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EU military spending, record growth. How many billion euros were spent by member countries?

2023-11-30 13:15:44Biznes SHKRUAR NGA REDAKSIA VOX

EU military spending, record growth. How many billion euros were spent by member

Military spending in the European Union reached a record 240 billion euros in 2022, or 6 percent more than a year ago, the European Defense Agency (EDA) announced today.

This is the eighth consecutive year of growth in the bloc, with many states defending the need for a significant increase due to the Russian threat and the war in Ukraine.

Six of the 27 EU countries increased their military spending by more than 10% last year. Sweden saw an increase of more than 30% as the country awaits NATO membership. However, some countries bucked the trend. France only increased its military spending by 0.7% in 2022.

EU countries as a whole devoted 1.5% of their gross domestic product (GDP) to the defense sector, well below the 2% target set by NATO, which includes 22 EU members.

About 58 billion euros were invested in the defense sector, said the EDA, an agency responsible for improving defense capabilities in the bloc. Despite increased spending, Europe's defense industry cannot meet demand from Ukraine as it struggles with Russian aggression.

The Europeans have pledged to supply Kiev with one million shells by March, although this ambitious target already seems out of reach.

"Our armed forces must be ready to face much tougher times," EU chief diplomat Josep Borrell was quoted as saying in an EDA press release. However, he admitted there were "significant gaps" in the bloc's defense capacity.

"We continue to lag behind the other players," said Borrell. Russia plans to increase its military spending by 67% in 2024 – representing about 30% of its GDP.

While spending on defense research and development in the EU decreased by 200 million euros in 2022 compared to the previous year to 3.5 billion euros.


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