Russia third in world in military spending

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Russia’s share in world military spending reached 4.8 percent in 2014, placing it third in the world after the U.S. and China, whose shares were 34 and 12 percent, respectively.

This conclusion was the result of a report published by the Stockholm International Peace Research Institute (SIPRI), the Russian news agency TASS reported. According to the document, Russian military spending in 2014 increased compared to the previous year by 8.1 percent to $84.5 billion, or 4.5 percent of GDP.

According to Vasily Zatsepin, a senior researcher with the Laboratory of Industrial Market and Infrastructure Studies at the Russian Presidential Academy of National Economy and Public Administration, Russia’s third place by its share in world military expenditures does not correspond to its place in the global economy (it was eighth in nominal GDP with a share of 3.4 percent in 2013; data for 2014 is not yet available).

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