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article imageGlobal spending on arms drops for the first time since 1998

By Mark Harradine     Apr 16, 2013 in World
According to an annual survey by the Stockholm International Peace Research Institute spending on arms fell in 2012. In fact their figures show that global spending on weapons fell for the first time since 1998.
In 2012 around 2.5 percent of global GDP was spent on arms, which is approximately $250 for every person in the world, reports Bloomberg. The US was by far the biggest spender on arms in 2012; with almost 40 percent of the overall annual spend. And when you combine the total spending on arms of NATO and the US it comes to almost 60 percent of the total budget. In 2012 $1.75 trillion was spent in the military, and although this figure may seem high it is a decrease of 0.5 percent on 2011.
In their survey the Stockholm Institute concluded that the drop in global military spending was due to the ending of the war in Afghanistan and Iraq. However they did find an increase in spending in other countries, such as Russia and China. They estimated that China spent an extra 7.8 percent on their military in 2012, a spokesman for the institute commented that “China in some respects is still well behind Europe, even though it now spends as much as Britain, France and Germany combined.” In fact China is the world’s second largest spender behind the US. And the Middle East and North Africa both spent heavily on arms in 2012, “We are seeing what may be the beginning of a shift in the balance of world military spending from the rich Western countries to emerging regions”, said the institute.
More about Stockholm, Military, Arms, Spending, global arms spending
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