Iraqi military expenditure values US$6.7 billion in 2019 and registered a CAGR of -5.26% during 2015-2019. The decline in the defense budget during the historic period is primarily due to the country?s heavy reliance on oil and gas revenues to fund its expansive defense modernization programs. Therefore, the severe erosion of global oil and gas prices during 2016-2017 adversely impacted the country?s defense spending capability and forced it to cut back on its defense spending. Iraq is expected to allocate an average of 3.0% of its GDP to defense expenditure over the forecast period, despite its relatively small economy