Asia Is Now Outspending Europe In Defense Spending

Asia's Defense Spending Overtakes Europe's: IISS -- Reuters

(Reuters) - Asia's defense spending overtook Europe's for the first time last year, the International Institute for Strategic Studies (IISS) said on Thursday, reflecting China's military rise and shrinking European economies.

In its annual report on the world's militaries, it said China's defense spending in real terms rose 8.3 percent between 2011 and 2012, while in Asia as a whole, spending rose 4.94 percent last year.

At the same time, nominal defense spending among European NATO members had shrunk to around 2006 levels due to budget cuts, the IISS said in "The Military Balance 2013".

"Indeed, the increase in Asian spending has been so rapid, and the defense austerity pursued by European states so severe, that in 2012 nominal Asian spending ($287.4 billion) exceeded total official defense spending not just in NATO Europe, but across all of Europe, including spending by non-NATO European states," it said.

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Update #1: Asia spends more on defense than Europe -- Tokyo Times
Update #2: Asia outspends Europe on defence -- Voice of Russia

WNU Editor: The International Institute for Strategic Studies (IISS) website is here.