Sweden should hike military budget to 2.6% of GDP, defence committee says

Sweden should raise its military spending to around 2.6% of GDP by 2030, a parliamentary committee said in a report on Friday, as the country rebuilds its defence capabilities after joining NATO in March.

Defence spending has roughly doubled since 2020 to around 120 billion crowns ($11 billion) in 2024, when the government says it will meet NATO's target of a military budget equivalent to 2% of gross domestic product. ($1 = 10.8688 Swedish crowns)