According to data from the Stockholm International Peace Research Institute (SIPRI), Ukraine’s military spending increased by 2.9% in 2024, reaching $64.7 billion, which constitutes 34% of its GDP. For the second year in a row, Ukraine ranks eighth in the global ranking for nominal military expenditures and first in terms of defense spending relative to GDP, indicating a high level of military resources within the country’s economic structure. Additionally, in 2024, Ukraine received at least $60 billion in military financial assistance; however, these funds are accounted for as expenditures by donor countries.
This is reported by Business • Media
Russia’s Spending and Global Trends in Military Budgets
The Russian Federation, which began its full-scale invasion of Ukraine in 2022, spent approximately $149 billion on military needs in 2024, which is 38% more than in 2023 and twice as much compared to 2015. These expenditures account for 7.1% of Russia’s GDP and make up 19% of all government spending in the country, allowing Moscow to secure the third position in the global military spending ranking. The leaders remain the USA with a figure of $997 billion (3.4% of GDP) and China with $314 billion (1.7% of GDP).
International Trends in Military Spending
Total global defense spending in 2024 reached $2.7 trillion, which is 9.4% more than the previous year and the highest figure since the end of the Cold War. Spending by NATO member countries reached $1.5 trillion, confirming the growing global focus on military needs worldwide.
“Ukraine’s military spending in 2024 increased to $64.7 billion, reflecting a high level of military activity and the necessity to defend the country.”