Image Copyright: Alexei Nikolsky / AFP via Getty Images
By Malin Rising
Copyright: The Associated Press
STOCKHOLM — For the first time in 10 years, Russia last year spent a bigger share of its overall economy on arms investments than the U.S. as it seeks to bolster its military capability, a Swedish arms watchdog said Monday.
The Stockholm International Peace Research Institute said Russia increased its military spending in 2013 by 4.8 percent to $87.8 billion, representing 4.1 percent of its gross domestic product. Meanwhile, global military spending fell by 1.9 percent in 2013 to $1.7 trillion, as many Western countries cut arms investments following the financial crisis.
SIPRI program director Sam Perlo-Freeman told The Associated Press the increase in Russia is in line with the country’s 2011-2020 State Armaments Plan that aims to spend over $700 billion on modernizing Russia’s military equipment, technology and industry.