Portugal aims to increase military spending to €6B by 2029

Portuguese Prime Minister Luís Montenegro has pledged that by 2029, the country’s state budget will allocate funds to increase defense spending to 2% of GDP, Report informs via Diário de Notícias newspaper.

Montenegro noted that the current military expenditure, which stands at approximately €4.186 billion, is projected to reach around €6 billion in 2029.

This commitment aligns with NATO’s goal, as earlier stated by Secretary General Jens Stoltenberg, where 23 out of the 32 NATO countries have already increased their military spending to 2% of GDP, resulting in an overall 18% rise compared to the previous year.