Sweden Reveals USD2.87B Defense Budget
(MENAFN) Sweden is set to increase its defense budget by 26.6 billion kronor (approximately 2.87 billion U.S. dollars) in 2026—an 18% rise from the previous year—marking the country's most extensive military expansion since the Cold War, the government revealed in a press release on Monday.
As part of the sweeping upgrade, defense expenditures are projected to reach 2.8% of Sweden’s gross domestic product (GDP) by 2026. That figure is expected to climb to 3.1% by 2028, with a long-term goal of hitting 3.5% by 2030.
Out of the new funding, 10 billion kronor will be directed specifically toward bolstering military defense. Substantial increases are also planned for equipment and infrastructure, with 2026 earmarked for major acquisitions—including new air defense systems, rocket artillery, surface combat ships, tactical transport aircraft, and long-range strike capabilities.
Additionally, the government is pushing for improved conditions for personnel. From 2026, it intends to raise stipends for conscripts and officer cadets, enhance the capacity of the Defense Conscription and Assessment Agency, and expand the national civilian service program.
To drive technological advancement and self-reliance in defense production, Sweden will establish a new defense innovation unit and a dedicated defense industry cooperation office. An annual budget of 50 million kronor will support a revamped program for developing military materiel.
These initiatives are part of a broader defense strategy forged through a political agreement between the Swedish government and the Sweden Democrats, the press release noted.
(Exchange rate: 1 Swedish krona = 0.11 U.S. dollar)
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