<P> This article is a list of countries by military expenditure in a given year . Military expenditure figures are presented in United States dollars based on either constant or current exchange rates . These results can vary greatly from one year to another based on fluctuations in the exchange rates of each country's currency . Such fluctuations may change a country's ranking from one year to the next . </P> <P> The first list is based on the Stockholm International Peace Research Institute (SIPRI) 2017 Fact Sheet, which includes a list on the world's top 15 military spenders in 2016, based on current market exchange rates . The second list is based on the 2016 edition of "The Military Balance" published by the International Institute for Strategic Studies (IISS) using average market exchange rates . </P>

Indian defence budget vs pakistan defence budget 2017