Global defence spending soars to new high
Published on February 17, 2025
In 2024, global defence spending reflected intensifying security challenges and reached USD2.46 trillion, up from USD2.24trn the previous year. Growth also accelerated, with the 7.4% real-terms uplift outpacing increases of 6.5% in 2023 and 3.5% in 2022. As a result, in 2024, global defence spending increased to an average of 1.9% of GDP, up from 1.6% in 2022 and 1.8% in 2023.
Increases were driven by deteriorating security environments and sharpened threat perceptions, particularly in Europe and the Middle East and North Africa (MENA), which both saw major increases, as did some key Asian countries. Moreover, easing inflation allowed many countries to invest in new capabilities rather than just covering higher operating costs and wages. The only region that did not see real-terms increases was Sub-Saharan Africa, where defence spending declined by 3.7%.
Increases were driven by deteriorating security environments and sharpened threat perceptions, particularly in Europe and the Middle East and North Africa (MENA), which both saw major increases, as did some key Asian countries. Moreover, easing inflation allowed many countries to invest in new capabilities rather than just covering higher operating costs and wages. The only region that did not see real-terms increases was Sub-Saharan Africa, where defence spending declined by 3.7%.