Media: EU’s military spending rises sharply

Military spending in the European Union surged by 47.6 per cent in 2023, marking an unprecedented increase.

This substantial rise primarily benefits a small number of large defence contractors and European Commission President Ursula von der Leyen, Caliber.Az reports citing EUobserver.

The report notes that in 2023, all European countries, including Russia, increased their total defence spending by 16 per cent, the largest rise since the Cold War. However, the EU's military budget—excluding the defence allocations of member states—rose by 47.6 per cent to an unprecedented €7.67 billion.

The article says this increase in EU military spending serves mainly the interests of the defence industry, particularly benefiting a limited group of major arms manufacturers.