11 July 2023
by Nicholas Fiorenza & Rebecca Landriani
![](https://www.janes.com/ResourcePackages/Janes/assets/dist/images/placeholder-16-9.jpg)
German defence spending, 2020–27. (Janes)
The German government on 5 July approved a EUR51.8 billion (USD56.8 billion) draft defence budget, as well as the multi-year financial plan up to 2027 and the 2024 plan for the Zeitwende special fund. This would meet NATO’s target for members to spend at least 2% of GDP on defence starting in 2024, representing an increase of EUR1.7 billion from 2023 and EUR7.3 billion more than the previous financial plan, the German Federal Ministry of Defence (BMVg) said in a press release announcing the budget increase on 5 July. The approval also confirmed Germany’s strategy of investing about one-fifth of the nominal EUR100 billion Zeitenwende special fund approved after Russia invaded Ukraine on 24 February 2022.
Get the full article by
subscribing to Janes
Already a Janes subscriber?
Keep reading