Bulgaria Boosts Defense Budget, Surpassing NATO 2% GDP Target for the First Time

Politics » DEFENSE | June 18, 2024, Tuesday // 09:22
Bulgaria: Bulgaria Boosts Defense Budget, Surpassing NATO 2% GDP Target for the First Time

Bulgaria is projected to spend 2.18 percent of its gross domestic product on defense this year, according to data released by NATO last night. This marks the first time the country has not only met but exceeded the NATO goal of spending at least 2 percent of GDP on defense, a target established in 2014 following Russia's annexation of Crimea and the occupation of parts of Ukraine's Donetsk and Luhansk regions by Moscow-backed separatists.

NATO's calculations indicate that Bulgaria's defense expenditure in 2024 will be 2.325 billion dollars, or 4.217 billion BGN, based on 2015 prices. With Bulgaria's GDP expected to reach 106.721 billion dollars this year, the per capita defense spending will amount to 218 USD, considering a per capita GDP of 10,000 USD.

The military personnel in Bulgaria will total 26,900 this year. Of the defense budget, 31.89% will be allocated to military equipment, while over half, or 51.59%, will be dedicated to staff expenses. Additionally, 4.58% of the budget will be spent on infrastructure, and 11.94% will be reserved for other expenses.

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Tags: GDP, NATO, Bulgaria

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