Spain will increase military spending by 1 billion euros for the next year. This was decided by the government of Prime Minister Pedro Sanchez on Tuesday. The injection corresponds to an increase of about 7.7 percent.
According to current figures from NATO, Spain spends 13 billion euros on defense. The planned increase for next year has not yet been approved by Parliament. According to the decision of the government, the money should come from the reserve fund of the state budget.
The government said in a statement that the new funds were needed to cover “the extraordinary expenses of the armed forces due to the invasion of Ukraine”.
Spain spends about 1% of its GDP on defense. According to Sanchez, Madrid will reach the NATO target of 2 percent by 2029.
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