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PM Commits To Hitting 2% Of GDP On Defence Next Year Financed By Debt

DENMARK

Danish Prime Minister Mette Frederiksen has committed her gov't to spending 2% of GDP on its own defence from next year, faster than initially planned. Denmark's overall defence and military spending including aid to Ukraine now totals 2% of GDP, but new investments - to be paid for by issuing debt - will lift the spending on Denmark's own security from 2025 to 2% of GDP.

  • Defence Minister Troels Lund Poulsen said that the new package would see and additional DKK40bn (EUR5.4bn) spent on defence over the next five years.
  • Both the committment to spending 2% of GDP by next year and the new package come as significant advancements on previous announcements.
  • In May 2023, the gov't committed to spending an additional DKK143bn (USD21bn) over 10 years, while in March 2022 - just weeks after the initial Russian invasion of Ukraine - Fredriksen pledged to only gradually increase defence spending by DKK18bn (USD2.5bn) per year to reach the NATO 2% of GDP spending floor by 2033.
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