Global Military Expenditure Set New Record in 2008, Report Reveals

Worldwide military expenditure in 2008 totaled an estimated US$1,464 billion, according to new figures released by the Stockholm International Peace Research Institute (SIPRI). This represents an increase of 4 per cent in real terms compared to 2007, and an increase of 45 per cent since 1999. The US accounted for the majority (58%) of the global increase between 1999 and 2008, with its military spending growing by $219 billion in constant 2005 prices over the period. China and Russia, with absolute increases of $42 billion and $24 billion respectively, both nearly tripled their military expenditure over the decade. The data was published in the SIPRI 2009 Yearbook on Armaments, Disarmament and International Security, launched today in Stockholm. Views from Ambassador Lakhdar Brahimi, Ambassador Jayantha Dhanapala and SIPRI Director Dr. Bates Gill were expressed in a press conference.

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