Portuguese PM Luís Montenegro: Defense spending to reach 2% of GDP before 2029
The Portuguese government will increase defense spending to 2% of GDP ahead of schedule, Prime Minister Luís Montenegro announced on Thursday. The initial target date had been set for 2029.
worldwide nato politics defense industry news11 april 2025 | 12:17 | Source: PAP / Gazeta Morska | Prepared by: Marcin Zatyka | Print
Premier Portugalii Luis Montenegro / fot. facebook.com
Speaking at a press briefing, Montenegro revealed that an interministerial commission will soon be established to oversee a structured increase in military expenditure. The commission will include representatives from the ministries of foreign affairs, defense, finance, cohesion, and the economy.
While Montenegro did not specify the exact year when the 2% threshold would be reached, he confirmed that the accelerated timeline was met with "broad approval" from members of the Council of Ministers during Thursday's cabinet meeting.
- The faster-than-expected increase in defense spending will be overseen by a working group comprised of ministers responsible for foreign affairs, defense, finance, territorial cohesion, and the economy, Luis Montenegro stated.
The prime minister also indicated that the defense budget hike could be partly financed through European Union funds. This approach, he said, would not only support the military sector but also bolster Portuguese defense industry firms, particularly exporters.
Beneficiaries of the funding are expected to include manufacturers of advanced drone technologies, as well as companies operating in the maritime and aerospace sectors.
Back on January 27, during a meeting in Lisbon with NATO Secretary General Mark Rutte, Montenegro had committed to reaching the 2% of GDP target by 2029. At present, Portugal allocates approximately 1.5% of its GDP to defense.
Buy us a coffee, and we’ll invest in great maritime journalism! Support Gazeta Morska and help us sail forward – click here!
Kamil Kusier
redaktor naczelny
comments
Add the first comment
see also
Orlen discovers Sissel gas field in the North Sea
NATO’s persistent naval presence in the Arctic and the northern Atlantic strengthens sea lane security
The Jan Heweliusz ferry disaster. 33 years after one of Poland’s worst maritime tragedies
US government allocates USD 13.8 million to rebuild shipbuilding workforce
ORLEN awarded new licences on the Norwegian Continental Shelf
Europe without illusions: sea, trade and security in the new transatlantic architecture. a voice of realism?
Russian escort and U.S. oil chase: a new front in the North Atlantic. Implications for shipping and energy markets
Changing course of tankers: geopolitics, sanctions and a new map of crude oil trade
The capture of President Nicolás Maduro: how U.S. maritime operations triggered a geopolitical turning point
The sea as an instrument of power: the maritime dimension of the U.S. National Security Strategy of 2025
ADVERTISEMENT
ADVERTISEMENT