The Spanish government has announced an increase of €2.08 billion in its 2024 defense budget, aiming to accelerate military modernization and move closer to the 2% of GDP defense spending target set by NATO. The announcement was made by government spokesperson Pilar Alegría following Tuesday’s cabinet meeting, as reported by Reuters and TASR.
The additional funds will be sourced from reallocated procurement contracts and directed toward the upgrade, maintenance, and development of defense infrastructure.
“The government aims to meet the 2% target as soon as possible,” Alegría stated.
Among the 32 NATO member states, Spain currently spends only 1.3% of its GDP on defense—the lowest in the alliance. To hit the NATO benchmark, Madrid would need to allocate approximately €10 billion more annually.
Initially, Spain pledged to meet the 2% target by 2025, but the government has now pushed the goal to 2029, without specifying an updated timeline.
The spending boost comes amid heightened security concerns in Europe and growing pressure on NATO members to bolster their military readiness and collective defense capabilities in response to global tensions.
For ongoing coverage on NATO defense strategies and European military developments, visit LiveWorldUpdates.com.
Hashtags:
#SpainDefenseBudget #NATO2029Target #MilitaryModernization #LiveWorldUpdates