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NATO military spending exceeds $1.3 trillion in 2024

The United States contributed $818 billion - approximately 64% of the total

BRUSSELS, April 25. /TASS/. NATO member states have spent more than $1.3 trillion on defense needs in 2024, allocating $123 billion more than in 2023, the North Atlantic Alliance stated in its annual report.

Military expenditures by NATO countries reached a record $1.303 trillion last year, with the United States contributing $818 billion - approximately 64% of the total. The combined defense spending of European NATO members and Canada amounted to $468 billion, marking a 19.4% increase compared to 2023. The calculations were based on 2021 exchange rates.

In 2023, total defense spending across the alliance stood at $1.180 trillion. This year’s increase brings the total rise in NATO military expenditures over the past decade to $700 billion, according to the report.

In 2014, NATO set a goal for each member state to allocate at least 2% of its GDP to defense within 10 years. As of 2024, 22 of the alliance’s 32 members have met that target.

The upcoming NATO summit in The Hague, scheduled for late June, is expected to introduce a new and significantly higher defense spending benchmark, potentially exceeding 5%.