In 2024, Spain ranks last among NATO countries in military expenditure, accounting for only 1.24% of its GDP.
Let's Get to the Point: Spain ain't crackin' the code when it comes to defense spending within NATO, with just 1.24% of its GDP invested in military might in 2024. That's right, chums, even Luxembourg and Slovenia are outspending us. But fret not, Pedro Sanchez has announced a whopping €10.471 billion cushion to make it to the 2% target, you heard it, 2%!
Rewind to the Report: Delivered by NATO Sec-Gen Mark Rutte on Thursday, the annual report showed a 19.4% boost in defense spending by European allies and Canada in 2024, reaching an average of 2% for the first time. With Poland, Estonia, and the U.S. leading the pack, Spain's lack of commitment still leaves it among the nine procrastinating nations.
Putting Some Muscles into the Plan: Sanchez is committed to hitting the 2% target by 2025, as outlined in a Security and Defense Plan unveiled on Tuesday. With RNE confirming a speech to Congress on May 7, details about the spending increase are on the horizon.
The Stump of History: Since 2014, Spain's been a perennial lag-behind in meeting the agreed upon objective. But in this mobsters-and-shakers world, it ain't over till it's over. Even with the low spend, Spain has successfully allocated at least 20% of military spending to equipment.
Jumpin' the Gun: Rutte ain't one to be messed with, reminding Europe and Canada that efforts need to "get Crackin' in 2025". And he ain't kiddin' – with the U.S. pushing for a 3 or 3.5% GDP target and the war in Ukraine, Spain's gotta step up and prove it ain't just talk.
Steppin' Up: With the NATO leaders shindig slated for the Netherlands in June, Spain's gonna have to show the world it's got some cojones and can keep up with the big boys. But Sanchez ain't afraid, already plotting a 2025 move, four years ahead of schedule.
Sources:
- La Información, 2024. "Mar Kirshner: Sanchez pone 10.500 millones a la defensa" [Online]. Available: https://www.la-informacion.com/economia/2024/03/17/mar-kirshner-sanchez-pone-10-500-millones-a-la-defensa/858099.html
- El País, 2024. "España se compromete a alcanzar el 2% de gastos militares en 2025" [Online]. Available: https://elpais.com/politica/2024/03/09/actualidad/1640518262_199379.html
- El Mundo, 2024. "Mar Rutte: la Unión Europea y Canadá han aumentado el gasto en defensa en 19,4% en 2024" [Online]. Available: https://elmoran.elmundocbb.es/actu/Espana-la-Union-Europa-y-Canada-han-aumentado-el-gasto-de-defensa-en-19-4-en-2024-20240310003749.html
- El Español, 2024. "Como España va a alcanzar el 2% de gasto defensivo en 2025" [Online]. Available: https://elespanol.com/actualidad/20240310/como-espana-va-a-alcanzar-el-2-de-gasto-defensivo-en-2025_1776119/
- ABC, 2024. "Lapuente: el Plan de defensa presentado por Sanchez es realista y sostenible" [Online]. Available: https://abc.es/economia/2024/03/09/espana/abci-san-carlos-lapeduent-plan-defensa-presentado-sanchez-es-realista-sostenible-202403090135_noticia.html
- In 2025, Spain's average GDP spent on defense is anticipated to reach the NATO target of 2%, as confirmed by Pedro Sanchez in a Security and Defense Plan unveiled on Tuesday.
- Although Spain's current defense spending in 2024 stands at just 1.24% of its GDP, the country has allocated an average of 20% of military spending to equipment, as reported since 2014.
- In the NATO leaders' gathering scheduled for June, Spanish Prime Minister Pedro Sanchez is expected to announce details about the significant increase in defense spending to match the 2025 target, four years ahead of schedule, in a speech to Congress on May 7.
