SIPRI (The Stockholm International Peace Research Institute) has recently unveiled a new report about military spending around the world.
Top 10 Military Spenders in the World
Military Expenditure stands at $36.2 billion per year and it represents 1.4% of Gross Domestic Product in the country. In one year it has reduced its military spending by 3.9%. It imports $254 million and exports $36 million. Military spending increased rapidly during the 2000s, mainly due oil revenues increasing. It decreased by 4% in 2013. It is the military force that maintains order within the country and not just the police force.
India's military spending for the latest available figures (2014) stands at $49.1 billion per annum, meaning a 2.5% share of GDP. Spending only decreased by 0.7% by comparison with 2013 and total imports represent a value of $5.6 billion (which is the highest figure in the word). Exports stand at a value of $10 billion. India is one of the highest spenders in the world on its military force. This is more than likely for its need to show outwardly that it is wealthy enough and capable enough of providing protection against Pakistan.
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Military expenditure in this country is worth 1.4% of GDP and works out to $49.3 billion per year. There was no change by comparison with 2013 and total exports stand at $972 million, making it the world's 6th largest arms exporter. It is 36th highest importer only in the world of arms, worth a value of $129 million. Since World War II Germany has being passive in world conflicts and its main role today is arms seller. Whereas the majority of countries in the world dropped their military spending when the financial crisis hit, Germany increased it by 2% as from 2008, until 2013.
7. United Kingdom
The UK spends $56.2 billion, representing 2.3% of GDP. As a percentage of GDP this is the 34th highest country in the world. Between 2013 and 2014 there was a 2.6% drop in military spending due to the consequences of the financial crisis still and austerity measures. It exports are to the value of $1.4 billion and it is the 5th highest arms seller in the world. It imports $438 million in military equipment and that means it is the 15th highest importer in the world.
Japan spends 1% of its GDP on military and it is worth $59.44 billion. It imports $145 million-worth of military equipment today. Territorial disputes have led the country to arm itself more in case of need for defense against China.
France spends $62.3 billion on military and it stands at 2.2% of GDP, making it the 39th highest country in the world. Spending decreased from 2013 by 2.3%. It exports a total of$1.5 billion and is currently the 4th largest exporter of military equipment in the world.
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4. Saudi Arabia
Saudi Arabia spends $62.8 billion on arms and the military and it represents a total of 9.3% of GDP (the 2nd highest figure in the world). Between 2013 and 2014 it increased military spending by 14.3%. There is the overriding worry in the country that political turmoil and terrorism will overflow into the country from neighboring Yemen and Iraq.
Military expenditure stands at $84.9 billion per year in this country and it represents 4.1% of GDP making it the 10th highest in the world. It exports $8.3 billion per year and this is the world's number one arms seller. By comparison it is the 33rd highest arms importer only.
Military expenditure here is worth $171.4 billion, and it is worth 2% of GDP. It increased spending by 7.4% between 2013 and 2014. Military spending is representative of economic growth usually. The better the economy, the higher the spending. Or is it the spending on the military that fuels the economy?
1. United States
The USA spends $618.7 billion on the military and that is the 14th highest percentage of GDP (3.8%). It saw its military budget decrease between 2013 and 2014 by 7.8%. It is the2nd highest exporter in the world and its market is worth $6.2 billion. It is the 8th highest importer in the world and imports to the tune of $759 million. Military spending was cut due to austerity measures as well as the withdrawing of troops from Afghanistan and Iraq.
Reprinted with permission from Zero Hedge.
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