By Zachary Keck
Global military spending fell for the first time since 1998 despite spending increases in Russia and China, according to the Stockholm International Peace Research Institute’s (SIPRI) annual report, which was released (PDF) on Monday.
“Global military expenditure fell in 2012, to $1753 billion, equivalent to 2.5 percent of global gross domestic product (GDP). Although the fall was only 0.5 percent in real terms, this was the first decrease since 1998,” the report said.
SIPRI attributed the drop to a decline in military spending in North America, Western and Central Europe, and Australia. By contrast, Eastern Europe and Russia as well as China continued to see a rise in defense spending.
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