Italy's lower house calls for hike in defence spending towards 2% of GDP

Italy spent 24.4 billion euros ($26.74 billion) for defence in 2021, equal to 1.37% of GDP according to calculations by Milan Catholic University think tank on public accounts. As a member of NATO, Italy has pledged to reach the 2% target for its military spending by 2024.

The Italian government will have to plan a gradual increase in defence spending to reach a target of 2% of its gross domestic product (GDP), the country's lower house said amid the Ukraine crisis. A commitment by the Italian government to raise military expenses would follow a similar move by several European countries including Germany, Poland and Denmark.

"The plan will have to guarantee the country's deterrence and capacity to protect national interests, also from the point of view of energy supplies," the Chamber of Deputies said in a document it approved on Wednesday. Italy spent 24.4 billion euros ($26.74 billion) for defence in 2021, equal to 1.37% of GDP according to calculations by Milan Catholic University think tank on public accounts.

As a member of NATO, Italy has pledged to reach the 2% target for its military spending by 2024. Last month, German Chancellor Olaf Scholz announced a 100 billion euro new fund - worth twice last year's annual defence budget - to modernize its military, including buying armed drones and new fighter jets. ($1 = 0.9123 euro)

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