Bulgaria is spending $1.5 billion on defense in 2022 and this figure is forecast to climb to $2.8 billion by 2027 following the Russia-Ukraine conflict, according to GlobalData, a leading data and analytics company.

GlobalData’s latest report ‘Bulgaria Defense Market Size and Trends, Budget Allocation, Regulations, Key Acquisitions, Competitive Landscape and Forecast, 2022-2027’ reveals that Bulgaria’s acquisition budget is forecast to reach $0.6 billion.

William Davies, Associate Defense Analyst at GlobalData, comments: “Bulgaria is making key acquisitions in the next five years which will significantly modernize its armed forces, though the country will struggle with a low budget. The current budgetary shortfall is estimated to be around 25%, forcing the country to make tough choices with regards to its armed forces.”

Bulgaria has already committed to military modernization in recent years, purchasing submarines, advancing its air defense system as well as military aircraft.

Davies explains: “The conflict in Ukraine will have a significant effect on Bulgaria’s security perception whilst the country remains internally divided on its alliances. Its longstanding NATO membership comes into frequent conflict with internal pro-Russia political parties. However, the country still sees increased defense expenditure as a necessity.”

Bulgaria’s Black Sea shoreline presents a particular threat. Ukrainian ports have seen heavy fighting during the conflict and the country will likely seek to enhance its naval capabilities and work closer with NATO to ensure its maritime security.