Spain set to increase military spending to €18 billion over the next six years

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BIG SPENDING: Spanish military spending is set to increase to €18 billion by 2024

THE Spanish government has said that it will increase its military to approximately €18 billion y 2024 in order to meet a benchmark set by NATO in 2014.

At a 2014 summit, members of each of the 28 countries that comprise NATO reportedly promised to move towards contributing 2 per cent of their Gross Domestic Product (GDP) to defence spending within a decade.

According to reports, the rise will lift the defence’s budget by 80 per cent by 2024, but that increase still equates to a figure that is below the 2 per cent of GDP benchmark set by NATO.

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Depending on GDP growth, this increase could see Spain’s spending equate to between 1.5 and 1.6 per cent, with the earliest that Spain could possibly reach the 2 per cent goal is reportedly 2028.

Spain is currently one of the lowest spending NATO countries on defences, forecast to spend just 0.92 per cent in 2017. 

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