisition of a C-27J aircraft. This program is part of a larger government-to-government agreement with Italy and will provide Slovenia with greater levels of independence in the aerospace domain. Currently, Slovenia is heavily reliant on its neighbours for air-based capabilities, but the acquisition of a C-27J is a significant step towards meeting Slovenia’s requirement for transport aircraft.”

Source: GlobalData

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