EU defense spending hits historic high in 2022
European Union (EU) member states have collectively allocated a record-breaking 240 billion euros (262.4 billion U.S. dollars) for defense expenditure in 2022, as disclosed in the latest European Defense Agency (EDA) report released on Thursday, Xinhua reports.
The figure was up by 6 percent from a year ago, marking a remarkable eight-year consecutive growth trend, according to the EDA Defense Data 2022 report.
Among the 27 EU member states, 20 increased their defense spending. Six countries witnessed growth rates exceeding 10 percent.
Established in 2004, the EDA serves as the central hub for European defense cooperation.
Earlier it was reported that South Korea would begin a process to pick a company to lead its next-gen space vehicle development project.
