Norway will increase defense spending to 3.5% of GDP, with additional security purposes of 1.5%, according to the prime minister.

Norwegian Prime Minister Jonas Gahr Stoere has announced plans to increase defense spending to 3.5% of GDP, including support for Ukraine. Norway will also allocate 1.5% of GDP to extended security. In 2024, defense spending was around 2.2% of GDP, and the country is aiming for 3.3% by 2025. The 5% target will probably be reached after 2030, depending on NATO decisions. Norway, with a sovereign wealth fund of almost $2 trillion, can sustain these increases without borrowing.