Christodoulides forecasts defence industry to reach double-digit GDP share

Defence spending is set to drastically expand, with President Nikos Christodoulides projecting the domestic defence industry to grow to a double-digit share of gross domestic product in the coming years

Speaking at the Presidential palace during a meeting with defence council members as well as Defence Minister Vasilis Palmas, Christodoulides said the government’s political will was clear and that the sector had the capacity to develop into a significant pillar of the economy alongside its strategic role in national security.