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Economic news

Netherlands hikes defence spending to meet NATO goal

09/05/2024

Less than a minute

2024.09.05 07:23

AMSTERDAM (Reuters) – The Netherlands will increase its defence spending by more than 10% in the coming years, investing in new tanks, fighter jets, frigates and air defence systems in a push to strengthen its forces after years of austerity, the Dutch government said.

Defence spending will be increased by 2.4 billion euros ($2.7 billion), taking the annual budget to around 24 billion euros, it said on Thursday.

© Reuters. FILE PHOTO: Banners displaying the NATO logo are placed at the entrance of new NATO headquarters during the move to the new building, in Brussels, Belgium April 19, 2018. REUTERS/Yves Herman/File Photo

The stimulus puts Dutch defence spending on course to meet the minimum level of 2% of gross domestic product (GDP) for the first time since NATO allies agreed on that threshold 10 years ago.

($1 = 0.9011 euros)

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09/05/2024

Less than a minute