Norway wants to reach NATO’s two percent goal halfway through 2024

Economy and business: Since 2014, all NATO member states have aimed to spend 2 percent of their country’s gross income on defense by 2024.

– By 2036, the Defense Budget will be 166 billion 2024 kroner, said Prime Minister Jonas Gahr Støre (Ap) at a press conference on Thursday morning.

It is an increase of 80 per cent from this year’s budget, which is therefore increased by almost 14 billion, including Ukraine aid.

– When we took over in autumn 2021, the defense budget was just under NOK 65 billion. Now it will be almost 105, says Finance Minister Trygve Slagsvold Vedum (Sp).

All domains must be strengthened, according to Støre.

– We cannot wait for the investments we are going to make now. 5 billion will be used to boost investments and measures in the long-term plan. Among other things, we shall speed up start-ups in construction, property and construction, and not least speed up the acquisition of air defences, said Støre.