Spain to increase military spending by around €1 billion

In view of the war in Ukraine, Spain is to increase its military spending by around €1 billion ($1.03 billion) in the coming year, the government led by Prime Minister Pedro Sánchez decided on Tuesday.
The amount corresponds to an increase of 7.7%. According to NATO figures, Spain most recently spent €13 billion on defence.
The new funds are necessary "to cover the extraordinary expenses of the armed forces caused by the [Russian] invasion of Ukraine," the government communiqué said.
Spain spends around 1% of its gross domestic product (GDP) on defence, but according to Sánchez, the country should reach the minimum of 2% of GDP demanded by NATO in 2029.
The planned increase next year does not have to be approved by parliament. According to the decision, it will be financed from the reserve fund of the state budget.