STOCKHOLM (Reuters) – Sweden should raise its military spending to around 2.6% of GDP by 2030, a parliamentary committee said in a report on Friday, as the country rebuilds its defence capabilities after joining NATO in March.
Defence spending has roughly doubled since 2020 to around 120 billion crowns ($11 billion) in 2024, when the government says it will meet NATO’s target of a military budget equivalent to 2% of gross domestic product.
Like most Western states, Sweden gradually scaled down its defence spending after the end of the Cold War three decades ago but started to ramped that up again from around 1% of GDP following Russia’s annexation of Crimea in 2014.
Most have now reversed course.
Sweden has reintroduced limited conscription, bought U.S.-made Patriot missile systems and is building out its forces on land, sea and air. Among others things, Sweden will get two new submarines.
The committee is made up of representatives of all the parties in Sweden’s parliament and, as such, it’s recommendations are very likely to be adopted.
