Argentina defence market: Expenditure over $4 billion in 2013
2014-01-30 17:48:04 - Future of the Argentine Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2018 - a new market research report on companiesandmarkets.com
Expenditure in the Argentina defence market stands at US$4.1 billion in 2013, recording a CAGR of 15.37% for the review period. This significant growth was primarily driven by modernization plans, new procurement of military equipment, and contribution towards international peacekeeping missions. In 2014 the defence budget is estimated to be US$4.7 billion and is expected to register a CAGR of
15.50% during the forecast period to reach US$8.3 billion by 2018.
Argentina´s current defence budgetary constraints are primarily the result of the Falkland dispute with the UK, along with various debt defaults of over US$81 billion. However, the country has recently enabled modernization plans and new procurements of military weapons and equipment. The country is also expected to restructure its defence budget with major changes being witnessed in salaries and weapons procurement allocations.
The focus of the Argentine government will be on the modernization of its armed forces, participation in peacekeeping operations, and the Falkland Islands dispute with the UK.
The Argentine defence market has experienced a lack of investment due to the country´s budgetary constraints. Argentina´s armed forces are using obsolete defence equipment which needs to be replaced by more advanced equipment. There are many naval vessels that are not operational and need repair and maintenance, but the armed forces´ procurement plans are halted by a fluctuating defence budget. However, Argentina is receiving help from countries such as Russia and China, who are ready to replace the obsolete military equipment on credit terms. The country has also postponed many of its modernization plans such as the replacement of the Mirage III fighter in 2009, due to economic constraints. However, it is expected that the country will establish a strong defence force during the forecast period.
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