print-icon
print-icon

Which Country's Meet NATO's Spending Target?

Tyler Durden's Photo
by Tyler Durden
Thursday, Feb 29, 2024 - 09:15 AM

In 2006, NATO defense ministers agreed that each member country would commit a minimum of 2% of its GDP to defense spending.

This graphic, via Visual Capitalist's Marcus Lu, breaks down which members are keeping the agreement, based on data from NATO as of July 2023.

Poland Leads Ahead of the U.S.

The North Atlantic Treaty Organization (NATO) is a political and military alliance comprising 31 countries. Its primary purpose is to facilitate cooperation among member nations and ensure mutual defense and security.

In 2023, only 11 member countries were on track to meet NATO’s target of spending 2% of their country’s GDP on defense.

The U.S. accounted for 68% of the total defense expenditures by NATO countries, or $860 billion. This amount is over 10 times more than the second-placed country, Germany, if measured in absolute terms.

However, compared to the country’s GDP, the U.S. appears in second place with spending of 3.5% of GDP, behind Poland’s defense spending of $29.1 billion or 3.9% of GDP.

CountryDefense spending in 2023E (% of GDP)
🇵🇱 Poland*3.9
🇺🇸 United States3.5
🇬🇷 Greece3.0
🇪🇪 Estonia2.7
🇱🇹 Lithuania*2.5
🇫🇮 Finland2.5
🇷🇴 Romania*2.4
🇭🇺 Hungary2.4
🇱🇻 Latvia*2.3
🇬🇧 United Kingdom2.1
🇸🇰 Slovak Republic2.0
🇫🇷 France1.9
🇲🇪 Montenegro1.9
🇲🇰 North Macedonia1.9
🇧🇬 Bulgaria1.8
🇭🇷 Croatia1.8
🇦🇱 Albania1.8
🇳🇱 Netherlands1.7
🇳🇴 Norway1.7
🇩🇰 Denmark1.7
🇩🇪 Germany1.6
🇨🇿 Czechia1.5
🇵🇹 Portugal1.5
🇮🇹 Italy1.5
🇨🇦 Canada1.4
🇸🇮 Slovenia1.4
🇹🇷 Turkiye1.3
🇪🇸 Spain1.3
🇧🇪 Belgium1.1
🇱🇺 Luxembourg0.7

Situated in a crucial geopolitical location in Central Europe, Poland has increased its military spending in recent years, primarily due to concerns about escalating instability along the country’s eastern border with Belarus. According to polls, two-thirds of Poles hold a favorable opinion regarding NATO’s activities.

On the other hand, significant economic and military powers are among the members that are falling short. The list includes France (1.9%), Italy (1.5%), Canada (1.4%), and Germany (1.6%).

Despite being on the 2% list, the U.K. reduced the percentage spent in recent years from 2.14% in 2014 to an estimated 2.07% in 2023.

11/30 compliant... Trump was right in 2018... and he's right now

0
Loading...