European nations spent 5% more on defense in 2020 than in 2019 despite the heavy costs associated with COVID-19 and its economic effects, the European Defence Agency (EDA) said on Monday
MOSCOW (Pakistan Point News / Sputnik - 06th December, 2021) European nations spent 5% more on defense in 2020 than in 2019 despite the heavy costs associated with COVID-19 and its economic effects, the European Defence Agency (EDA) said on Monday.
"At 198 billion ($223 billion), total defence expenditure corresponds to 1.5 % of the 26 EDA Member States' gross domestic product (GDP) and marks the sixth year of consecutive growth. For the second year in a row EDA has recorded a 5% rise in defence spending, despite the economic impacts of COVID-19," EDA said in a statement.
Total military spending by EU member states in 2020 reached 198 billion Euros, which the EDA said was the all-time high since record keeping began in 2006. Conversely, member states spent 13% less on common defense projects, totaling 4.1 billion.
According to NATO, as of October 2020, the military expenditures of allies amounted to $1,092.5 billion, an increase of nearly $61 billion compared to the previous year.
