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Turkey: record increase in defence budget in 2024

By Defence Industry Europe

The 2024 budget proposal for Turkey anticipates a record increase in defence and security spending, amounting to approximately USD 40.5 billion. In contrast, this year's plan stood at just USD16 billion. The increase is projected to be a substantial 250%.

 

The vast majority of Turkish defence expenditure for arms procurement is set to be realized within the domestic industry. In 2024, the local sourcing rate is expected to rise from 80% to 85%. This will consistently strengthen the economy and minimize foreign dependencies, particularly on the United States (who, despite years of professed friendship, have imposed numerous sanctions on Turkey).

 

 

The reinforcement of the Turkish defence industry is already yielding global results. Thanks to the government’s consistent efforts, there is a planned increase in arms industry exports, from USD 6 billion in 2023 to USD 11 billion in 2024. Turkish enterprises offer a wide range of products, from firearms to armored vehicles, unmanned aerial vehicles (both airborne and ground-based), to vessels of various sizes and their armaments.

 

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