Latin America & Caribbean Military Spending/Defense Budget 1960-2024

Military expenditures data from SIPRI are derived from the NATO definition, which includes all current and capital expenditures on the armed forces, including peacekeeping forces; defense ministries and other government agencies engaged in defense projects; paramilitary forces, if these are judged to be trained and equipped for military operations; and military space activities. Such expenditures include military and civil personnel, including retirement pensions of military personnel and social services for personnel; operation and maintenance; procurement; military research and development; and military aid (in the military expenditures of the donor country).
  • Latin America & Caribbean military spending/defense budget for 2022 was $57.26B, a 0.77% increase from 2021.
  • Latin America & Caribbean military spending/defense budget for 2021 was $56.82B, a 4.19% increase from 2020.
  • Latin America & Caribbean military spending/defense budget for 2020 was $54.54B, a 9.96% decline from 2019.
  • Latin America & Caribbean military spending/defense budget for 2019 was $60.57B, a 5.35% decline from 2018.
Data Source: World Bank

MLA Citation:
Similar Country Ranking
Country Name Billions of US $
World $2,207.22B
OECD members $1,422.33B
North America $903.84B
East Asia & Pacific $469.22B
European Union $258.33B
Euro Area $215.46B
South Asia $97.99B
Latin America & Caribbean $57.26B
Sub-Saharan Africa $20.07B
Latin America & Caribbean Military Spending/Defense Budget - Historical Data
Year Billions of US $ % of GDP
2022 $57.26B 1.05%
2021 $56.82B 1.17%
2020 $54.54B 1.30%
2019 $60.57B 1.22%
2018 $63.99B 1.27%
2017 $66.63B 1.27%
2016 $56.69B 1.24%
2015 $59.43B 1.25%
2014 $72.78B 1.28%
2013 $78.50B 1.32%
2012 $75.36B 1.31%
2011 $73.82B 1.29%
2010 $68.48B 1.36%
2009 $56.24B 1.40%
2008 $56.40B 1.29%
2007 $46.58B 1.24%
2006 $37.95B 1.20%
2005 $32.71B 1.21%
2004 $25.17B 1.14%
2003 $22.19B 1.15%
2002 $22.86B 1.22%
2001 $27.33B 1.30%
2000 $27.24B 1.27%
1999 $25.43B 1.31%
1998 $30.19B 1.39%
1997 $29.32B 1.36%
1996 $29.58B 1.50%
1995 $28.63B 1.58%
1994 $24.11B 1.44%
1993 $19.23B 1.36%
1992 $15.67B 1.31%
1991 $16.00B 1.45%
1990 $18.39B 1.69%
1989 $16.67B 2.06%
1988 $14.63B 1.65%
1987 $13.01B 1.89%
1986 $10.97B 1.91%
1985 $10.77B 1.74%
1984 $11.49B 1.92%
1983 $12.37B 2.20%
1982 $13.49B 1.88%
1981 $16.54B 1.55%
1980 $15.26B 1.48%
1979 $12.83B 1.60%
1978 $10.05B 1.64%
1977 $8.80B 1.73%
1976 $8.00B 1.48%
1975 $6.15B 1.57%
1974 $6.66B 1.90%
1973 $5.40B 1.98%
1972 $4.05B 1.96%
1971 $3.46B 2.03%
1970 $2.86B 1.61%
1969 $2.29B 1.40%
1968 $2.08B 1.47%
1967 $2.12B 1.63%
1966 $1.98B 1.65%
1965 $1.82B 1.73%
1964 $1.48B 1.74%
1963 $1.56B 1.89%
1962 $1.47B 1.86%
1961 $0.95B 1.58%
1960 $1.04B 1.91%