Official German government budget reports or announcements

Germany Boosts Defense Spending to 2.12% of GDP with €100 Billion Fund as EU Projects €326 Billion Defense Spending in 2024

Dec 4, 2024, 02:20 PM

Germany is significantly increasing its defense budget, allocating 2.12% of its GDP for 2024 and establishing a military investment fund of nearly €100 billion. This move aligns with broader trends in the European Union, where total defense spending reached €279 billion in 2023. The European Defence Agency projects that EU countries will raise their combined defense spending to €326 billion in 2024, marking a record 1.9% of GDP. This increase represents a 10th consecutive year of growth in military investment across the region, reflecting ongoing geopolitical tensions and the need for enhanced security measures.