Ukraine’s spending in 2022 grew to $44B, the highest annual increase in the country’s military spending ever recorded by the Stockholm Peace Research Institute (SIPRI). At the same time, military spending as a percentage of GDP increased to 34% in 2022 against 3.2% in 2021.
Meanwhile, according to SIPRI, Russia’s military spending increased by 9.2% in 2022 to approximately $86.4B. This is equivalent to 4.1% of Russia’s GDP in 2022, up from 3.7% in 2021.
According to Russian Federation data, national defense spending in nominal terms is 34% higher than forecasted in the budget plans drawn up in 2021. The difference between Russia’s budget plans and its military spending in 2022 suggests that the invasion of Ukraine cost Russia much more than it expected.