24 June 2010
Study shows Venezuela decreased military spending by 20%

A recent study by the Stockholm International Peace Research Institute (Sipri) shows that military spending in Venezuela went down from $4.3 billion in 2008 to $3.2 billion in 2009. This represents a reduction of 20% and puts Venezuela at the top of the list of countries that have most reduced their military budget.  

The United States has the biggest military budget in the continent, over $66 billion, which represents 4.3% of GDP.  US military spending also accounts for 43% of world total spent on armaments.

Finally, Colombia has increased military spending by 11% in the last year, taking the total expenditure to more than $10 billion. According to the findings, Colombia has the highest military expenditure as a percentage of gross domestic product (GDP) in Latin America with 3.7%.

Press Office of the Venezuelan Embassy in London