NATO defense spending hits $1.3 trillion in 2024
NATO members collectively spent $1.303 trillion on defense in 2024, surpassing projections as 22 of the 32 member countries met the alliance’s target of allocating at least 2% of their GDP to military expenditure.
Figures published by the Western military alliance on Thursday show record spending levels among its members, totalling $468 billion (€412 billion) in Europe and Canada, 38% of which went to purchasing major equipment. Meanwhile, the United States accounted for $818 billion (€720 billion), News.Az reports, citing foreign media.
According to the document, in the previous year, 2023, NATO members had spent $200 billion (€176 billion) less on defence, indicating a 19% increase.
A total of 22 countries also met the target of spending 2% of GDP on defence. Original estimates published at the beginning of the year had assumed 23 would hit the mark, but Montenegro fell short. The figures are based on 2021 prices.
Washington’s now waning defence posture on the Old Continent has pressed the laggers to double down on their promises.
Belgium (1.29%), Italy (1.5%) and Spain (1.24%) – three countries traditionally at the bottom of the class – have respectively pledged large sums of cash to meet the 2% target. Canada is also missing the target (1.45%).
Some major security players are struggling to keep their heads above water, such as the United Kingdom (2.33%), Germany (2.1%) and France (2.03%).
According to the data, most of the cash is being directed to the eastern flank – the border area with Russia, the Baltic states, and Poland. Greece also remains a traditional heavy spender.
This sets a difficult backdrop for discussions with Washington.
Washington is pushing to raise the defence spending target from 2 to 5% of GDP. Discussions are ongoing, with NATO diplomats suggesting a compromise could be struck around the 3% or 3.5% mark. A final decision will be taken at the leaders’ summit at The Hague at the end of June.
The regular defence spending target could be "set at 3.5% with an addition of 1.5%" for non-military areas, Swedish Prime Minister Ulf Kristersson said last week.
There is an “ongoing discussion” at NATO about setting a target for “civil defence, preparedness and support to Ukraine,” the Swede also said, adding an extra layer of debate ahead of the summit.
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