Canada's Defense Spending Surges, Reaching NATO Target
Canada Military Spending on the Rise
Canada's military spending is on an upward trajectory, with the defense budget for 2021 reaching $26.45 billion, a 13.61% increase from 2020. This followed a 3.96% increase from 2019, where the defense budget stood at $23.28 billion.
NATO Contributions and Spending Share
Canada is a significant contributor to NATO, accounting for 1.32% of its GDP in defense spending. As part of the NATO agreement, member states aim for a target of 2% GDP allocation for defense. According to NATO figures, Canada's defense budget for 2023 is estimated to be $36.7 billion, representing 1.29% of GDP.
Target of 1.76% GDP Spending
Canada's defense spending as a percentage of GDP is expected to continue rising, reaching 1.76% by 2029-30. This marks a significant step towards meeting the NATO commitment of 2%. In 2022, Canada's defense spending as a percentage of GDP stood at 1.29%, comparable to levels seen in the late 1990s, as reported by the North Atlantic Treaty Organization.
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