NATO Members Drive Fastest Increase in Global Defence Spending for a Decade, Jane’s by IHS Markit Reveals
IHS Markit Ltd. Common Shares (INFO)
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Source: Business Wire
Spending rose by nearly 5 percent in 2018 to reach USD1.78 trillion, driven by budget increases in North America and Europe LONDON--(BUSINESS WIRE)-- Global defence expenditure grew by 4.9 percent in 2018, the fastest growth rate since 2008, according to the annual Jane’s Defence Budget report, released today by business information provider IHS Markit (Nasdaq: INFO). Global defence spending grew for the fifth consecutive year to reach a total of USD1.78 trillion in 2018, significantly exceeding the post-Cold War record of USD1.69 trillion in 2010, according to the report. Fueling this global growth was a 5.8 percent boost to NATO spending, which totaled USD54 billion, largely due to higher defence spending in the US. Jane’s by IHS Markit forecasts that overall NATO defence expenditure will exceed USD1 trillion in 2019. “Following a challenging period for NATO members in the
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