IPC MEX 66,713.83 ▲ 0.89% USD/ARS1,478▼ 0.27% USD/UYU40.11▲ 1.23% USD/GTQ7.62▲ 2.33% USD/NIO36.62▲ 0.84% USD/JMD157.79▲ 0.73% COPPER 6.53 ▲ 0.31% GOLD 4,142 ▲ 1.74% SILVER 60.17 ▲ 2.26% COTTON 80.03 ▲ 3.44% BEEF 223.05 ▼ 1.53% BBDC4 18.55 ▲ 0.76% B3SA3 15.17 ▼ 0.59% PRIO3 58.18 ▲ 0.85% RENT3 36.55 ▼ 2.51% POSI3 3.68 ▼ 0.54% USIM5 8.46 ▲ 3.68% GGBR4 23.49 ▼ 0.55% RAIL3 13.24 ▼ 2.43% RDOR3 33.92 ▼ 4.32% HAPV3 11.24 ▼ 2.68% BBSE3 41.55 ▲ 1.22% AERI3 2.04 ▼ 1.45% GMEXICO 209.54 ▲ 4.34% GFNORTE 185.80 ▲ 3.22% BIMBO 59.39 ▼ 0.18% GAP 378.52 ▲ 0.09% COPEC 6,450 ▲ 4.03% BANCO CHILE 190.01 ▲ 0.03% TGS 9,710 ▲ 2.21% CEPU 2,340 ▲ 2.23% ECOPETROL 16.53 ▲ 3.09% BANCOLOMBIA 83.64 ▲ 3.49% SOUTHERN COPPER 188.01 ▲ 7.39% XP 16.85 ▲ 0.30% AMX ADR 26.09 ▼ 0.04% CEMEX ADR 12.70 ▲ 1.68% CSN 1.01 ▼ 0.50% ETH 1,928 ▲ 1.30% SOL 78.00 ▲ 0.27% ADA 0.17 ▲ 2.31% LTC 46.64 ▼ 1.47% XLM 0.19 ▲ 1.64% ATOM 1.49 ▼ 0.60% COLCAP 2,301.34 ▲ 0.13% SELIC 14.25% USD/BRL5.07▼ 0.31% USD/MXN17.39▼ 0.21% USD/CLP934.18▼ 0.03% USD/COP3,213▼ 1.69% USD/PEN3.40▲ 0.24% USD/PYG6,045▲ 1.76% USD/BOB10.80▲ 2.69% USD/DOP58.02▲ 0.31% USD/CRC446.12▲ 1.15% USD/HNL26.74▲ 1.61% USD/VES735.39▼ 0.13% EUR/BRL5.79▼ 1.16% PETR4 41.66 ▲ 1.24% VALE3 72.24 ▲ 0.43% ITUB4 42.53 ▲ 0.54% ABEV3 15.80 ▲ 0.06% BBAS3 20.88 ▲ 3.52% WEGE3 42.47 ▼ 1.53% SUZB3 41.63 ▼ 0.62% AZZA3 17.48 ▼ 3.80% CSAN3 3.78 ▼ 1.05% RAIZ4 0.27 — 0.00% PCAR3 2.73 ▲ 5.00% GMAT3 3.83 ▼ 0.52% PSSA3 53.48 ▼ 1.33% CVCB3 1.12 ▲ 3.70% SLCE3 13.75 ▲ 1.33% NATU3 8.71 ▲ 0.93% BRKM5 5.71 ▼ 3.87% RANI3 7.89 ▼ 1.25% CSNA3 5.06 ▼ 0.20% CMIN3 5.58 ▲ 3.53% ENEV3 25.42 ▼ 0.90% CPFE3 46.40 ▲ 0.17% CMIG4 11.02 — 0.00% EQTL3 38.83 ▼ 1.17% EMBRAER 82.65 ▼ 0.77% EMBRAER ADR 65.47 ▼ 0.70% JBS 11.95 ▼ 0.67% JBS BDR 60.22 ▼ 0.94% MBRF3 15.11 ▲ 4.06% MBRFY 2.95 ▲ 1.37% LREN3 13.27 ▼ 0.30% VIVT3 35.80 ▲ 0.36% KLABIN 17.59 ▲ 0.63% RAIA DROGASIL 18.13 ▼ 3.00% FLRY3 16.55 ▼ 0.06% SMTO3 15.58 ▲ 1.10% UGPA3 31.82 ▲ 0.38% VBBR3 33.95 ▼ 0.47% BPAC11 55.37 ▼ 0.84% CURY3 29.95 ▼ 0.80% PAGSEGURO 9.58 ▲ 3.12% VIVARA 21.41 ▼ 2.50% TECNOGLASS 45.15 ▼ 2.08% INTER 5.58 ▼ 0.71% COMPASS 24.44 ▼ 0.65% VAMOS 3.09 — 0.00% SANB11 27.21 ▲ 2.78% ASAI3 8.25 ▲ 1.35% SBSP3 28.60 ▼ 1.31% WALMEX 49.12 ▼ 0.53% FEMSA 226.99 ▲ 0.01% CEMEX 22.07 ▲ 0.87% TELEVISA 9.70 ▼ 0.10% AMX 22.76 ▲ 0.09% ASUR 274.96 ▲ 0.22% OMA 