Global defence spending exceeds $2 trillion
Economy
In 2023, global defence spending increased by 9% to a record $2.2 trillion, with NATO member states accounting for half of this amount, Bloomberg reports.
The defence budgets of China, Russia, India and NATO members account for more than 70% of total military spending worldwide, the agency said. According to the data, defence spending by NATO member states, excluding the US, has increased by 32% since 2014.
According to Bloomberg, the changes also affected priorities in the allocation of defence budgets. In 2014, NATO members on average allocated 15% of their defence spending to procurement and development, while in 2023 this figure has increased to around 30%. Poland, Finland and Hungary stand out, spending 50% of their defence budgets on equipment.
According to Bloomberg, the changes also affected priorities in the allocation of defence budgets. In 2014, NATO members on average allocated 15% of their defence spending to procurement and development, while in 2023 this figure has increased to around 30%. Poland, Finland and Hungary stand out, spending 50% of their defence budgets on equipment.
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