The Strategist

EU defense spending grows for eight years in a row



12/01/2023 - 02:05



The European Defense Agency's (EDA) Defense Data Report 2022 states that defense spending in EU member states has climbed for eight years running. The reports are published every year, but this one includes information on defense spending across all EU members for the first time.



European Parliament
European Parliament
"In 2022, European defense spending increased again by 6% year-on-year to a record €240 billion, marking the eighth consecutive year of growth," according to the EDA.

The report notes that 20 out of the 27 EU nations raised their defense budgets, with six of them doing so by more than 10%.

The EU 27 countries with the biggest increases in defense spending in 2022 were Sweden (+30.1%), Luxembourg (+27.9%), Lithuania (+27.6%), Spain (+19.3%), Belgium (+14.8%), and Greece (+13.3%).

The EU budgeted a record €58 billion for defense spending, mostly for the purchase of new equipment, which increased by 7% annually.

The report points out that, in spite of all-time high defense spending, research and new technology spending in this domain saw a €200 million decrease from 2012 levels. The 2% agreed-upon target for defense research spending is only met by two Member States.

source: ec.europa.eu




More
< >

Friday, February 23rd 2024 - 02:17 Chinese banks boost net profit by 3.2% in 2023