Portugal's Strategic Plan to Meet NATO Defence Spending Target by 2035 Without Financial Strain
Reuters1 month ago
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Portugal's Strategic Plan to Meet NATO Defence Spending Target by 2035 Without Financial Strain

Politics
defence
nato
portugal
economy
spending
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Summary:

  • Portugal plans gradual increases in defence spending to reach NATO's 5% GDP target by 2035 without financial harm

  • Prime Minister Luis Montenegro trusts in the economy's growth and defence investments' broader economic benefits

  • NATO's new spending goal includes 3.5% for core defence and 1.5% for dual-use investments, to be reviewed in 2029

  • Portugal aims to enhance maritime and air capacities, leveraging its vast coastline and exclusive economic zone

  • Despite currently low defence spending, Portugal is committed to budget surpluses and debt reduction in the next four years

Portugal is crafting a "credible" strategy to incrementally boost its defence spending annually, aiming to achieve NATO's revised target of 5% of GDP by 2035, Prime Minister Luis Montenegro announced. This plan ensures the nation's financial stability isn't compromised.

Montenegro highlighted the economy's capacity to generate more wealth and the positive spillover effects of defence investments on other sectors. "We're committed to small, annual increases that collectively ensure a credible upward trajectory towards our goal," he stated during a defence conference.

At a recent NATO summit in The Hague, member states agreed to elevate defence spending to 5% over the next decade, with allocations for core defence and dual-use investments like infrastructure. This target is set for reassessment in 2029.

Montenegro emphasized the need for Europe to enhance its strategic autonomy and for Portugal to strengthen its maritime and air capabilities, given its extensive coastline and one of the world's largest exclusive economic zones.

Portugal has already accelerated its defence spending to 2% of GDP this year, surpassing its initial schedule by four years. Despite being among NATO's lowest spenders relative to GDP, the country is on a path to maintain budget surpluses and reduce public debt in the coming years.

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