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Britain/U.K. | Europe - Other | European Union (EU) | France | Industry & Trends | Projections & Assessments

Forecast International: A Gloomy Outlook for Europe

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Europe(click to view full) Analyst firm Forecast International’s “Europe Market Overview” offers a less-than-optimistic view of Europe’s status as a defense market, and provide very relevant background to US Secretary of Defense Robert Gates’ Oct 25/07 speech at the Conference of European Armies. Forecast International: “Currently only four dual EU-NATO members have military budgets that allocate the NATO minimum requisite of 2 percent of annual GDP for defense: France, the United Kingdom, Bulgaria and Romania… Greece – typically one of the bigger defense spenders in Europe – is reining in its budget, bringing it down to 1 percent of GDP or less through 2015. Forecast International projects that, by 2011, total defense spending across the European continent will amount to just under $300 billion… “As it now stands, the European dual EU-NATO members have a rough total of $234.34 billion allocated toward defense among them for 2007, with the combined spending of France and the U.K. representing almost 55 percent of that total. And this is only the financial aspect – the manpower and equipment facets of each nation’s armed forces are also severely strained… defense spending across the entire European continent will reach only $266 billion in 2007, or […]

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