Published Date: August 1, 2024
Author: HANetf
A record 23 countries hit 2% NATO target –A record 23 NATO countries out of its now 32 members are on track to achieve 2% of GDP target goals in 2024 based on the latest statistics released by NATO on June 17. Germany, the Netherlands, Norway and Turkey are among those countries reaching the 2% target for the first time. The new figures represent a nearly fourfold increase from 2021, when only 6 countries were meeting the goal. In 2022 after Russia’s invasion of Ukraine, that number rose to 7 and then to 10 in 2023. Across Europe and Canada, NATO allies have increased defence spending by 18%, marking the biggest increase in decades. Poland tops the chart at 4.12% in terms of percentage of GDP, followed by Estonia (3.43 percent), the U.S. (3.38 percent), Latvia (3.15 percent) and Greece (3.08 percent). New members Finland and Sweden are both above the 2% target. This latest release marks a major milestone in NATO history, representing the largest number of NATO members meeting or exceeding the 2% threshold since the target was announced in 2014.
Germany hits 2% NATO spending target for first time since end of Cold War – Particularly notable in the latest report is that Germany has met the 2% of GDP spent on defence target for the first time since the early 1990’s. The German government is allocating the equivalent of 71.8 billion euros ($76.8 billion) for defence spending in the current year through regular and special budget outlays, representing 2.01% of GDP. This represents a significant increase over 2023, when Germany spent 1.57% on defence, well below the 2% target. Germany could increase military spending to as much as 3.5% of economic output, in order to reverse years of underinvestment in defence expenditures. In addition to spending, the push will also require an increase in manufacturing capacity among defence contractors. German Chancellor Olaf Scholz pledges to continue to meet NATO spending commitments over the next two decades.
Rheinmetall lands record EUR3.5 billion contract – In a landmark deal, Rheinmetall has been awarded the largest order in its history for military trucks by the German Armed Forces (Bundeswehr). The contract allows for the delivery of up to 6,500 vehicles with a total value of up to EUR3.5 billion ($3.75 billion). The agreement includes an initial order for over 610 vehicles valued at EUR312 million ($334 million), with 250 trucks scheduled for delivery in 2024. Funding for this initial call-off will primarily come from the Bundeswehr’s special funds. Rheinmetall AG will recognize this order in its third fiscal quarter of 2024. The framework contract offers the Bundeswehr flexibility by allowing them to order additional quantities of existing, unprotected transport vehicles (UTF) in 5-ton and 15-ton variants over a seven-year period.
Spain and Luxembourg will join program to provide SATCOM support to NATO – Beginning next year, Spain and Luxembourg will join four other NATO nations that provide satellite communications services to NATO as part of a satellite services project called the NATO SATCOM Services 6th Generation, or NSS6G that began in 2020. The proposed amendment is crafted to enable Luxembourg and Spain to join the U.S., France, Italy and the U.K. as the providers of military satellite communications to NATO. It is not NATO nations who will directly use the capability provided by NSSG6, but rather NATO headquarters itself when it runs NATO-sanctioned operations.
NATO appoints outgoing Dutch PM as next secretary – NATO appointed Mark Rutte as its next secretary-general on Wednesday, putting the outgoing Dutch prime minister in charge of the world’s biggest security organization at a critical time for European security as war rages in Ukraine. The outgoing Dutch premier will take over from the current secretary general, Norway’s Jens Stoltenberg, on Oct. 1. Stoltenberg spent more than a decade at the helm. Rutte is scheduled to attend the upcoming NATO Summit on July 9-11 hosted by the US in Washington DC.
Sources available upon request. Please remember that when you invest in the defence and aerospace ETF, your capital is at risk.
Macro Outlook Ten years ago, in 2014 when the 2% of GDP by 2024 target guideline was conceived, it was largely put on the back burner by NATO members in the “Peace Dividend” era focused on fiscal spending instead of spending on defence. But all of that changed when Russia invaded Ukraine. Now, 23 of the now 32 NATO member countries are at the 2% target and, most notably, Germany has achieved this target for the first time since the end of the Cold War. Furthermore, Germany and other NATO members are now signaling targets above 3-3.5%. Besides NATO security concerns, Germany and other NATO countries may also be motivated by the positive impact of defence spending in their domestic jurisdictions. For example, German defence contractor Rheinmetall just received its largest contract, EUR3.5 billion, in the company’s history. Swedish company SAAB is expected to benefit from new contracts spurred by that country’s new membership inclusion. Last March, Saab received an order for the man-portable, multi-role weapon system Carl-Gustaf® from the NATO Support and Procurement Agency (NSPA) worth approximately EUR 60 million (SEK 700 million). With an 18% increase in NATO defence spending, many other European defence companies are poised to benefit as well as spending accelerates following years of underinvestment and much of that spending is directed locally and under joint procurement.
Defence and Aerospace ETF Details Future of Defence UCITS ETF (NATO) provides exposure to the companies generating revenue from NATO and NATO+ ally defence and cyber defence spending. The fund tracks the EQM Future of Defence Index (NATONTR Index).
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