World Bank: Armenia had the highest defense spending/gdp ratio in 2018

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YEREVAN, December 1. /ARKA/. Armenia’s defense spending in 2018 amounted to 4.77% of its GDP, according to a World Bank rating.

According to the World Bank, Armenia’s rate was the highest in Europe. For comparison, Russia’s defense spending constituted 3.92% of GDP, that of Ukraine – 3.78%.

Azerbaijan’s defense expenditure was 3.77% of its GDP; Belarus – 1.26%, Estonia – 2.05%, Georgia – 1.93%, Kazakhstan – 0.95%, Kyrgyzstan – 1.57%, Lithuania – 1.95%, Latvia – 1.97%, Moldova – 0.34% and Uzbekistan – 3.55%. The rating includes 268 countries, geographical regions and international structures.

According to Armenia’s National Statistical Committee, the nominal GDP of the country in 2018 amounted to about 6 trillion drams (about $12.5 billion).

The chairman of the Armenian parliamentary commission on economic issues Babken Tunyan said earlier that the nominal GDP in 2020 is expected to grow to the equivalent of about $15 billion (7.1 trillion drams).

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