Italy is likely to meet NATO’s defense spending target of 2% of GDP as early as 2025. This was stated by Finance Minister Giancarlo Giorgetti during a parliamentary hearing on Thursday, according to Bloomberg.
Currently, Italy allocates about 1.5% of its GDP to defense, which is lower than that of many neighboring countries. However, according to Giorgetti, the need to increase defense spending has become particularly urgent amid growing geopolitical tensions.
According to government statements, plans to boost the defense budget will be announced in the coming months. Despite challenges posed by high public debt and sluggish economic growth, Giorgetti assured lawmakers that public finances would remain balanced.
On the same day, Italian Prime Minister Giorgia Meloni is visiting Washington, where she is expected to discuss defense and trade tariffs with U.S. President Donald Trump. Trump has previously called on NATO allies to raise their defense spending to at least 5% of GDP.
Meanwhile, Spain is also taking steps to strengthen its military budget: in 2025, the country will allocate an additional €2.08 billion for Ministry of Defense procurement.
