Today: September 27, 2016, 7:17 pm

Greece defence market: Expenditure on military equipment to reach $9.6bn between 2013-18
Future of the Greek Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2018 - a new market research report on 2014-04-03 04:57:02
Greece is one of the largest importers of arms in Europe and, of all the EU nations, allocates a high percentage of its GDP for defence purposes, making it one of the most sought after markets for foreign OEMs. Despite the weakness of its financial sector, both the country´s minimal domestic defence capabilities and the threat of the Turkish military have driven Greece to continue to invest in defense, with particular focus on fighter jets, submarines, missile systems and armored vehicles. The country primarily imports arms from EU nations and the US, and is assisting in the development of the domestic industry by sub-contracting deals achieved through defence offset obligations.Over the forecast period, the Greek Ministry of Defence (MoD) is estimated to allocate a cumulative of US$9.6 billion for the procurement of military equipment. In 2013, the country invested US$2.6 billion on homeland security (HLS), as part of its alignment with the international guidelines regarding the introduction of the biometric identification of citizens and travelers. Consequently, Greece is expected to make significant acquisitions in order to implement biometric profiling. The forecast period opportunities for foreign OEMs include the provision of fighter jets, jet trainers, armored vehicles, missile systems and maritime patrol aircraft.Greece is involved in a long standing territorial dispute with Turkey, over the Cyprus region and a maritime boundary in the Gulf of Aegean. The Air Forces conduct drills in each other´s airspace and the situation has twice nearly escalated in to an armed conflict. A significant differentiating factor in the arms race between these two countries is that Turkey is in an economically stronger position than Greece, and is therefore able to fund an increased level of acquisitions. In contrast, Greece has a small economy with very high budget deficits, which has resulted in the country´s high level of GDP allocation for defence and this method affects other essential sectors. However, the bailout terms outlined by the IMF and the EU following the country´s financial crisis will force Greece to reduce defence expenditure allocations. While this policy appears logical in the effective reduction of deficit, the simultaneous maintenance of military balance and the successful management of a reduced budget will be a key challenge for the country over the forecast period.Greece and Turkey are involved in a long-standing territorial dispute in the Cyprus region, and are also engaged in a sovereignty rights issue in the Gulf of Aegean. On two occasions during the 1970s, the countries came close to an armed conflict and, consequently their military procurements are much in line with one another. Turkish aircraft often conduct mock drills in the disputed air space over the Gulf of Aegean, which results in Greek forces shadowing the Turkish jets. Historically, Greece´s high levels of weapons procurement have solely been driven by its perception of Turkey as its primary external threat. This perception has also driven the country to maintain one of the highest GDP defence expenditure percentages. The two countries have improved trade and diplomatic relations in recent years; however, both continue to make significant arms imports.Greek arms imports accounted for 4.9% of global arms transferred in 2009, and the country was the largest importer of defence systems in the European and Central Asian region. During 2010-2012, the debt crisis and restrictions imposed by the EU impacted the country´s defence imports. High defence imports in 2009 were fuelled by both the license to purchase four German Type-214 submarines worth US$2.5 billion, to be assembled in Greek shipyards, and the purchase of F-16C Block-50/52 fighter jets from the US, worth US$2 billion.

Click for report details: ..

Browse all Defence Market Research Reports ..

Browse all Defence Company Profile Reports ..

Browse all Latest Market Research Reports ..

About Us is a leading online business information aggregator with over 300,000 market reports and company profiles available to our clients. Our extensive range of reports are sourced from the leading publishers of business information and provide clients with the widest range of information available. In terms of company profiles,’s online database allows clients access to market and corporate information to over 100,000 different companies. We provide clients with a fully indexed database of information where clients can find specific market reports on their niche industry sectors of interest.

Press Information

Published by
Mike King
London: +44 (0) 203 086 8600

# 816 Words
Related Articles
More From Finance
P2P lending platform Monexo partners with IDBI-Trusteeship [..]
For Immediate Release: 2nd September 2016 MUKESH BUBNA, CEO Monexo Fintech Pvt Limited P2P [..]
Day Trade to Win New September Class [..]
Sold Out? New Class Added – On September 6, 2016, is launching a brand new eight-week trading boot camp [..]
FTM (Forget The Market) Reopens 3 Shares [..]
Port Vila, Vanuatu, 28th July 2016 - Investment firm FTM today announced the reopening of three separate share options, projected [..]
Ex-Citibanker Launching Online P2P marketplace in India [..]
A study conducted by World Bank shows that MSMEs in India face an estimated credit gap of INR 20.9 trillion [..]
New Frontier Portfolios Top Morningstar Rankings
New Frontier’s global strategic portfolios topped the Global Balanced Strategic/All-Inclusive category of the latest Morningstar ETF [..]

Disclaimer: If you have any questions regarding information in this press release please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims the content included in this release.