EU spends $380B in 2024 for defense
Defense expenditure was 1.9% of EU's GDP last year, while 2025 expectation at 2.1%
ISTANBUL
The EU's defense expenditures totaled €343 billion ($380 billion) in 2024, the European Defense Agency (EDA) announced on Tuesday.
The amount of spending increased by 19% year-on-year in 2024.
"The increase, driven largely by record levels of equipment procurement and rising investment in research and development, reflects Member States’ determination to strengthen Europe’s military capabilities in response to the evolving security environment," the agency noted.
The defense expenditure was 1.9% of the EU's GDP last year, the EDA said.
On the investment side, the defense investments exceeded $100 billion threshold for the first time last year, accounting for 31% of the total defense spending.
Kaja Kallas, the head of the agency, said: "Europe is spending record amounts on defence to keep our people safe, and we will not stop there."
The agency also predicted that the 27-member bloc's defense spending will reach €381 billion in 2025, or 2.1% of the EU's GDP.
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