Global defense spending reached a new high point in 2020, with the United States spending more than any other country and China pulling in second, according to data released by The International Institute for Strategic Studies this week.

The IISS analyzed numbers from the Military Balance Plus database and found that global defense spending increased in 2020 to reach $1.83 trillion -- a 3.9% increase over 2019 figures.

The United States, which spent $738 billion on defense in 2020, accounted for 40.3% of total global defense spending, the IISS said.

China's defense spending did not increase as sharply in 2020 as it did in 2019, but the country still spent $193.3 billion on defense in 2020 -- $12 billion more than the year before.

Overall global defense spending grew by 3.9%, the report said.

IISS noted that defense spending rose inversely with overall global economic activity, which contracted last year due to the COVID-19 pandemic.

The report also said European defense spending grew by 2% in 2020.

That's a smaller rate of growth than the 4.1% increase from 2019 -- but part of an upward trend, with overall defense spending by NATO members being up 20% from 2014.

Related Links
The Military Industrial Complex at SpaceWar.com
Learn about the Superpowers of the 21st Century at SpaceWar.com

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

Saudi arms producer in defence venture with Lockheed Martin
Riyadh (AFP) Feb 21, 2021
Saudi Arabia's state arms producer signed an agreement Sunday with US contractor Lockheed Martin to form a joint venture, a statement said, as Washington reviews weapons sales to the kingdom. The deal was announced by Saudi Arabian Military Industries (SAMI), which said it will own 51 percent of the venture, as it seeks to boost the kingdom's military capabilities. "The joint venture is aimed at developing localisation capabilities through the transfer of technology and knowledge and training of ... read more