New Defense research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 03/07/2014 -- BMI believes that the Turkish defence budget will increase to US$19.4bn in 2014, before rising once again to US$21.7 in 2015. We expect Turkey's defence budget to continue increasingly in the final three years of our forecast period, climbing to US$23.6bn in 2016, US$26.6bn in 2017 and completing the forecast period to US$29.7 in 2018. Moreover, in 2014, BMI expects that the defence budget will increase to 2.4% of GDP in 2014 rising to 2.7% by 2018.
Turkey is a net exporter of defence equipment, exporting on average US$162.8mn of military equipment and defence services between 2010 and 2013. While the country does import quantities of materiel from the international arms market, it is emerging as a major exporter of military equipment. In particular, the country is showing its expertise in the production of defence electronics and also naval shipbuilding. That said several large platforms such as main battle tanks, multirole combat aircraft and surface-to-air missiles are imported from foreign suppliers.
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In late January 2014, Turkey announced that it would commence the manufacture of an indigenously designed multirole combat aircraft, known as the TFX. The final say on whether this project will go ahead will lie with the country's Defence Industry Executive Committee. The programme is predicted to cost over US$50bn during the next decade if it is given the go ahead.
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