225.89 ▼ 0.24% KOF 181.05 ▲ 0.13% GRUMA 282.60 ▼ 1.74% KIMBER 38.40 ▲ 0.03% SQM-B 64,540 ▲ 1.80% BSANTANDER 79.01 ▲ 3.84% FALABELLA 5,919 ▲ 0.75% ENELAM 84.53 ▲ 0.50% CENCOSUD 2,028 ▲ 1.14% CMPC 1,084 ▼ 0.38% LATAM AIR 24.20 ▼ 0.66% YPF 80,625 ▲ 1.80% GGAL 7,965 ▲ 1.53% PAMPA 5,475 ▲ 3.89% TXAR 679.00 ▲ 1.27% ALUAR 973.00 ▲ 1.41% MIRGOR 16,775 ▼ 2.04% COME 42.87 ▼ 0.19% LOMA NEGRA 3,605 ▲ 0.91% BYMA 292.25 ▼ 0.51% TELECOM ARG 4,255 ▲ 2.65% GRUPO AVAL 5.09 ▲ 2.83% CREDICORP 391.10 ▲ 1.10% BUENAVENTURA 31.25 ▲ 3.96% MERCADOLIBRE 1,823 ▼ 0.53% NUBANK 14.39 ▲ 2.86% STONE 11.26 ▲ 1.21% GLOBANT 32.10 ▼ 0.59% GAP AIRPORT 217.68 ▲ 0.26% OMA AIRPORT 104.23 ▲ 0.21% FEMSA ADR 130.35 ▲ 0.26% PETROBRAS ADR 18.54 ▲ 1.92% VALE ADR 14.25 ▲ 1.06% ITAU ADR 8.40 ▲ 0.96% SANTANDER BR 5.40 ▲ 0.56% AMBEV ADR 3.11 ▲ 0.97% GERDAU 4.64 ▼ 0.85% LATAM ADR 51.58 ▼ 0.31% BTC 66,217 ▲ 1.51% XRP 1.14 ▲ 2.43% BNB 571.26 ▲ 0.09% DOGE 0.07 ▲ 1.54% AVAX 6.57 ▼ 0.09% LINK 8.68 ▲ 1.15% DOT 0.85 ▲ 3.37% BCH 224.99 ▲ 2.31% TRX 0.33 ▲ 0.58% HBAR 0.07 ▲ 5.63% NEAR 1.92 ▼ 2.66% AAVE 96.60 ▲ 7.60% IPSA 10,954.04 ▲ 0.52% IPC MEX 66,713.83 ▲ 0.89% USD/ARS 1,478 ▼ 0.27% USD/UYU 40.11 ▲ 1.23% USD/GTQ 7.62 ▲ 2.33% USD/NIO 36.62 ▲ 0.84% USD/JMD 157.79 ▲ 0.55% COPPER 6.53 ▲ 0.31% GOLD 4,142 ▲ 1.74% SILVER 60.17 ▲ 2.26% COTTON 80.03 ▲ 3.44% BEEF 223.05 ▼ 1.53% BBDC4 18.55 ▲ 0.76% B3SA3 15.17 ▼ 0.59% PRIO3 58.18 ▲ 0.85% RENT3 36.55 ▼ 2.51% POSI3 3.68 ▼ 0.54% USIM5 8.46 ▲ 3.68% GGBR4 23.49 ▼ 0.55% RAIL3 13.24 ▼ 2.43% RDOR3 33.92 ▼ 4.32% HAPV3 11.24 ▼ 2.68% BBSE3 41.55 ▲ 1.22% AERI3 2.04 ▼ 1.45% GMEXICO 209.54 ▲ 4.34% GFNORTE 185.80 ▲ 3.22% BIMBO 59.39 ▼ 0.18% GAP 378.52 ▲ 0.09% COPEC 6,450 ▲ 4.03% BANCO CHILE 190.01 ▲ 0.03% TGS 9,710 ▲ 2.21% CEPU 2,340 ▲ 2.23% ECOPETROL 16.53 ▲ 3.09% BANCOLOMBIA 83.64 ▲ 3.49% SOUTHERN COPPER 188.01 ▲ 7.39% XP 16.85 ▲ 0.30% AMX ADR 26.09 ▼ 0.04% CEMEX ADR 12.70 ▲ 1.68% CSN 1.01 ▼ 0.50% ETH 1,928 ▲ 1.30% SOL 78.00 ▲ 0.27% ADA 0.17 ▲ 2.31% LTC 46.64 ▼ 1.47% XLM 0.19 ▲ 1.64% ATOM 1.49 ▼ 0.60% COLCAP 2,301.34 ▲ 0.13% SELIC 14.25% USD/BRL 5.07 ▼ 0.31% USD/MXN 17.39 ▼ 0.21% USD/CLP 934.18 ▼ 0.03% USD/COP 3,213 ▼ 1.69% USD/PEN 3.40 ▲ 0.24% USD/PYG 6,045 ▲ 1.76% USD/BOB 10.80 ▲ 2.69% USD/DOP 58.02 ▲ 0.31% USD/CRC 446.12 ▲ 1.15% USD/HNL 26.74 ▲ 1.61% USD/VES 735.39 ▼ 0.13% EUR/BRL 5.79 ▼ 