If your business is searching for European defence contracts, it’s always smart to do some research before you get started.
National defence spend can make a huge difference when it comes to procurement – and your business could be missing opportunities.
Countries across Europe have increased their defence budgets in recent years and their governments want to work with innovative suppliers from across the world to fulfil their procurement needs.
We highlight the European countries that are hitting NATO’s spend targets below.
NATO targets
In 2006, NATO Defence Ministers agreed to commit a minimum of two per cent of their Gross Domestic Product (GDP) to spending on defence; however, many European countries are still working towards this commitment.
In an article published in the House of Commons Library it is argued that:
“While a country may achieve the 2% GDP target, if its military didn’t have adequate military equipment, the overall effectiveness of their force would be diminished.”
That said, NATO has implemented another target that by 2024 members should spend 20% of their defence expenditure on acquiring and developing equipment.
How much are European countries spending on defence?
There has been an upward trend in European defence expenditure since 2014. Increases in budgets can be clearly seen across countries in Central and Eastern Europe.
The latest figures from NATO, published in March 2019, show that six European countries spent 2% or more of their GDP on defence the previous year. Those countries were:
- Greece
- UK
- Estonia
- Poland
- Latvia
- Lithuania
Tendering in Europe
If you are currently working with the UK defence sector and would like to expand your opportunities by working in Europe, DCI can support you to achieve this.
Learn more about how business intelligence tools can help you take the next step in sourcing European defence contracts.
Start by requesting a demo with a member of our expert defence team.
