Russian defence budget growth will - compared to the double-digit levels seen in recent years - slow down over the coming decade, amid sluggish real GDP expansion and efforts to limit government spending. It will nevertheless remain above 4% annually beyond 2017, reflecting Moscow's persistent efforts to play a prominent role on the global and regional stage, to modernise its military, and to protect against a broad range of security threats - the most notable of which stems from NATO. Russia's defence trade balance, meanwhile, will remain firmly in surplus over the years ahead, as the country works to increase exports (to make up for slowing domestic demand) and limit imports (amid Moscow's continued efforts to ensure sector self-sufficiency).

BMI Industry View

Table: Defence Expenditure (Russia 2016-2021)

SWOT

Industry Forecast

Defence Expenditure

Table: Defence Expenditure (Russia 2015-2020)

Table: Defence Expenditure (Russia 2021-2026)

Defence Trade

Industry Risk/Reward Index

Defence Industry Risk/Reward Index

Table: Europe - Defence Industry Risk/Reward Index

Rewards

Risks

Market Overview

Defence Market Overview

Domestic Defence Sector

Domestic Defence Market

Armed Forces Overview

Armed Forces

Table: Russian Armed Forces - Personnel Contributions To UN Peacekeeping Missions

Security Overview

Domestic Threats

Interstate Conflict Threats

Company Profile

Irkut

Rosoboronexport State Corporation

Russian Aircraft Corporation MiG

Sukhoi Aviation Corporation

United Aircraft Corporation

Uralvagonzavod

Kazan Helicopters

Methodology

Industry Forecast Methodology

Risk/Reward Index Methodology

Sector-Specific Methodology

Russia Defence & Security Report 2017

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Table: Defence Risk/Reward Index Indicators

Weighting

Table: Weighting of Defence Risk Reward Index