Global Military Spending Hits $2.89tn Despite US Decline
Global military spending rose by 2.9% last year to $2.89tn, despite a 7.5% decline in the United States, according to a report by the Stockholm International Peace Research Institute (SIPRI).
It marked the 11th consecutive year of growth, with military spending reaching 2.5% of global gross domestic product (GDP), the highest share since 2009.
The decline in US spending was mainly due to the failure of Donald Trump’s administration to approve new financial military assistance for Ukraine. As a result, US military spending fell to $954bn. Over the previous three years, US military funding for Ukraine had totaled $127bn.
However, SIPRI warned that the decline was likely to be temporary, as spending approved by Congress for the current year exceeds $1tn and could rise to as much as $1.5tn by 2027.
The largest spenders remained the US, China and Russia, which together accounted for 51% of global military expenditure.
Europe recorded a significant increase, with spending rising by 14% to $864bn. Military expenditure by Russia and Ukraine also grew. Israel’s spending declined as the war in Gaza wound down, while Iran’s fell for the second consecutive year.