According to the report by the Stockholm International Peace Research Institute (SIPRI), Ukraine’s military spending in 2024 has increased by 2.9% to $64.7 billion, which is equivalent to 34% of its gross domestic product (GDP). Thus, Ukraine ranks eighth in the world for military spending for the second consecutive year and leads in the ratio of military expenditure to GDP.
This is reported by Finway
In 2024, Ukraine received at least $60 billion in military financial aid; however, this funding is accounted for in the expenditures of donor countries.
It is worth noting that Russia, which began its war against Ukraine in 2014 and launched a full-scale invasion in 2022, spent approximately $149 billion on military needs last year. This is a 38% increase compared to 2023 and a 100% increase compared to 2015. Russia’s military spending accounts for 7.1% of its GDP and 19% of all government expenditures, placing Moscow third in the world for military spending.
The top two positions in the global ranking are held by the USA and China, with expenditures of $997 billion (3.4% of GDP) and $314 billion (1.7% of GDP) respectively.
It is important to note that global military spending has increased by 9.4%, reaching $2.7 trillion, which constitutes 2.5% of global GDP. NATO countries’ expenditures amounted to $1.5 trillion.