BERLIN — European Union countries are expected to raise their combined defense spending to €326 billion — equivalent to a record 1.9 percent of gross domestic product — in 2024, capping a 10th year of growth in military investment, the European Defence Agency said Wednesday.
In an update to its figures on national expenditure, the EDA said some €279 billion had been spent in 2023, a 10th up on the year before, marking the ninth straight year of rising overall spending.
The forecasted rise to €326 billion for 2024 would mark a further 17 percent boost as capitals seek to ramp up their defense capabilities in response to Russia’s war on Ukraine and broader fears over long-term security.
But while 22 countries upped their outlay last year, there are still problems with how the extra financing is being spent, according to the EDA’s Chief Executive Jiří Šedivý, while the total spend still pales in comparison to the kind of investment made by the United States.
“[A] large proportion is spent on off-the-shelf equipment from outside the EU,” said Šedivý, calling for more joint procurement within the EU and a renewed focus on boosting the bloc’s own defense industry.
“Buying together saves money, while developing assets together makes us more independent. I welcome rising research spending. But Europe lags behind the United States and China in defence research and technology investment,” said Šedivý.
The extra investment for 2024 will take the average defense outlay to an “unprecedented” 1.9 percent of the EU’s overall GDP, according to EDA’s report.
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