A Finnish Soldier operates a 155 mm field gun during an exercise in May 2023.
REUTERS
NATO’s newest member Finland plans to spend 2.3% of its gross domestic product (GDP) on defense next year, its defense ministry said.
In July, NATO’s 31 member nations agreed to spend a minimum of 2% of their GDP on defense. Previously the 2% target had been a goal to aim for over time and only seven allies met the target in 2022, according to NATO.
Finland joined the alliance in April in a historic security policy U-turn in response to neighboring Russia’s 2022 invasion of Ukraine.
It said it planned to spend $6.48 billion, or 2.3% of its GDP, on defense in 2024.
Finland’s defense spending has increased significantly in recent years, even before it became a NATO member, because it is replacing its aging fleet of F/A-18 combat jets with F-35 fighter jets.
Finland is also spending on military aid to Ukraine, with the total value of its military equipment donations reaching $1.39 billion.
“From the point of view of the future security order of Europe and Finland, it is a core issue that Russia’s aggressive efforts can be dammed in Ukraine,” Defence Minister Antti Hakkanen said.