Wednesday, Jun 08, 2005
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STOCKHOLM: For the first time since the Cold War, global military spending exceeded $1 trillion in 2004, nearly half of it by the U.S., a prominent European think tank said on Tuesday. As military operations in Iraq, Afghanistan and the war on terror continue, the world spent $1.035 trillion on defence costs during the year, corresponding to 2.6 per cent of the planet's gross domestic product, said the Stockholm International Peace Research Institute. The figure ``is only 6 per cent lower in real terms than it was in (1987-1988), which was the peak,'' said SIPRI researcher Elisabeth Skons, who co-authored the organisation's annual report. Worldwide military spending rose by 6 per cent, matching the average annual increase since 2002, the institute said. The U.S. accounted for 47 per cent of all military expenditure, while Britain and France each made up 5 per cent of the total. — AP
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