Defense spending of EU countries will increase by 17% in 2024.
European Union countries will increase defense spending to 326 billion euros in 2024
European Union countries plan to increase their defense spending to 326 billion euros in 2024, which will account for 1.9% of the EU's total GDP. This information was released by the European Defense Agency (EDA), referring to its report.
According to EDA estimates, in 2023, EU countries' defense spending was approximately 279 billion euros, which is 10% more than the previous year. Therefore, defense spending in the EU is planned to increase by 17% compared to the previous year in 2024.
However, the Executive Director of the European Defense Agency, Jiří Šedivý, noted that total EU spending still remains lower than that of the USA. He also emphasized that a significant portion of the EU funds is spent on purchasing equipment outside Europe. According to him, joint procurement allows for cost savings, and joint development of assets makes the EU more independent. However, Europe continues to lag behind the USA and China in defense research and technological investments.
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