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Fin Min-Plan Is To Achieve 2% Of GDP Defence Spending By 2024

GERMANY

German Finance Minister Christian Lindner has claimed that the German gov't intends to boost defence spending to reach the 2% of GDP floor outlined by NATO by 2024. Lindner's comments come as the gov't publishes its first-ever National Security Strategy. English language links toexec summary and full document.

  • Latest estimatesfrom NATO have Germany spending the equivalent of 1.44% of real GDP on defence in 2022, representing an annual real decrease of 1.16%.
  • Of the 29 members listed in the data (Finland's data not yet included, Iceland does not have conventional military force), only eight nations spend a lower % of GDP on defence than Germany (Belgium Canada, Czechia, Denmark, Luxembourg, Slovenia, Spain, Turkey).
  • If Lindner's claim is to materialise by 2024 it is going to require a significant increase in overall gov't spending, or the diversion of funds from other areas of the federal budget. NATO estimate's Germany's total defence spending coming in at USD51.9bn in 2022 in constant 2015 prices. (USD62.7bn in current prices). This puts Germany as the third-largest overall contributor to NATO in financial terms behind the UK (USD71.5bn) and the US (USD722.8bn) in 2022.
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