Posted: 03.05.2023 10:30:00

Norway plans to raise defence spending to 2% of GDP by 2026

Norwegian Prime Minister Jonas Gahr Støre said during a press conference that by 2026 the country will bring military spending to 2 percent of GDP, TASS reports


Jonas Gahr Støre stressed that the Norwegian authorities have a plan to start allocating at least 2 percent of GDP by 2026.

“Our economy makes it more urgent to manage in line with percentage targets. <...> We need long-term planning and build up,” he said.

Moreover, the Norwegian PM underlined that his country allocates more on defence per capita than everybody else at NATO, except for the United States.

At present, the military budget of Norway is a little over 1.4 percent of GDP. Until recently, the kingdom was among the countries which had no specific plans to boost their military spending to 2 percent of GDP. Against the backdrop of increased oil and gas revenues amid the situation in Ukraine, however, this goal has become especially urgent, the Norwegian government insists.