Hungary Defence and Security Report 2016 - Business Monitor International - Industry Reports

Hungary Defence and Security Report 2016

Hungary Defence and Security Report 2016 - Business Monitor International - Industry Reports
Hungary Defence and Security Report 2016
Published Feb 20, 2016
34 pages — Published Feb 20, 2016
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Abstract:

In H---, the Hungarian National Assembly approved the participation of the HDF in operations by the international coalition against Islamic State in northern Iraq. Hungary is contributing to Visegrad Four s joint EU battle group, scheduled to be set up at the beginning of ----. ...According to some Hungarian media reports in January ----, Budapest is considering purchasing the helicopters from Russia. Were such a deal to materialise, it would stand in contrast to the broader trend of replacing ageing Soviet equipment with Western-manufactured variants, seen in much of Eastern Europe amid regional tensions over the crisis in Ukraine. Should the deal go through, then this may signal further defence procurement from Russia by Hungary in the years ahead. ...These two aircraft will, according to the government, be replaced. Hungary is also believed to be planning the purchase of air-to-surface weapons for its Gripens.

...< ALACRA META ABSTRACT>BMI View: Hungarian defence spending remains relatively modest compared to the Europe region as a whole, and has declined as a percentage of GDP over the last decade, reflecting the country s stable security environment. We currently forecast the defence budget to remain around -.- of GDP in ----, declining -.- y-o-y to USD-.--bn; however, we note that this figure may be revised upwards should the government take action towards realising plans for improving conditions for armed forces personnel; increase participation in peacekeeping missions, expand military infrastructure or procure new equipment and maintain a strong security presence at borders amid the ongoing migrant crisis. ...< ALACRA META ABSTRACT>BMI View: Hungarian defence spending remains relatively modest compared to the Europe region as a whole, and has declined as a percentage of GDP over the last decade, reflecting the country s stable security environment. We currently forecast the defence budget to remain around -.- of GDP in ----, declining -.- y-o-y to USD-.--bn; however, we note that this figure may be revised upwards should the government take action towards realising plans for improving conditions for armed forces personnel; increase participation in peacekeeping missions, expand military infrastructure or procure new equipment and maintain a strong security presence at borders amid the ongoing migrant crisis. With a reasonable economic growth forecast over the medium term, and Hungary s commitment to increase military capabilities under NATO, we forecast defence expenditure to record growth from ----, enabling Budapest to meet more of HDF s modernisation requirements - particularly in aerospace. ...Meanwhile, with limited state investment into defence R&D, we expect Hungarian defence exports to remain modest over our forecast period - although we do see some potential for growth in niche segments.

...Hungary s defence budget has declined gradually as a percentage of GDP over the past decade, from -.- in ---- to -.- in ---- - the third-lowest level in NATO - reflecting the country s stable security environment. At present, we forecast military spending to remain around -.- in GDP in ----, reaching USD-.--bn (a decline of -.- y-o-y in USD terms); however, we not that this figure may be revised upwards, as the Hungarian government has indicated that it plans to raise the defence budget for the year by -- , seeking to boost recruitment and improve conditions of service, while at the same time expand military infrastructure, increase participation in international missions and procure new equipment, while also maintaining a strong security presence at borders amid the ongoing migrant crisis. ...

  
Source:
Document ID
1749-141X
Country
Industry
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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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MLA:
Business Monitor International - Industry Reports. "Hungary Defence and Security Report 2016" Feb 20, 2016. Alacra Store. Dec 05, 2016. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Hungary-Defence-and-Security-Report-2016-2026-189>
  
APA:
Business Monitor International - Industry Reports. (2016). Hungary Defence and Security Report 2016 Feb 20, 2016. New York, NY: Alacra Store. Retrieved Dec 05, 2016 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Hungary-Defence-and-Security-Report-2016-2026-189>
  
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