CONTENT PREVIEW
Industry

Latvia’s defence spending to reach 2% of GDP in 2018

27 November 2017

Latvia has for the first time increased its defence spending in line with the NATO-mandated 2% of gross domestic product (GDP), committing an additional EUR126.8 million (USD151.2 million) year-on-year into its 2018 budget.

The Saeima has increased the 2018 defence budget to EUR576.34 million, which means it is now among a handful of NATO members that have managed to commit 2% of their GDP on defence.

According to Riga’s Medium-Term Budgetary Framework for 2018, 2019, and 2020, the budget will subsequently increase to EUR600.55 million in 2019, and EUR634.11 million in 2020, ensuring that it will remain above the 2%.

Want to read more? For analysis on this article and access to all our insight content, please enquire about our subscription options at ihs.com/contact



(124 of 355 words)
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT