Global defense expenses up 4 pct in 2019: Report
A Belgian F16 fighter plane demonstrates the interception of an air force transport plane as they fly over Belgium, on September 12, 2018, as part of NATO drills. (REUTERS Photo)
The world's defense expenses rose 4 percent in 2019, compared to the previous year, a report released by the International Institute for Strategic Studies (IISS) revealed on Feb. 14.
The report -- Military Balance 2020 --, which was revealed at the Munich Security Conference, showed the year 2019 posted the largest annual increase in defense spending during the last decade.
"The Military Balance 2020 also concludes that defense spending in Europe reached levels not seen since before the financial crisis, increasing by 4.2 percent when compared with 2018," the institute's press release said.
Defense spendings soared 6.6 percent both in the U.S. and China, according to the press release. "Although both countries continued to increase the amount they spend, defense spending growth is accelerating in the U.S., while it is slowing in China."
The report also said that overall defense expenses jumped over 50 percent from $275 billion in 2010 to $4324 billion in 2019 in the Asia continent.
The institute prepares the report annually based on its global survey with 171 countries.