Ukraine ranks in the top 10 countries for military spending and leads in the ratio of spending to GDP

According to the Stockholm International Peace Research Institute (SIPRI), Ukraine’s military spending increased by 2.9% in 2024, reaching 64.7 billion US dollars, which accounts for 34% of its GDP. For the second consecutive year, Ukraine ranks eighth in the global ranking for nominal military expenditures and leads the list for the ratio of military spending to GDP.

This is reported by AgroReview

Additionally, estimates suggest that in 2024, Ukraine received at least 60 billion dollars in military aid; however, this funding is accounted for in the expenditures of donor countries. Meanwhile, the Russian Federation, which invaded Ukraine in 2014 and launched a full-scale military invasion in 2022, spent approximately 149 billion dollars in 2023 — a 38% increase compared to 2022 and more than double the amount spent in 2015. This represents 7.1% of Russia’s GDP and nearly 19% of all state expenditures in the country, allowing Moscow to secure third place in the global ranking. The leaders in military spending remain the USA with 997 billion dollars (3.4% of GDP) and China with 314 billion dollars (1.7% of GDP).

Global military spending in 2024

Overall, global military spending in 2024 increased by 9.4%, totaling 2.7 trillion US dollars, the highest level since the Cold War. NATO countries’ expenditures amounted to 1.5 trillion dollars, indicating a strengthening of the global military budget in the context of current geopolitical challenges.