Spain's Accelerated Defence Budget: A New Era in Europe?

Spain plans to boost its defence spending to 2% of GDP ahead of the initially set 2029 timeline, aiming to strengthen its position within NATO. The move comes amidst growing concerns of military threats, with Spain's current spending at the lowest among NATO members.

Spain is set to increase its defence expenditure to 2% of its gross domestic product (GDP) much earlier than originally planned, although no specific new deadlines have been announced, according to Defence Minister Margarita Robles.

The country currently has the lowest defence spending within NATO at 1.3% of its GDP. Reaching the alliance's target would necessitate an annual investment of approximately 10 billion euros ($10.8 billion).

Portugal also intends to enhance its defence budget to support military production and procurement as security concerns peak across Europe.

(With inputs from agencies.)