Latvia is primed to boost its defence budget by 70% over the next four years according to research from GlobalData.
Latvia is expected to grow its military budget significantly between 2024 and 2028, according to newly published research in GlobalData’s report on the ‘Latvia Defense Market 2023-2028’, published on 17 January 2024.
Latvia is set to increase its defence budget substantially, reaching nearly $1.7bn by 2028, a significant rise from $1.0bn in 2023. This development follows a trend of increased military spending that accelerated in 2022, coinciding with Russia’s invasion of Ukraine. The defence budget growth from 2019 to 2023 showed a compound annual growth rate (CAGR) of 9.0%, which is expected to increase to a CAGR of 10.5% in the period from 2024 to 2028.