From Underfunded to Overhauling: Spain's Ambitious Defense Budget Plans Unveiled

Spain is set on a course of significant increases to its defense budget, which the country expects will be $27.3 billion by 2029, whereas in 2020 it was only at $10.3 billion. As of today, Spain accounts for about 1.28% of GDP on defense, which ranks it as the lowest contributor amongst other NATO members. The government remains committed to reaching the NATO target of 2% of GDP spending within the early 2030s, despite all the political hiccups and delays. This shift reflects Spain's response to rising geopolitical tensions, particularly following Russia's invasion of Ukraine in 2022.

Source: Global Data, Army Technology, US News