1.16% PETR4 41.66 ▲ 1.24% VALE3 72.24 ▲ 0.43% ITUB4 42.53 ▲ 0.54% ABEV3 15.80 ▲ 0.06% BBAS3 20.88 ▲ 3.52% WEGE3 42.47 ▼ 1.53% SUZB3 41.63 ▼ 0.62% AZZA3 17.48 ▼ 3.80% CSAN3 3.78 ▼ 1.05% RAIZ4 0.27 — 0.00% PCAR3 2.73 ▲ 5.00% GMAT3 3.83 ▼ 0.52% PSSA3 53.48 ▼ 1.33% CVCB3 1.12 ▲ 3.70% SLCE3 13.75 ▲ 1.33% NATU3 8.71 ▲ 0.93% BRKM5 5.71 ▼ 3.87% RANI3 7.89 ▼ 1.25% CSNA3 5.06 ▼ 0.20% CMIN3 5.58 ▲ 3.53% ENEV3 25.42 ▼ 0.90% CPFE3 46.40 ▲ 0.17% CMIG4 11.02 — 0.00% EQTL3 38.83 ▼ 1.17% EMBRAER 82.65 ▼ 0.77% EMBRAER ADR 65.47 ▼ 0.70% JBS 11.95 ▼ 0.67% JBS BDR 60.22 ▼ 0.94% MBRF3 15.11 ▲ 4.06% MBRFY 2.95 ▲ 1.37% LREN3 13.27 ▼ 0.30% VIVT3 35.80 ▲ 0.36% KLABIN 17.59 ▲ 0.63% RAIA DROGASIL 18.13 ▼ 3.00% FLRY3 16.55 ▼ 0.06% SMTO3 15.58 ▲ 1.10% UGPA3 31.82 ▲ 0.38% VBBR3 33.95 ▼ 0.47% BPAC11 55.37 ▼ 0.84% CURY3 29.95 ▼ 0.80% PAGSEGURO 9.58 ▲ 3.12% VIVARA 21.41 ▼ 2.50% TECNOGLASS 45.15 ▼ 2.08% INTER 5.58 ▼ 0.71% COMPASS 24.44 ▼ 0.65% VAMOS 3.09 — 0.00% SANB11 27.21 ▲ 2.78% ASAI3 8.25 ▲ 1.35% SBSP3 28.60 ▼ 1.31% WALMEX 49.12 ▼ 0.53% FEMSA 226.99 ▲ 0.01% CEMEX 22.07 ▲ 0.87% TELEVISA 9.70 ▼ 0.10% AMX 22.76 ▲ 0.09% ASUR 274.96 ▲ 0.22% OMA 225.89 ▼ 0.24% KOF 181.05 ▲ 0.13% GRUMA 282.60 ▼ 1.74% KIMBER 38.40 ▲ 0.03% SQM-B 64,540 ▲ 1.80% BSANTANDER 79.01 ▲ 3.84% FALABELLA 5,919 ▲ 0.75% ENELAM 84.53 ▲ 0.50% CENCOSUD 2,028 ▲ 1.14% CMPC 1,084 ▼ 0.38% LATAM AIR 24.20 ▼ 0.66% YPF 80,625 ▲ 1.80% GGAL 7,965 ▲ 1.53% PAMPA 5,475 ▲ 3.89% TXAR 679.00 ▲ 1.27% ALUAR 973.00 ▲ 1.41% MIRGOR 16,775 ▼ 2.04% COME 42.87 ▼ 0.19% LOMA NEGRA 3,605 ▲ 0.91% BYMA 292.25 ▼ 0.51% TELECOM ARG 4,255 ▲ 2.65% GRUPO AVAL 5.09 ▲ 2.83% CREDICORP 391.10 ▲ 1.10% BUENAVENTURA 31.25 ▲ 3.96% MERCADOLIBRE 1,823 ▼ 0.53% NUBANK 14.39 ▲ 2.86% STONE 11.26 ▲ 1.21% GLOBANT 32.10 ▼ 0.59% GAP AIRPORT 217.68 ▲ 0.26% OMA AIRPORT 104.23 ▲ 0.21% FEMSA ADR 130.35 ▲ 0.26% PETROBRAS ADR 18.54 ▲ 1.92% VALE ADR 14.25 ▲ 1.06% ITAU ADR 8.40 ▲ 0.96% SANTANDER BR 5.40 ▲ 0.56% AMBEV ADR 3.11 ▲ 0.97% GERDAU 4.64 ▼ 0.85% LATAM ADR 51.58 ▼ 0.31% BTC 66,217 ▲ 1.51% XRP 1.14 ▲ 2.43% BNB 571.26 ▲ 0.09% DOGE 0.07 ▲ 1.54% AVAX 6.57 ▼ 0.09% LINK 8.68 ▲ 1.15% DOT 0.85 ▲ 3.37% BCH 224.99 ▲ 2.31% TRX 0.33 ▲ 0.58% HBAR 0.07 ▲ 5.63% NEAR 1.92 ▼ 2.66% AAVE 96.60 ▲ 7.60% IPSA 10,954.04 ▲ 0.52%
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Wednesday, July 22, 2026

