Which countries are hitting NATO’s defence targets?
The outgoing Prime Minister, Theresa May, has insisted that Britain will remain a “leading defence nation” after meeting NATO General Secretary Jens Stoltenberg at Downing Street,
The UK is one of the top spending nations according to the latest figures from NATO as it is one of seven nations that is currently hitting the organisation’s 2% GDP spend guideline for defence.
If your business is currently bidding for global defence contracts and is looking for areas of opportunity, learn more about the countries meeting NATO’s defence targets below.
Who is hitting the NATO target?
Following Russia’s military intervention in Ukraine, all NATO members pledged to meet the 2% target by 2024.
The latest defence expenditure data from NATO (March 2019) revealed that seven members that are meeting defence spending targets:
Romania is close behind at 1.92% of GDP and, according to NATO, the country has legal and political measures in place to ensure that it will hit the 2% target soon.
US defence spend
Global defence contracts can be extremely lucrative and the United States is one of the most valuable markets.
US defence spend accounts for nearly 70% of the total spending on defence by all NATO nations.
According to the BBC: “In terms of its GDP (gross domestic product, the total value of goods produced and services provided) it spent roughly 3.4% on defence in 2018, according to NATO estimates.”
Find global defence contracts
NATO members have pledged to meet another target by 2024. Members have agreed that by then, 20% of their defence expenditure should go on acquiring and developing equipment, making now the time for suppliers to invest in defence intelligence to support their search for global defence contracts.
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There are opportunities across many industry sectors, and for all business types. To learn more about global defence contracts, book your free demo with a member of our expert defence team.