European defense spending takes a hit

youngindian

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July 28, 2009

LONDON, July 28 (UPI) -- The economic downturn has bitten into defense spending across Europe, where outlays will fall by almost $4 billion in 2009, analysts predict.


The cuts represent a 1.3 percent reduction in military spending as the Czech Republic, Estonia, Finland, France, Germany, Greece, Italy, Latvia, Lithuania, Poland and Spain are all expected to see declines in military spending during the current calendar year, the British publication Jane's Industry Quarterly reported Tuesday.

Britain, meanwhile, announced the strongest nominal rise in military spending of all European countries in 2009, as spending climbed by $1.4 billion to $75.8 billion, the analysis indicated.

Jane's said overall defense spending of European nations will fall to $302.6 billion in 2009, down from $306.5 billion last year.

The publication said combined European military budgets will eventually bounce back, rising 7.8 percent to $326 billion by 2013, but that shrinking procurement budgets will be the rule as national priorities shift toward preserving jobs.

European defense spending takes a hit - UPI.com
 

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