Defense spending by EU member-states in 2023 totaled 227 billion euros, or 2.7% of total spending by general governments and 1.3% of GDP.
The same figure in 1995 was 3%, while higher than 2021 and 2022, when it was 2.4% and 2.5%, respectively, according to Eurostat’s classification of the functions of government (COFOG) agency.
The highest expenditure, GDP to defense ratio, was by Latvia, with the lowest being Ireland.
Greece was in fourth place (2.2% of GDP), behind Latvia and Estonia (2.7%) and Lithuania (2.5%). Cyprus was at 1.9%.
Remarkably, Bloomberg in a recent article wrote that as Europe tries to increase military spending in the face of the Russian threat, Greece offers valuable lessons in what it takes to live with an adversary by your side. While the country of 10 million has maintained strong armed forces regardless of cost, it has struggled to develop much of its domestic defense industry.
According to a Bloomberg article this week, as Europe eyes increased military spending in the face of a perceived Russian threat, Greece offers valuable lessons in what it takes to live with an adversary by your side. “While the country of 10 million has maintained a strong armed forces regardless of cost, it has struggled to develop much of its domestic defense industry.”
