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To promote efficient use of funds, the Strategic Defence Review has helped eliminate redundant services, withdrawal of outdated equipment, increase manoeuvrability and decrease response time.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:
“You can fool all the people all the time if the advertising is right and the budget is big enough.”
—Joseph E. Levine (b. 1905)
“Education must have two foundations—morality as a support for virtue, prudence as a defence for self against the vices of others. By letting the balance incline to the side of morality, you only make dupes or martyrs; by letting it incline to the other, you make calculating egoists.”
—Sébastien-Roch Nicolas De Chamfort (1741–1794)
“Change of fashion is the tax levied by the industry of the poor on the vanity of the rich.”
—Sébastien-Roch Nicolas De Chamfort (1741–1794)