Money for Nothing, but Guns Not Free: NATO Military Spending Soars in 2024
/ Go to the mediabankThe NATO logo in front of the headquarters of the North Atlantic Treaty Organization in Brussels
The explosion of hostilities in Ukraine in 2022 has so far been a godsend to Western generals and military-industrial tycoons as NATO bosses rushed to ramp up their military spending.This year, 23 of the bloc’s 32 members have met NATO’s guideline of allocating 2% of their gross national product to defense. Some member states have exceeded this benchmark, with Poland leading the way by dedicating approximately 4.12% of its GDP—or $34.9 billion—to military endeavors.For comparison, the United States spent 3.38% of its GDP on defense in 2024, while the United Kingdom’s military spending this year was estimated at about 2.33% of its GDP.In terms of the total amount of money spent on defense, however, the US still reigns as NATO’s undisputed champion, having spent about $967.7 billion this year.Germany, the NATO country with the second-largest military outlays this year, spent only $97.6 billion, while the UK and France spent $82.1 billion and $64.2 billion, respectively.
MilitaryPaying Premium for Simplicity: US Spends $10.58 Billion on Low-Tech 155mm Shells for Ukraine23 December, 10:14 GMTOverall, NATO members this year have upped their defense spending, with their average expenditure in 2024 reaching 2.71% of GDP compared with 2.53% in 2023.US President-elect Donald Trump, however, seeks to push these limits even further as he wants NATO countries to fork out as much as 5% of their GDP on defense, the Financial Times reported last week.Though it remains to be seen whether Trump’s demands will be met by other members of the bloc, NATO Secretary General Mark Rutte last month appeared to agree with him, arguing that 2% defense spending is apparently not enough.
