EU 2024 Defense Spending Hits USD380B
(MENAFN) The European Defense Agency (EDA) revealed on Tuesday that the European Union's defense budget hit a staggering €343 billion ($380 billion) in 2024, marking a sharp 19% increase compared to the previous year.
This significant boost is largely attributed to unprecedented procurement of military equipment and heightened investment in research and development, signaling a robust commitment from Member States to enhance Europe’s defense capabilities amid a shifting global security landscape, the EDA explained.
Defense expenditures represented 1.9% of the EU’s GDP last year, according to the agency.
Notably, defense investments crossed the $100 billion mark for the first time in 2024, making up 31% of total defense spending.
Kaja Kallas, head of the EDA, emphasized the gravity of the situation: "Europe is spending record amounts on defence to keep our people safe, and we will not stop there."
Looking ahead, the agency forecasts that defense spending across the 27-member bloc will climb further to €381 billion in 2025, equating to 2.1% of the EU's GDP.
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