Defense spending in Europe experienced a moderate growth of 2,4%. The total allocated budget was $350,2bn in 2017, where 19,2% were spent on Air segment, and 15,3% on Navy. The performance of the market is forecast to reach the value of $401.1bn by the end of 2022. From the European NATO member states UK, Poland, Greece, and Estonia meet the 2% GDP spending on aerospace defence, while Russia has been modernizing its forces targeting a 70% modernization by 2020, therefor accounting for 23,8% of region’s value. Consequently, the Scandinavian and Baltic states are looking to increase defence expenditure, and create a competing balance within the continent.
In this highly competitive market, your business is certain to benefit from expansion and recruitment in Europe. The EU’s principle of free movement, allows you to recruit staff from a broader pool of candidates. This solves skills shortages and cost-savings compared to recruiting North American employees.
