Turkey’s reserves head to minus territory, lira flat and bond yields break records
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Turkey moved up to 17th spot from 19th the previous year in the 2024 top military spenders ranking compiled by the Stockholm International Peace Research Institute (SIPRI).
The country upped its expenditures by 12% y/y to $25bn in 2024, or 1.9% of its GDP, from 1.8% of GDP in 2023.
Turkey accounted for a 1% share of global military expenditures in 2024.
Global expenditures grew by 9% y/y to $2.72 trillion in 2024. The US remained in pole position. It expaned its spending by 6% y/y to $997bn, or 3.4% of its GDP.
The 9% annual rise in global spending was the steepest year-on-year rise recorded since at least the end of the Cold War, Sipri noted in its press release.
Table: Top 20 military spenders in 2024.
In Sipri’s Top 100 defence companies ranking for 2024, Turkish companies Aselsan (ASELS), Baykar and Tusas kept their spots.
In Sipri’s arm exports report for 2024, Turkey was ranked the 11th largest exporter and the 22nd largest importer.
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