NATO member states' defense spending up by $260B over seven years

"NATO's defense spending has increased by a total of $260 billion since 2014," NATO Secretary-General Jens Stoltenberg told the annual forum "NATO - Industry" in Italy, Report informs, citing RIA Novosti.

"The good news is that since we started increasing defense investment in 2014, all allies' defense spending has increased. Thus, the allies have increased defense spending for 7 years. Currently, financing of defense spending in 10 allied countries makes up 2% of their GDP. Most member countries of the alliance have announced their plans to achieve the same goal," he said.

NATO's military budget in 2021 stood at $1.61B, which is 5% more than in 2020.