Budget and Defence Industry
Serbia's current defence spending stands at 2.08% of the GDP, this represents a drop in overall relation to the GDP as a percentage. Over 30% of the budget is spent on pensions alone. The continuing drive to modernize the military will add onto costs in the future. To promote efficient use of funds, the Strategic Defence Review has helped eliminate redundant services, withdrawal of outdated equipment, increase manoeuvrability and decrease response time. The number of active personnel has been significantly reduced from pre-2004 levels. As of 2011, over 90% of the armed forces are composed of professional soldiers and volunteers. Serbia is the largest exporter and producer of military hardware in the region. Serbian defence industry exports totalled 500 million U.S. dollars in 2009.
Read more about this topic: Serbian Armed Forces
Famous quotes containing the words budget, defence and/or industry:
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