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To promote efficient use of funds, the Strategic Defence Review has helped eliminate redundant services, withdrawal of outdated equipment, increase manoeuvrability and decrease response time.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:
“We might come closer to balancing the Budget if all of us lived closer to the Commandments and the Golden Rule.”
—Ronald Reagan (b. 1911)
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—John Milton (1608–1674)
“... we’re not out to benefit society, to remold existence, to make industry safe for anyone except ourselves, to give any small peoples except ourselves their rights. We’re not out for submerged tenths, we’re not going to suffer over how the other half lives. We’re out for Mary’s job and Luella’s art, and Barbara’s independence and the rest of our individual careers and desires.”
—Anne O’Hagan (1869–?)