German Draft Budget to Propose Defence Funding Increase

Germany’s draft budget for 2019 includes a significant increase in funding for defence, according to local press reports on 3 July. German sources, including the newspaper Handelsblatt , reported that next year’s budget, to be formally announced on 6 July by finance minister Olaf Scholz, will propose increased funding for the country’s military to...

Germany’s draft budget for 2019 includes a significant increase in funding for defence, according to local press reports on 3 July.

German sources, including the newspaper Handelsblatt , reported that next year’s budget, to be formally announced on 6 July by finance minister Olaf Scholz, will propose increased funding for the country’s military to EUR42.9 billion (USD49.9 billion).

If adopted, the new budget would represent a nominal annual rise of 11.45%, or 10.24% in real terms, from 2018’s budget of EUR38.5 billion, which was only approved by the Federal Cabinet in April due to the delay in forming a government following elections in September 2017.

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Source: www.janes.com