Germany met NATO 2% defence spending target in 2024, sources say

BERLIN (Reuters) – Germany met the NATO alliance’s target to spend 2% of its gross domestic product on defence in 2024, finance ministry sources said on Monday, and finished the year with a reserve of 10.7 billion euros ($11.04 billion).

Germany under Chancellor Olaf Scholz’s government has ramped up military spending since Russia’s full-scale invasion of Ukraine in 2022, both to supply weapons aid to Kyiv and revamp its own armed forces. But it has grappled with budgetary constraints, clouding the prospect of future spending.