Ukraine to spend over 20% of its GDP on defense

Ukraine has unprecedentedly increased national defense spending in 2024 to repel Russian invasion. The post Ukraine to spend over 20% of its GDP on defense appeared first on Euromaidan Press.

Oct 10, 2023 - 21:31

Ukraine to spend over 20% of its GDP on defense

Ukraine’s President Volodymyr Zelenskyy enacted the decision of the National Security and Defense Council of Ukraine to allocate at least 21% of GDP from the budget of Ukraine for defense in 2024.

According to the decree, funding for the needs of the security and defense sector is expected to be at least 1.69 trillion Ukrainian hryvnias (around 43 billion euros).

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On 15 September, the Ukrainian government approved the draft state budget for 2024, which was supposed to allocate almost 1.7 trillion hryvnias for the national defense of Ukraine. This is 113 billion hryvnias more than was included in the 2023 state budget of Ukraine.

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The post Ukraine to spend over 20% of its GDP on defense appeared first on Euromaidan Press.