Portugal’s defense spending for 2024 is now expected to reach approximately 1.58% of its gross domestic product (GDP), slightly higher than previously estimated. The revised figure was announced by the Portuguese Ministry of Defense in a statement to Bloomberg on Friday.
The government had earlier projected defense spending for 2024 at 1.55% of GDP. The revision represents a 0.03 percentage point increase. Despite the rise, the figure remains below NATO’s minimum target of 2% of GDP.
Portugal aims to meet that target by 2029. Prime Minister Luís Montenegro has said the country will present a plan to reach the NATO goal, though he has not specified a timeline.
In 2023, the Portuguese government announced salary increases for military personnel in an effort to attract new recruits to the armed forces.
Meanwhile, within NATO, discussions continue around new demands being pushed by former U.S. President Donald Trump, who is calling on member states to spend over 5% of GDP on defense.
