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Sri Lanka`s defense expenditure as a percentage of GDP expected to decline
Friday, 1 June 2012 - 10:38 AM SL Time
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Sri Lanka`s defense expenditure, which grew over the last five years to US$1.5 billion during 2011, is expected to decline only marginally over the next five years and will remain at US$1.5 billion by 2015, a recently released aerospace and defense industry report says.
A market intelligence report released by ICD Research, a London-based leading market research and business information group, says the country`s defense expenditure grew at a Compound Annual Growth Rate (CAGR) of 17.37% during the past five years and will decline by a Compound Annual Rate of Change (CARC) 0.46% to remain at US$1.5 billion by 2015.
However, in terms of the gross domestic product (GDP), the country has allocated an average of 3.3% of GDP for military spending during the review period and it is expected to decline to an average of 2.1% during the forecast period, largely due to the country`s economic growth outpacing defense expenditure growth over the next five years.
Over the next five years the country`s defense expenditure is expected to be driven by factors such as post war rehabilitation, a tense relationship with India and a persistent threat from separatists, the report says.
According to the report, the majority of the Sri Lankan defense budget is allocated to revenue expenditure, due to the country`s large troop size.
During the review period, Sri Lanka has allocated an average of 86% of its total defense budget to revenue expenses, while an average of 14% of the defense budget was spent on the procurement and modernization of equipment.
With the country planning to increase troop size, the share of revenue expenditure in the overall defense budget is expected to increase to an average of 95% during the forecast period.
The report predicts that although Sri Lanka is not expected to embark on a defense modernization strategy, market opportunities will exist for air defense systems as the country aims to enhance its air defense capabilities.
The expenditure for country`s homeland security driven by the internal security threats estimated at US$ 400 million in 2011, is expected to record a negative change of 0.17% over the next five years.
The report titled `The Sri Lankan Defense Industry to 2015 - Market Attractiveness and Emerging Opportunities` provides a detailed analysis of the current industry size and growth expectations during 2011-15, including highlights of the key growth stimulators.
It also benchmarks the industry against key global markets and provides detailed understanding of emerging opportunities in specific areas, the authors say.
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