Defense spending of EU countries increased by 6 percent last year
According to the report by the European Defense Agency (EDA), which takes into account information provided by 26 European Union (EU) countries as well as Denmark, defense spending exceeded 200 billion euros for the first time last year. and reached 214,000 million euros.
The amount, which constitutes 1.5 percent of the gross domestic product of member countries, corresponded to an increase of 6 percent over 2020. The largest increases were observed in Italy, Finland, Greece, and Slovenia.
THE INCREASE IS EXPECTED TO CONTINUE
In the EDA annual report, it is stated that “Statements by member states after Russia’s war in Ukraine indicate that the increase in spending will continue in the coming years”.
EDA members also spent more money on joint purchases. This amount increased from 11 percent to 18 percent. (AA)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
