Growth in Russian military spending outpaces all European countries combined: Think tank
The rate of growth for Russia's military spending outpaced all other European countries combined in 2024 as its invasion of Ukraine has persisted for nearly three years, according to an analysis from a London-based think tank.
The report, published Wednesday by the International Institute for Strategic Studies (IISS), said Russian military spending grew by nearly 42 percent and reached an estimated $145.9 billion. In terms of purchasing power, it went up to $462 billion last year, far surpassing its European neighbors. The Kremlin’s military expenditures represent 6.7 percent of the country’s gross domestic product (GDP).
Despite being outmatched by Russia’s defense spending, European military expenditures also went up by 11.7 percent, reaching $457 billion, according to IISS. Germany’s defense budget went up by 23.2 percent last year.
Poland also invested more in its defense, becoming the 15th largest military spender around the world, climbing up by five spots after ranking 20th in 2022.
The think tank, which also ranked its Asian neighbors, found China’s military budget increased by 7.4 percent in real terms. Indonesia's and Japan's spending levels also went up, according to the IISS.
Even as Asian countries' defense budgets ticked up at a “moderate” pace, the continent's regional share of global spending dropped by more than 4 percentage points, going from nearly 26 percent in 2021 to 21.7 percent in 2024, the analysis shows.
Globally, defense spending increased to $2.46 trillion in 2024, up from $2.24 trillion in 2023.
“Growth also accelerated, with the 7.4% real-terms uplift outpacing increases of 6.5% in 2023 and 3.5% in 2022. As a result, in 2024, global defence spending increased to an average of 1.9% of GDP, up from 1.6% in 2022 and 1.8% in 2023,” IISS’s Fenella McGerty and Karl Dewey wrote.
The organization noted that the increases in military spending were caused by serious threat perceptions, especially in the Middle East and Europe, and “deteriorating security environments.” Many nations were able to spend more on arms due to easing inflation.
Sub-Saharan Africa was the only region that did not have a real-term climb in military spending, the analysis found.
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