The Executive led by Pedro Sanchez has announced that it plans to increase defense spending to reach 2% of GDP in 2030, following the indications established by the Stability Program 2022-2025presented this Friday as a preliminary step to be sent to the European Commission.
The document, which updates the economic forecasts, also includes an increase in the allocation for Defense, “which stems from the commitment of the government of reach 2% of GDP set by NATO in 2030“.
Thus, the Government details the terms of the announcement that Pedro Sánchez made last March. On that occasion, the Prime Minister limited himself to specifying that military spending would reach 2% “in the coming years.”
The Executive’s plans, which it plans to send to Brussels, go through achieving the aforementioned objective “gradually”, in such a way that for next year Defense funds would increase by one tenth, which is equivalent to would go from the current 1% to 1.1%.
For the years 2024 and 2025 increase another tenth up to 1.2% of GDP. This budget increase would be used for compensation of employees, intermediate consumption, gross capital formation and reinforcement of defense personnel, as stated in the text.