Russia overtakes all of Europe on defense spending in key metric: IISS military balance

Published on February 17, 2025

BELFAST — Based on one key economic metric, Russian defense spending eclipsed all other European countries combined last year and is projected to increase further in 2025, according to a leading defense think tank.

New analysis from the United Kingdom’s International Institute for Strategic Studies (IISS) found that Moscow’s military expenditure spiked by over 40 percent to almost $146 billion in the past year, equivalent to 6.7 percent GDP, and is on track to hit 7.5 percent GDP in 2025. When adjusted for purchasing power parity (PPP), Russia spent nearly $462 billion in 2024, effectively leapfrogging Europe’s collective spending. PPP is a tool used to remove price level differences between currencies in order to better demonstrate the purchasing strength of one over another.

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