Latvia plans significant defence budget increase
Riga is already due to spend at least €758 million ($840 million) on defence this year, some 2.2% of gross domestic product. But that figure is set to rise to at least 2.25% in 2023, before reaching 2.4% in 2024.
- World
- DPA
- Published Date: 09:59 | 29 March 2022
- Modified Date: 09:59 | 29 March 2022
The Latvian government is planning to increase its defence spending to 2.5% of economic output by 2025 in light of Russia's ongoing war on Ukraine.
Riga is already due to spend at least €758 million ($840 million) on defence this year, some 2.2% of gross domestic product. But that figure is set to rise to at least 2.25% in 2023, before reaching 2.4% in 2024.
Legislation for the increase was passed on the 18th anniversary of Latvia's accession to NATO, but still needs to be approved by parliament.
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