Military budgetsRising world military spending in 2015
World military expenditure totaled almost $1.7 trillion in 2015, an increase of 1 percent in real terms from 2014. The increase reflects continuing growth in Asia and Oceania, Central and Eastern Europe, and some Middle Eastern states. The decline in spending in the West is also levelling off. At the same time, spending decreased in Africa, and Latin America and the Caribbean. Thus, the global military expenditure picture is mixed. The United States remained by far the world’s biggest spender in 2015, despite its expenditure falling by 2.4 per cent to $596 billion.
Defense spending increasing world-wide // Source: commons.wikimedia.org
World military expenditure totaled almost $1.7 trillion in 2015, an increase of 1 percent in real terms from 2014, according to new figures from the Stockholm International Peace Research Institute (SIPRI)
World military expenditure rose by 1 percent in 2015. The first increase in military spending since 2011 (all percentage increases and decreases are expressed in real terms [constant 2014 prices]). The increase reflects continuing growth in Asia and Oceania, Central and Eastern Europe, and some Middle Eastern states. The decline in spending in the West is also levelling off. At the same time, spending decreased in Africa, and Latin America and the Caribbean. Thus, the global military expenditure picture is mixed.
SIPRI reports that the United States remained by far the world’s biggest spender in 2015, despite its expenditure falling by 2.4 per cent to $596 billion. Among the other top spenders, China’s expenditure rose by 7.4 percent to $215 billion, Saudi Arabia’s grew by 5.7 percent to $87.2 billion — making it the world’s third-largest spender — and Russia’s increased by 7.5 percent to $66.4 billion.
Falling oil prices signal cuts to military expenditure
A combination of high oil prices and new oil discoveries and exploitation has contributed to a surge in military spending in many countries around the world in the past decade. However, the crash in oil prices that started in 2014 has begun to reverse this trend in many oil revenue-dependent countries. Further cuts in spending are expected in 2016.
The most dramatic oil revenue-related reductions in spending in 2015 were in Venezuela (–64 percent) and Angola (–42 percent). Decreases were also recorded in, among others, Bahrain, Brunei, Chad, Ecuador, Kazakhstan, Oman, and South Sudan.
Despite declining oil revenues, several other oil-exporting countries continued to increase military spending in 2015. Many of these countries — notably Algeria, Azerbaijan, Russia, Saudi Arabia, and Viet Nam — were involved in conflict or faced with heightening regional tensions. However, Russia’s expenditure was lower than projected in its budget, and Saudi Arabia’s spending would have fallen but for the additional $5.3 billion cost of its military intervention in Yemen. Russia and Saudi Arabia are planning cuts in 2016.
