Budget, Financial Services, GDP, Latvia, Legislation
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Thursday, 25.04.2024, 11:09
Additional EUR 94 mln required for 2016 to accelerate defense budget growth in Latvia
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The law currently states that the defense budget will be gradually increased to 2% of GDP by 2020. This year, the defense budget is planned at EUR 253.9 million, which is 1.02% of GDP. According to the current plan, the state will spend EUR 296.6 million on defense in 2016, which is 1.14% of the expected GDP, in 2017 – EUR 371.8 million or 1.34% of GDP, in 2018 – EUR 403 million or 1.37% of the expected GDP.
In order to increase the defense budget at a faster rate, the state will require additional funds.
In order to increase the state budget to 1.5 of GDP already by 2016, defense spending should be EUR 390.6 million next year. Thus, in addition to the said sum, the state would require another EUR 94 million.
In order to increase the defense budget to 1.75% of GDP (EUR 484 million) in 2017, the state would require additional EUR 112.2 million.
In 2018, on the other hand, the state would require additional EUR 184.4 million in order to increase the defense budget to 2% of GDP (EUR 587.4).
As reported, top state officials have agreed that Latvia's defense budget ought to be increased to 2% of GDP already by 2018.
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