Portugal expects to increase its defence spending to 2% of gross domestic product this year, four years ahead of schedule, Prime Minister Luis Montenegro said on Thursday, APA reports citing Reuters.
Among the 32 members of NATO, Portugal is one of the countries with the lowest defence spending as a share of its economic output, with the government estimating that it stood at 4.48 billion euros ($5.12 billion) in 2024, or 1.58% of GDP.
Portugal previously expected to reach the current NATO target of 2% of gross domestic product by the end of 2029.
Speaking at his inauguration as the country's re-elected prime minister, Montenegro said the new centre-right government "will in the coming days finalise a plan" for defence investment to be developed over several years.
"I will present at the next NATO Summit the anticipation of the 2% target, if possible already in 2025, with a realistic plan that will not jeopardise the social functions (of the state) and the balance of the budget," he said.