Germany to hike defense budget by 1.7 Bn Euros

Germany’s Cabinet has approved a draft 2024 budget that forecasts lower spending, with defense among the exceptions.

Notably, the Government’s plan calls for spending of 445.7 billion euros ($486 billion), down 6.4% from the 476.3 billion euros it expects to spend this year.

However, defense spending is set to rise by 1.7 billion euros to some 51.8 billion euros, some way short of what the defense minister initially sought.

Further, Germany plans to reach a NATO target of spending 2% of gross domestic product on defense next year.

To be noted that this is just a draft and a final version of the defense budget is expected to be approved by the Germany’s parliament in December.