For the first time since 1992, Germany will meet the defense target set by the North Atlantic Treaty Organization (NATO) of 2% of Gross Domestic Product (GDP).
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| Reaching a record 2.01% of GDP, Germany announced for the first time that it met NATO's target on defense spending. (Source: Bundeswehr) |
On February 14, DPA news agency reported that due to a sharp increase in defense spending after Russia launched a special military campaign in Ukraine two years ago, the German government announced that it would allocate the equivalent of 73.41 billion USD for defense spending in 2024.
This is a record figure for Germany since 1992, equivalent to 2.01% of GDP.
Although the German Defense Ministry did not immediately give an exact figure, earlier this week Chancellor Olaf Scholz said the country's defense businesses could count on the government to increase military spending and reach the NATO target of spending 2% of GDP on defense.
The statement came after former US President Donald Trump angered allies by suggesting that Washington might not defend NATO member states that did not spend enough on defense.
Chancellor Scholz said that the German defense industry as well as the European Union (EU) needed to switch to large-scale weapons production because the military conflict in Ukraine had shown that EU manufacturers were having difficulty meeting the demand for ammunition.
NATO defense ministers are scheduled to meet in Brussels, Belgium, on February 15 to discuss strengthening Europe's defense capabilities.
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