Slovenia will increase its defense budget, the country’s Minister of Defense Marjan Sarec said at the biennial four-day SOBRA international fair focusing on the areas of defense, security, protection and rescue that opened on Thursday, September 21.
Slovenia, a member of the North Atlantic Treaty Organization (NATO) since 2004, plans to increase its defense spending to 2 percent of gross domestic product (GDP) by 2030, up from 1.35 percent today. 2 percent represents the ‘’official’’ figure set as the commonly agreed goal among the NATO partners. The Slovenian defense budget is estimated to be $0.9 billion in 2023 and is expected to achieve a CAGR (Composed Annual Growth Rate) of more than 8% during 2024-2028. Despite remaining low compared to NATO allies Slovenia’s defense budget has increased in recent years and is set to continue to increase over the forecast period.
One of the significant drivers behind Slovenia’s defense spending is its membership in NATO, which it joined in 2004. NATO membership has played a pivotal role in shaping Slovenia’s defense policies and budget allocation. The investments are crucial for adapting to evolving security challenges, such as cyber threats and hybrid warfare.
Slovenia’s defense budget also contributes to its participation in international peacekeeping missions. Slovenian troops have been deployed in various parts of the world as part of United Nations (UN) and NATO-led operations. Moreover, the defense budget supports initiatives aimed at enhancing interoperability with NATO allies.