A new report released by the Stockholm International Peace Research Institute on world military expenditure (SIPRI) on April 29 has assessed Iran’s military spending in 2018 as more than $13 billion.
According to its official website, “SIPRI monitors developments in military expenditure worldwide and maintains the most comprehensive, consistent and extensive data source available on military expenditure.”
The report released on Monday says Iran has ranked 18th in the world last year in terms of military expenditures.
SIPRI observed that during 2018, Iran’s military expenditure has declined by about 9.5 percent in comparison to the 2017.
SIPRI has assessed that the decline in Iran’s military expenditure during 2018 was due to a variety of reasons including economic problems, a reduction in the country’s Gross Domestic Product, and unusually high inflation.
Iran’s economy faced a crisis in 2018, with its currency declining four-fold against major currencies and its oil exports, which generate most of its income, reaching one million barrels a day from a high of 2.5 million. New U.S. sanctions played a major role in the sudden deterioration of Iran’s economy.
However, in spite of a decline in Iran’s oil revenues as a result of U.S. sanctions, last year, Iran withdrew sums from its foreign currency reserves to spend on its regional military ambitions.
In a bigger picture, Iran has spent a total of close to $140 billion on its military ambitions during the past 10 years, the report said.