Europe and Russia Defense Monitor

Spain’s Defense Budget: A Modest Player in Europe’s Military Spending Landscape

By · October 2, 2024 · 2 min read

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Spain’s defense budget has reached 15 billion euros for 2024, marking a significant increase from previous years. This figure represents approximately 1.3% of Spain’s GDP, still short of NATO’s 2% target.

The Spanish government aims to reach this goal by 2029, maintaining an “upward investment cycle” in the coming years. When compared to other major European countries, Spain’s defense spending appears relatively modest.

France allocates 59.6 billion euros (2% of GDP), Germany 66.8 billion euros (1.5% of GDP), and the United Kingdom 74.9 billion euros (2.3% of GDP) to their respective defense budgets.

Even Italy, with a comparable economy, outspends Spain at 29.8 billion euros (1.4% of GDP). The contrast becomes even starker when considering Poland’s defense budget, which has surged to 31.6 billion euros.

This represents an impressive 3.8% of its GDP. This significant disparity highlights the diverse approaches to defense spending across Europe, often influenced by geopolitical factors and perceived security threats.

Spain's Defense Budget: A Modest Player in Europe's Military Spending Landscape
Spain’s Defense Budget: A Modest Player in Europe’s Military Spending Landscape. (Photo Internet reproduction)
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Spain’s Secretary of State for Defense, Amparo Valcarce, outlined several key modernization programs, including the VCR 8×8 armored vehicle and upgrades to the Patriot air defense system.

Spain’s Defense Spending

These initiatives, while important, may progress slower than similar efforts in higher-spending European nations. Looking beyond Europe, Spain’s defense budget also lags behind global powers.

India allocates 83.6 billion euros (2.4% of GDP) to defense, while Brazil spends 22.9 billion euros (1.1% of GDP). Even South Africa, with its smaller economy, dedicates 3.5 billion euros (0.8% of GDP) to military expenditure.

The Spanish Army Chief of Staff, General Amador Enseñat y Berea, emphasized the need to modernize artillery and anti-aircraft capabilities, lessons drawn from recent conflicts.

However, the limited budget may constrain the pace and scope of these upgrades compared to other European militaries.

As geopolitical tensions rise, Spain’s relatively modest defense spending raises questions about its ability to contribute significantly to collective defense efforts and maintain influence within NATO and the EU.

The coming years will be crucial for Spain to balance its NATO commitments, domestic priorities, and the need to keep pace with its European allies in military capabilities.

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